The European Code of Conduct on Clearing and Settlement that was agreed upon on 7 November 2006 by infrastructures providing trading and post-trading services in the European Union (EU), marked an important step towards an integrated and efficient post-trading market in the EU.

The measures detailed in the Code of Conduct aim at enhancing transparency and increasing competition in the post-trading sector. The Code covers post trading activities in cash equities in Europe.

The Code of Conduct will be implemented in the following phases:

• Phase 1: applying price transparency by 31 December 2006;
• Phase 2: establishing access and interoperability conditions by 30 June 2007; and
• Phase 3: unbundling services and implementing accounting segregation principles as of 1 January 2008.

• ensure price transparency of the services provided and, at the same time, facilitate price comparability. In particular, the signatories of the Code of Conduct are committed to make public on their websites the list of services offered and their respective prices, including potential discount and rebates schemes, together with practical examples.
• define the conditions upon which it will be possible to grant access and interoperability among the different systems of trading, clearing and settlement.
• unbundling services and give customers flexibility when choosing which services to purchase, and accounting separation to provide relevant information on the services.