Code of Conduct

Initiated by EU-Commissioner McCreevy European Exchanges, Clearing Houses and Central Security Depositories agreed on October 31, 2006 to a jointly created "Code of Conduct on Clearing and Settlement". The Code of Conduct is a voluntary self-commitment of the undersigning organisations and defines guidelines towards a more efficient and integrated post-trading market in the EU.

The Code of Conduct was signed and presented to the EU-Commission on November 7, 2006 by members of the industry associations

• FESE - Federation of European Securities Exchanges
• EACH - European Association of Central Counterparty Clearing Houses and
• ECSDA - European Central Securities Depositories Association.

The Code of Conduct has been implemented in 3 steps:

• Applying price transparency
• Establishing access and interoperability conditions
• Unbundling services and implementing accounting separation

CCP.A has signed the "Access and Interoperability Guideline" in July 2007 (press release and full text).

As a result of the implementation of Phase 1 you can find our price list here.

According to the 3. implementation phase of the Code of Conduct, CCP.A publishes the composition of the all-in fee. This enables the user to check how much he is paying for each service (trading, clearing, settlement). Click here to find the composition of the all-in fee on a monthly and yearly basis.