EU regulators to redraft settlement standards

European financial regulators are to soften proposed new standards on clearing and settlement after fierce lobbying and sustained criticism from banks and industry bodies.
European financial regulators are to soften proposed new standards on clearing and settlement after fierce lobbying and sustained criticism from banks and industry bodies.

Last year, the European Central Bank jointly with the Committee on European Securities regulators called for public comment on the application of 19 standards designed to enhance the safety, soundness and efficiency of the securities market infrastructure.

The approach drew strong criticism from a group of agent banks led by BNP and Citigroup. They argued that they were already regulated for risk by banking watchdogs.

Speaking at a conference in London, Eddy Wymeersch, president of Belgium's Commission Bancaire et Financiere, said many of the complaints had been heeded and incorporated into a new draft of the standards which will be published shortly. He says the revisions will be discussed at a public hearing with the aim of adopting the new rules by April.

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