Cheaper European Clearing Costs
Traders Magazine, October 2004
An industry-owned network provider says it is releasing common communications standards that will result in more efficient European cross-border settlement. Swift, which services some 7,500 institutions around the world, is acting on the recommendations of the European Commission-sponsored Giovannini Group. Three years ago this group suggested that European regulators and market players cease the different practices that have led to high clearing costs. The commission assigned the group the job of replacing the different interfaces used by clearing and settlement infrastructures. The new European Union protocols are expected to be immediately adopted by member countries.
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