Organisations and links

  • CESAME Group: Group of high-ranking experts on clearing and settlement presided over by the EU Commission. It coordinates and monitors the dismantling of the Giovannini barriers for which the private sector is responsible exclusively or together with the state.

    The link contains a host of documents of the EU Commission and the private institutions on the dismantling of the Giovannini barriers.

  • DG MARKT - EU Commission: Within the EU Commission, DG MARKT (Directorate General Internal Market and Services) is primarily responsible for the harmonisation of clearing and settlement. The following link takes you to the website Clearing & Settlement of DG MARKT.

  • EBF – European Banking Federation: Works out standards for the dismantling of barrier 3 together with ESF, ECSDA and EALIC. The link takes you to the relevant page.

  • ECSDA – European Central Securities Depositories Association: ECSDA works out standards for the dismantling of various Giovannini barriers (see Working Groups WG3 and WG5).

  • ESF – European Securities Forum: Association of major European market participants. The ESF's prime objective is to create an efficient pan-European capital market. Working out standards for dismantling Giovannini barriers, commentaries on proposals of other organisations.

  • Giovannini Group: The Giovannini Group is a group of financial market participants founded in 1996. The group advises the EU Commission in decision making with regard to the financial market. It specialises in identifying weaknesses in the EU financial markets and in working out practical proposals for solutions that would enhance market integration.

    The most important contributions are the two reports on the 15 barriers on the way to a functioning single European market for financial services. The reports also propose strategies for removing these barriers.

    The following link provides an overview of the different activities of the Group (activities are not limited to the Giovannini Reports).

    Under this link you will find the two Giovannini Reports in which the 15 barriers in cross-border clearing and settlement are identified.

  • MOG - Monitoring Group of the Code of Conduct on Clearing and Settlement: Monitors the implementation of the Code of Conduct on behalf of the EU Commission. The group consists of representatives from the EU Commission, the European Central Bank (ECB), the Committee of European Securities Regulators (CESR), market participants and infrastructure providers. It is chaired by the EU Commission.

  • SWIFT – Society for Worldwide Interbank Financial Telecommunication: Responsible for the dismantling of Giovannini barrier 1. The link contains numerous documents and information.