Giovannini Barrier 1: Consultation paper released

In its 2003 report, the Giovannini Group, as advisor to the European Commission, published a report identifying 15 barriers to efficient EU cross-border clearing and settlement. The Giovannini Group under the chairmanship of Dr Alberto Giovannini stated that SWIFT, through the Securities Market Practice Group (SMPG), should define a solution to eliminate Barrier 1, which cites national differences in information technology and interfaces used by clearing and settlement providers.

This consultation paper outlines the proposed scope and framework of a standardised common communication protocol for European Clearing & Settlement. The consultation period will last from 5 January until 15 April 2005.

“At Sibos, the industry was challenged to accelerate transformation. SWIFT has always played a leadership role in standards and market practices within the industry. We look forward to leveraging our experience and expertise together with the SMPG to address this challenge, leading to greater efficiency for the securities community,” said Francis Remacle, Member of the Executive Committee, Head of Securities Industry Division, SWIFT.

In response to the publication of the consultation paper, Dr. Alberto Giovannini, CEO of UNIFORTUNE SGR SpA and Chair of the Giovannini Group, commented, “This initiative has my full support. It is very much in the spirit of the reform process that we have outlined for clearing and settlement.”


Feedback should be made directly to SWIFT by 15 April 2005.

Contact:
Andrew Douglas
SWIFT s.c.
The Corn Exchange
55 Mark Lane
London EC3R 7NE
United Kingdom
Tel: +44 (0)207 762 2003
Email: andrew.douglas@swift.com