Summary of feedback outlines the results of the industry consultation on the removal of Giovannini Barrier 1Posted 13 July 2005 Next step - Independent advisory group to analyse feedbackSWIFT is delighted with the breadth and depth of feedback received from the financial community to its January 2005 Consultation Paper. 70 global financial institutions, market infrastructures and other representative organisations provided comments on the proposed framework for a common protocol to improve efficiency of EU cross-border clearing and settlement. SWIFT is pleased to announce the publication of a summary of feedback which will: - Summarise the response profile, i.e. what sort of organisations responded and from where
- Share the opinions provided by the organisations that responded to the consultation questions
- Share a high level analysis of the consensus derivable from the responses to these questions
- Outline the proposed next steps
This document has been split into two documents to facilitate easier downloading and navigation of the content. - Document (a) is the analysis of the responses received to the consultation document
- Document (b) is the appendix containing the verbatim responses received to the questions posed in the consultation document
Following agreement with CESAME, the Giovannini monitoring committee, an independent advisory group under the chairmanship of Stephan Schuster, Co-Chair of the G30 European Monitoring Committee, has been created to review the detailed feedback and provide further industry input to the final recommendation due in early 2006. The conclusions from this group’s analysis will form an integral part of the final recommendation for a single protocol for European clearing and settlement whilst maintaining the principle of neutrality established by SWIFT at the outset of the Consultation process.
About the Giovannini GroupThe Giovannini Group is comprised of 72 individuals from a cross section of the private and public sectors of the EU securities industry. It includes representatives from the European Commission (DGs, etc.), Banks, Fund Managers, Brokers, Exchanges, Central Counterparties (CCP), International and Domestic Central Securities Depositaries (CSD), Central Banks, consultants and other industry bodies such as the European Securities Forum.
About Barrier One“National differences in the information technology and interfaces used by clearing and settlement providers should be eliminated via an EU wide protocol. SWIFT should ensure the definition of this protocol through the Securities Market Practice Group. Once defined, the protocol should be immediately adopted by the ESCB in respect of its operations. This barrier should be removed within two years from the initiation of this project."
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