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European Code of Conduct

The European Code of Conduct for Clearing and Settlement was signed by the Federation of European Securities Exchanges (FESE), the European Association of Central Counterparty Clearing Houses (EACH) and the European Central Securities Depositories Association (ESCDA) on 7 November 2006. The Warsaw Stock Exchange made a declaration of compliance with the provisions of the Code of Conduct on 31 October 2006.

The Code of Conduct is an important document designed to introduce measures aimed at improving the transparency of clearing and settlement. Thus, it plays an important role in further regulation development on particular markets and in the integration of European financial markets. In the same time it is conductive to encourage the competitiveness among financial markets' institutions. The European Code of Conduct for Clearing and Settlement is dedicated to introduce the solutions arising from financial institutions' active commitment to transparency of prices charged for services on the regulated markets by depositories of securities (clearing and settlement costs) and stock exchanges (first and foremost transaction costs).

The adopted timetable of implementation of the Code of Conduct is as follows:

  • Publication of documents concerning the transparency of prices and services by 31 December 2006;
  • Establishing access and interoperability conditions by 1 January 2007;
  • Unbundling of prices for trading, clearing and settlement services and implementing accounting separation for the services by 1 January 2008.

An introduction of special section on the WSE' web site with documents concerning fees charged by the Warsaw Stock Exchange (see information nearby), constitute the execution of ruling of the Code of Conduct. In the near future appropriate descriptions and examples of fees charged to WSE customers will be added.

More information about the European Code of Conduct is available on the website of the Federation of European Securities Exchanges (


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