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European Code of Conduct

Code of Conduct; an industry led approach

In 2006, Europe's regulated markets, clearing houses and central securities depositories cooperated with the three main industry associations to define a Code of Conduct for Clearing and Settlement, as opposed to proposing a directive.

The industry associations in question were the following:

  • Federation of European Securities Exchanges (FESE)
  • European Association of Central Counterparty Clearing Houses (EACH)
  • European Central Securities Depositories Association (ECSDA)

Participation of SIX Swiss Exchange

SIX Swiss Exchange signed up to the Code of Conduct in November 2006.

A strong and fair capital market

The Code of Conduct is designed to establish a strong capital market that allows investors to trade within a consistent, coherent and efficient framework. In addition, the Code of Conduct allows market participants the freedom to choose their preferred service provider.

For further information, visit the Federation of European Securities Exchanges (FESE) website

The Code of Conduct comprises three main elements:

  • Price transparency
  • Access and interoperability
  • Unbundling and accounting separation


Description Download
List of signatories of Code of Conduct
European Code of Conduct for Clearing and Settlement