BAKGRUNN (fra rådskonklusjonene, engelsk utgave)

The Council RECALLS its conclusions of 9 October 2007 and 3 June 2008, whereby it noted that "the reality of a single European securities market is not compatible with a fragmented European post-trading sector. Achieving competitive, efficient and safe pan-European post trading arrangements is becoming more and more critical".

In that respect, the Council NOTES the ongoing changes to Europe's securities post-trade landscape that to a large extent are driven by MiFID, the Code of Conduct and TARGET2-Securities (T2S).

The Council FINDS that the on-going financial crisis confirms the importance of ensuring safe and sound post-trade infrastructures. Building a safer, more stable and efficient global financial system therefore requires to step up the EU ambitions for post-trade infrastructures with emphasis on safety and soundness. These efforts should also foster further coordination with relevant similar endeavours in third countries as appropriate. The EU has to play a leading role in the reshaping of the post-trading foundations of the global financial system.