Traduction de «cesame group » (Anglais → Français) :

13. Believes that bringing down the cost of cross-border clearing and settlement necessitates in particular the removal of the 15 " Giovannini barriers", through market mechanisms when possible; urges all entities, both public and private, to re-double their efforts to remove them; supports the Commission's efforts to coordinate this project via the CESAME Group;

E. whereas the abovementioned Giovannini reports identified 15 barriers which result from those national differences, and the CESAME Group is working to coordinate private and public sector initiatives to remove them, and whereas some of the legal and access-related barriers can only be removed through legislation,

D. whereas inefficiencies exist in the market for cross-border clearing and settlement in the EU which arise partly from two sources: higher operating costs per transaction due to national differences of legal nature, technical requirements, market practices and tax procedures, and in some cases higher margins due to restrictive market practices,E. whereas the above-mentioned Giovannini reports identified 15 barriers due to these national differences and the CESAME Group is working to coordinate private and public sector initiatives to remove them, and whereas some of the legal and access-related barriers can only be removed through legi ...[+++]slation,

The European Commission’s Clearing and Settlement Advisory and Monitoring Expert group (the “CESAME” group) is holding its first meeting in Brussels on 16th July.

The stakes are high and the CESAME group will help the opening up of the EU clearing and settlement environment by providing impetus to the whole project”.

The Commission also proposes to set up an advisory and monitoring group (CESAME) composed of experts from public and private bodies, and tasked with improving coordination between public- and private-sector bodies (such as the ESCB and CESR) and with creating the necessary synergy to remove certain Giovannini barriers for which the private sector will be responsible.