European Code of Conduct for Clearing and Settlement
The Code of Conduct concept
This initiative, led by the exchange and post-trading industry, is aiming at promoting cross-border investment activity in equities and thus contributing to the integration of European equity markets.
The Athens Exchange S.A. and Hellenic Exchanges S.A. have actively participated in the drafting of the Code in their capacity as members of the relevant industry trade associations FESE, ECSDA and EACH and have signed the Code.
According to the Code of Conduct, fees transparency measures must be in place by December 31st 2006. This will enable customers, on an ex ante basis to compare and relate costs to be incurred in an equity transaction, and on an ex post basis to reconcile costs paid with the price list announced.
Service unbundling and accounting separation According to the Code of Conduct implementation of service unbundling and accounting separation must be in place by January 1st 2008.
In view of the implementation of "Service Unbundling" of the Code of Conduct, all ECSDA members (being signatories of the Code) have agreed on a common understanding of the services which have to be undundled according to the Code of Conduct. This understanding is reflected in a common ECSDA Glossary. The tariff brochure that is public on January 1st, 2008 reflect our Organization's implementation of the Code's service unbundling commitments.
In addition, and with effect from 1 January 2008, Hellenic Exchanges S. A. Holding, Clearing, Settlement and Registry is in a position to be able to comply with the Accounting Segregation provisions of the Code of Conduct.
Code of Conduct 
