SIA Submits Comments to the European System of Central Banks Regarding Standards for Securities Clearing and Settlement Systems

The Securities Industry Association (SIA)* provides comments to the European System of Central Banks regarding standards for securities clearing and settlement systems in the European Union. SIA seeks to address concerns toward the goal of urging greater global consistency and dialogue, distinguishing operational risk from credit risk and the role of intermediaries from infrastructure organization, and highlighting the desirability of encouraging pragmatic, international technical standards for securities processing and focusing as well on enhancing the industry’sstandard practices for securities-related payments including foreign exchanges.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.