The Governing Council of the European Central Bank (ECB) and the Committee of European Securities Regulators (CESR) have jointly approved the report entitled Standards for securities clearing and settlement in the European Union, prepared by the joint ESCB-CESR Working Group.

The report contains 19 standards that aim to increase the safety, soundness and efficiency of securities clearing and settlement systems in the European Union. The standards are based on the Recommendations for securities settlement systems issued jointly by the Technical Committee of the International Organization of Securities Commissions (IOSCO) and the Committee on Payment and Settlement Systems (CPSS) in November 2001, adapting them to the European context.