The EU Code of Conduct is a common objective of all the signatory Organisations to establish a
strong European capital market and to allow investors the choice to trade any European
security - whether it is a domestic or a foreign security - within a consistent, coherent and
efficient European framework. The ultimate aim is to offer market participants the
freedom to choose their preferred provider of services separately at each layer of the
transaction chain (trading, clearing and settlement) and to make the concept of “crossborder”
redundant for transactions between EU Member States. The Organisations are
represented by the Federation of European Securities Exchanges (FESE), the European
Association of Central Counterparty Clearing Houses (EACH) and the European Central
Securities Depositories Association (ECSDA).
