UPDATE 1-EU deadlock over market safety rules ended
April 5th, 2008 | by admin |(Updates with confirmation, reaction)
By Huw Jones
BRDO, Slovenia, April 5 (Reuters) - European Union financeministers and central bankers broke a deadlock on Saturday overmaking the EU’s multi-trillion euro securities tradinginfrastructure safer.
“I was very happy that we could find a way to approvefinalisation of the ESCB-CESR work and that was one importantsuccess of this meeting…. We were fully on board with thisconsensus,” European Central Bank President, Jean-Claude Trichettold a news conference.
Agreement to make the standards non-binding rather thanmandatory paved the way to a deal.
“They have agreed to move from the draft standards to anon-binding recommendation,” the Commission official toldReuters on the sidelines of a meeting of EU finance ministersand central bankers in Slovenia, holder of the EU presidency.
The standards were drafted by the ECB with national centralbanks in the EU, known collectively as the European System ofCentral Banks (ESCB), and the Committee of European SecuritiesRegulators (CESR).
CESR is made up of the EU’s 27 national securities marketswatchdogs.
