About ESSF
The European Securities Services Forum (ESSF) is a UK incorporated company representing major international banks operating in the European securities markets.
ESSF’s prime objective is the creation of an efficient pan-European capital market through consolidation and integration of its securities infrastructure as well as appropriate and enabling regulation.
The ESSF:
- is a UK incorporated company representing major market users operating in the European securities markets
- aims as its prime objective at the creation of an efficient pan-European capital market through consolidation and integration of its securities infrastructure as well as appropriate and enabling regulation
- acts as agent of change by actively contributing to harmonise and integrate clearing and settlement in Europe to reduce cost and risk for market users
- cooperates with private sector organisations and public sector authorities at national and European level to achieve its objectives
Objectives, Key Principles
A single integrated process in Europe for clearing and settlement of equity and debt transactions is the overriding long term objective.
The process should deliver the following key objectives:
- Reliability, integrity and scalability
- Risk reduction
- Significant reduction in investment and running costs
The solution should incorporate the most appropriate technology, capitalise on existing systems where possible, and be capable of processing an exponential increase in transaction volumes. The industry is not prepared to pay directly or indirectly for duplicate developments.
A single clearing and settlement process will require strong governance:
- No individual organisation should have undue influence.
- Clearing/settlement should have a separate governance process from trading or payments.
- The process should be largely owned and directed by securities industry users.
