G30 Final Report on Global Clearing and Settlement
May 22, 2006
New York, -- The Group of Thirty (G30) today released the Global Clearing and Settlement: Final Monitoring Report, which outlines progress in implementing the twenty recommendations contained in the Group’s 2003 Plan of Action. This latest report highlights the significant progress achieved since the G30’s recommendations mapped the route to a more efficient global clearing and settlement infrastructure.
Jacob A. Frenkel, Chairman of the Group of Thirty said: “Creating a truly global clearing and settlement system is a significant undertaking and the G30 is pleased to have facilitated this process by bringing together a group of exceptional caliber who worked diligently over a three-year period, under the leadership of our colleague Andrew Crockett, to monitor steps taken across the globe toward that important common goal.” Frenkel continued: “The G30 sought to motivate all parties to pursue the necessary reforms to build an improved infrastructure that would enhance confidence in the markets themselves and ensure that a safer, more efficient, less costly, more transparent, global clearing and settlement system is created.”
Andrew Crockett, Chair of the G30’s clearing and settlement monitoring committee stated: “Our members, drawn from public and private sectors in the US, Europe, and the Asia Pacific have succeeded in fostering change in the clearing and settlement process within their own markets and between markets. Many of the G30 recommendations have now been implemented.” Crockett continued: “Today, higher standards of technical performance are being put in place, better risk management practices are being adopted, and stronger governance is widely recognized as essential if we are to achieve a truly interoperable global system for securities clearing and settlement.”
To hear a replay of the press briefing that was held today at JPMorgan go to http://www.jpmorgan.com/info/G30Report or call: U.S. (800) 642-1687/International (706) 645-9291, Passcode: 8945007. The replay will be available from Monday, May 22, 2006 at approximately 11 a.m. EST to Monday, May 29, 2006 11 p.m. EST.
Enc: Executive Summary.
Note: For copies of the report and more information on G30 go to www.group30.org
The Group of Thirty, formally known as “The Consultative Group on International Economic and Monetary Affairs, Inc.” was founded in 1978. The Group of Thirty is a private, nonprofit, international body composed of senior representatives of the private and public sectors and academia. The Group aims to deepen understanding of international economic and financial issues, to explore the international repercussions of decisions taken in the public and private sectors and to examine the choices available to market practitioners and to policymakers. The Group is led by Paul A. Volcker, Chairman of its Trustees, and Jacob A. Frenkel, Chairman of the Group.
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