The Code of Conduct aims at enhancing the ability of Organisations to interconnect and ultimately increasing the freedom of choice for market participants. This should be achieved by creating standard unilateral Access between Organisations and Interoperability following the measures described in the Code of Conduct.

Before 30 June 2007 and meeting the deadline established, Europe’s trading platforms, central counterparties and settlement systems have agreed a set of detailed Access and Interoperability Guidelines that aim to make the concept of ‘cross-border’ redundant for securities transactions within the European Union. The new Guidelines provide a basis for the development of new links between these organisations which would offer market participants the freedom to choose their preferred clearing and settlement provider, building on the provisions due to come into effect under the Markets in Financial Instruments Directive.