So no C&S Directive, but an ECB run settlement system?

In this regulatory commentary ECMI's Chiel Officer Karel Lannoo comments on the Commission’s decision to solely impose a code of conduct for the Clearing and Settlement Industry as well as on the ECB’s proposal to centralize European settlement systems. Lannoo argues that the current situation still leaves 2 issues unsolved, i.e. the minimum prudential rules for and the freedom to provide services by C&S organisations.