Giovannini Independent Advisory Group Completes Task

SWIFT has presented a draft of communication protocol for Clearing and Settlement in response to the Giovannini Report. As a follow up to the Giovannini Barrier 1 Consultation Paper published in January 2005, SWIFT has released the draft of the common communication protocol for Clearing & Settlement in the European Union. This draft is the direct result of work completed by the Barrier 1 Independent Advisory Group (IAG) from July to September of this year. “SWIFT appreciates the contribution of the individuals who served on the IAG” says James P. Donovan, head of Securities Industry Division, SWIFT. “They have played a key role in devising this protocol which, we believe, will eliminate Giovannini Barrier 1”.

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