Joint letter to the OECD in response to the publication of the Pillar One blueprint

The Federation of European Securities Exchanges (FESE) co-signed a letter together with the European Association of CCP Clearing Houses (EACH) and the European Central Securities Depositories Association (ECSDA) in response to the OECD public consultation on the Pillar 1 Blueprint (here).

Trading Venues (TVs), Central Counter Parties (CCPs), and Central Securities Depositories (CSDs) are market infrastructures with very specific roles within the financial services industry. They ensure that the trading, clearing, settlement, and custody of financial instruments are performed in an efficient way and in a risk-controlled environment. To ensure a level playing field across the financial sector as a whole we believe that also TVs, CCPs, and CSDs should be excluded from the scope of the proposed OECD regime.