Newsletter registration

Open positions on the BSE
Summary Graph
OTC (Daily turnover, transaction)
Summary Graph

KELER Homepage :: Information :: Code of Conduct

Code of Conduct

European Code of Conduct for Clearing and Settlement

The institutions – among others KELER and KELER CCP – represented by ECSDA (European Central Depositories Association), FESE (Federation of European Securities Exchanges) and EACH (European Association of Central Counterparty Clearing Houses) signed the ‘Code of Conduct for Clearing and Settlement’ (hereafter Code of Conduct) to assist the integration of European capital markets. By signing the Code of Conduct, KELER and KELER CCP voluntarily engaged to correspond to the criteria laid down in the Code of Conduct of which the main principles are the followings:

  • Price Transparency
  • Access & Interoperability
  • Service Unbundling & Accounting Separation

Further information 

Documents related to Code of Conduct

European Code of Conduct for Clearing and Settlement (.pdf, 175 Kb)

Terms of reference (.pdf, 69 Kb)

ECSDA Glossary for Service Unbundling (.pdf, 30 Kb)

Glossary and Definitions of Services relevant to the implementation of the Code of Conduct for Clearing and Settlement (.pdf, 80 Kb)

How to read the Conversion Table (.pdf, 9 Kb)

Common clarifications related to the content of the Table (.pdf, 10 Kb)


 I. Price Transparency

   KELER conversion table (.xls, 80 Kb)

   Monthly fee calculation through examples (.xls, 59 Kb)

Links to Fee Schedules KELER and KELER CCP

Fee calculator for the effective (from 26 March, 2013) Fee Schedule

  Dowload (.xls, 250 Kb)

II. Access and Interoperability

Access and Interoperability Guideline (.pdf, 103 Kb)


III. Service Unbundling and Accounting Separation

To meet the requirements of the principals laid down in the Code of Conduct KELER and KELER CCP prepared a self assessment. The result of the self assessment shows that KELER and KELER CCP comply with the principals of Code of Conduct.

The public statement of KELER on the result of the self assessment:

  Public Statement on the European Code of Conduct for Clearing and Settlement 2011 (.pdf, 247 Kb)

Code of Conduct
principle on service unbundling and accounting separation’ is audited by external auditor in case of KELER and KELER CCP in 2010 last time for the year 2009.

The reports attesting the result of the audit for 2009:

KELER Independent Assurance Report (.pdf, 47 Kb)

 Further links, useful information