Deutsche Börse, the German exchange group, and Euroclear, the largest settlement agent in Europe, last night moved to comply with the first wave of the European Commission's "code of conduct" on clearing and settlement.

The code, signed on November 7 by Europe's leading exchanges, clearing houses and securities depositories, has set a deadline of January 1 to provide fee transparency, the first stage in the European industry's adoption of a more competitive model for clearing and settlement.