A Group of 30 report into global securities calls for radical and urgent reform of clearing and settlement services around the world within the next five to seven years.

The Washington, DC-based think tank of influential public and private sector financiers decided in 2001 that there was a crucial need to revisit the groundbreaking set of proposals on global clearing and settlement that they had created 14 years earlier. Sir Andrew Large, chairman of the G30 steering committee, said the new report's 20 recommendations would, if implemented, significantly improve the safety, cost and efficiency of international securities markets.