The Code of Conduct will be implemented in the following phases:

• by 31 December 2006: applying price transparency;
• by 30 June 2007: establishing access and interoperability conditions; and
• as of 1 January 2008: unbundling services and implementing accounting separation principles.

Price Transparency
Every Organisation agrees to the publication of:
• All offered services and their respective prices including applicable terms and conditions,
• All Discount and Rebate Schemes and the applicable eligibility criteria, and
• Examples that explain prices, as well as Discount and Rebates Schemes for different types of customers or customer groups.
• All information will be made available at a prominent place on the Organisations’ websites.

Access & Interoperability
MiFID already gives some access rights in the post-trade area to regulated markets and to investment firms.
The Code addresses the effective extension of these principles to additional relations in the clearing and settlement sector, addressing mainly the relationships between infrastructures.
Organisations from a Member State should be able to access Organisations in the same or another Member State and the responding Organisations should provide such access in line with the Access conditions and procedures described in the document Guidelines for Access and Interoperability.

Service unbundling and accounting separation
The Organisations regard service unbundling and accounting separation as important levers to further strengthen the transparency and efficiency of European capital markets. Organisations shall unbundle prices and services according to the following principles:
• The services of trading venues, CCPs and CSDs will be unbundled from each other.
• The Organisations will allow any customer to purchase an unbundled service without compelling that customer to purchase also another unbundled service and each unbundled service will be available at a price applicable to this service.
• Unbundling does not preclude Organisations offering special prices for the purchase of several unbundled services together, with each service available at a separate price.

In view of the implementation of "Service Unbundling” of the Code of
Conduct, all ECSDA members (being signatories of the Code) have agreed on a common understanding of the services which have to be unbundled according to the Code of Conduct. This understanding is reflected in a common ECSDA Glossary. The Service Price Tariff that is public on January 1, 2008 reflects our Organisation's implementation of the Code's service

unbundling commitments.
In addition, and with effect from 1 January 2008, CDAD is in a position to be able to comply with the Accounting Segregation provisions of the Code of Conduct.