The European Code of Conduct for Clearing and Settlement (Code of Conduct) was an initiative of European securities exchanges, clearing houses and central securities depositories to set uniform rules for trading, clearing, settlement and custody services for stocks. The Code of Conduct contains rules which aimed to enhance transparency for customers and improve services for cross-border transactions as well as harmonise the European capital market and revitalise the international securities traffic. It would lead on to the European Market Infrastructure Regulation and other central counterparty clearing harmonization as part of the European Union.