2002.10.01.Final.Comment.Letter.to.EC

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THE ASSOCIATION OF GLOBAL CUSTODIANSTHE BANK OF NEW YORK COUNSEL TO THE ASSOCIATION;BROWN BROTHERS HARRIMAN BAKER _ MCKENZIECITIBANK, N.A. B I 5 CONNECTICUT AVENUE, N.W.DEUTSCHE BANK TRUST COMPANY AMERICAS WASHINGTON , D.C. _,0001 _INVESTORS BANK _ TNUST COMPANYJPMORGAN CHASE BANK TELEPHONE: 202/452-7013MELLON FINANCIAL FACSIMILE: 202/452-7074THE NORTHERN TRUST COMPANYRBC GLOBAL SERVICESSTATE STREET BANK AND TRUST COMPANYOctober 1, 2002VIA AIR COURIER AND E-MAILDG MARKT F2European CommissionB-1049 BrusselsBelgiumRe: Communication From the Commission to the Council and the EuropeanParliament on Clearinq and Settlement in the European UnionLadies and Gentlemen:This letter is submitted on behalf of the Association of Global Custodians inresponse to the invitation of the European Commission ("Commission") to comment onthe Communication from the Commission to the Council and the European Parliamenton Clearing and Settlement in the European Union ("the Communication"). TheAssociation is an informal coalition of ten North American banks that are majorproviders of cross-border custody services to institutional investors. We recognize thatthe comment deadline in the Communication has passed and apologize for thetardiness of this letter. The Association nonetheless respectfully requests that theCommission consider the views set forth herein as part of its review of the importantquestions raised in the Communication.Interest of the AssociationThe ...

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