Eight years on from the original Giovannini report, and three years after the publication of the Giovannini Protocol, how far has the industry progressed with implementing the solution to eliminate Barrier 1? Who has taken the initiative, and who is lagging behind? Is elimination of Barrier 1 still a priority for the industry in light of the unprecedented circumstances heralded by the global financial crisis? Can the March 2011 deadline be met, and is the demise of Barrier 1 in sight?

This paper, authored by SWIFT, examines the progress that has been made to date in eliminating Barrier 1, and argues that the drivers for adoption of the Giovannini Protocol are stronger than ever. It argues that other industry initiatives such as Target2Securities (T2S) and the Code of Conduct actually make progress on Barrier 1 even more important, and should not be used as distractions. It also proposes next steps the industry should take in order to ensure the adoption of this readily available solution to the long-understood problem of inefficient communications, which cause low levels of interoperability between players involved in clearing and settlement in the EU.

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