Delivering on the Savings and Investments Union
As the MISP negotiations enter their final stage, ECSDA has published its views on the latest compromise texts.
We welcome the progress made so far. The final package can now make sure that the MISP fully delivers on its objective: stronger, more liquid and more integrated European capital markets that finance the real economy.
Our key messages:
🔹 CSD links and hubs: a proportionate, market-driven approach based on genuine market demand, with flexibility on link types
🔹 Open access: coherence with Article 53 CSDR for legal certainty
🔹 Supervision: proportionality and clarity, without unnecessary layers of governance
🔹 Transparency: a clear scope limited to core CSD services, to preserve competition in post-trade
🔹 DLT Pilot Regime: a clear transition path and timely modernisation of CSDR and MiFIR
🔹 Settlement finality: the reform is moving in the right direction, but Article 22 needs further work
ECSDA remains committed to contributing constructively, so that new requirements are proportionate and operationally workable.