The 2016 edition of the Factbook offers an up-to-date overview of the CSD landscape in Europe.
The Factbook describes the trends within the CSD industry and provides an overview of the evolution of individual ECSDA member-CSD services.
Brief overview of the industry in 2016
Between January and December 2016, the European CSDs industry has improved its indicators even further on the following key parameters:
- At 31 December, ECSDA members held securities worth more than EUR 54.9 trillion, which is a 2.3 % increase in comparison with the previous year.
- Over the course of the year, European CSDs opened almost 400 000 new accounts, and by the end of the year were holding over 83.7 million accounts for their users in total.
At the same time, the CSD industry delivered 5 % less securities instructions than during the previous year. As a standalone figure the deliveries still represent an impressive EUR 1.096 quadrillion of securities.
The total number of CSD participants in all European CSDs has also decreased from 7 021 in 2015 to 6 785 in 2016 (3.4 % less).
The trends are further described below and covered in detail in the CSD Factbook.
In addition, the factbook describes the evolution of the activities of each ECSDA member through individual CSD factsheets.
A steady increase in the value of securities held on CSD accounts
During the last year, the total value of all securities held at ECSDA member CSDs increased by 2.3%, adding to the upward trend continuing for five years in a row. Over the past five years, more than EUR 9 trillion worth of securities were added in accounts held at European CSDs.
Evolution of account number and structures
ECSDA members typically allow their users to segregate client assets in a flexible way. For European Economic Area countries, based on the CSDR, the clients of CSD participants have a choice between a fully segregated account at the level of CSD or a common account for all CSD participant clients’ assets (separated from the own CSD participant assets).
The total number of securities accounts held at European CSDs in 2016 was around 83.7 million. It is almost 400 000 accounts more than the previous year. There are however great variations at the level of individual CSDs, depending on the maturity of the CSD, the number of end-investors in the market and whether end-investor accounts are commonly used or not, etc.
A slight decrease of deliveries instructions
In terms of value, the delivery instructions processed annually by European CSDs represent EUR 1.09 quadrillion, down by a little less than 5% compared to 2015. In 2016, the average European CSDs processes deliveries worth more than EUR 26 trillion.
European CSDs develop their services internationally
Almost all ECSDA members (90%) are servicing securities issued in other markets and maintain at least one outbound link with another CSD.
Five EU-based CSDs have more foreign participants (both from other EU countries and outside of the EU) than domestic, with four out of five having more than 70 % of foreign participants.