Irina Bussoli – Page 4

WFC2023 conference in Prague – Registrations are open!

From 24 to 26 May 2023, the World Forum of Central Securities Depositories (WFC), currently led by the European Central Securities Depositories Association (ECSDA), will meet in Prague on the invitation of CSD Prague.

The WFC gathers five regional associations of Central Securities Depositories (CSDs) globally:ACG, ACSDA, AECSD, AMEDA, ECSDA. This conference is an exceptional event for the CSD industry.

Over the 3 days the participants will be exploring a wide range of topics through keynote speeches, panel discussions, and fireside chats.

The key themes for this year’s conference are:

Facilitating cross-border investment flows
FMI DLT pilots: lessons learned and challenges ahead
Settlement efficiency
Vision for the Global Post-trade
Systemic risk in Post-trade

Find more on the WFC2023 website

ECSDA Board drew lessons from the experience of the Ukrainian CSD (NDU)

At its last meeting, European Central Securities Depositories Association (ECSDA) Board drew lessons from the experience of the Ukrainian CSD (National Depository of Ukraine) about their operation during the war. Oleksii Yudin, Chairman of the NDU Management Board, shared their experience and discussed with the other ECSDA Members how they coordinated orderly market cloture at the beginning of the war and its restart of CSD operations at the market re-opening in August, also how they ensured the resilience of the CSD data and reviewed their projects in line with the changing needs of the market participants.

ECSDA Members expressed their profound sadness on the circumstances which required such a stress testing of business continuity measures of the Ukrainian CSD. However, this NDU crisis management experience and the conclusions drawn from it were ever so valuable for the reason of being lived.

ECSDA Secretariat is grateful for the experience shared by our member, the National Depository of Ukraine, and wishes for the restoration of Ukraine and its capital market!

ECSDA Board elects WG Chairs

On 29 November, the ECSDA Board meeting remotely elected the Chair of the Policy and the Settlement Working Groups.

The Policy WG will now be chaired by Chiara Rossetti, Senior Manager, Regulation for Euronext Securities Milan.

As a member of the ECSDA Policy Working Group since 2012, Chiara Rossetti has shown a strong commitment to the development of the advocacy activities of the Association. As Vice-Chair, she has been proactively engaged in the coordination of the various activities of the Policy Working Group, thanks also to the experience she gained in other post-trade industry working groups.

Ms Chiara Rossetti stated that it was an honour to have the opportunity to chair the Policy WG and to succeed the former chairs.

Mr Jesús Sánchez, Head of Settlement Services, SIX, will Chair the Settlement WG.

Mr Sánchez spent all his career in the settlement area and is well known within the settlement expert community in Europe as he is a member of several technical and steering groups of T2S. He is the Chairperson of the Market Settlement Efficiency group, since 2020.

Mr Sánchez stated that he is eager to have the opportunity to share his experience.

Congratulations to both of them!

The ECSDA Board seized the opportunity to thank Mr Italo di Lorenzo, former Chair of the WG for his commitment to the Policy WG as member and Chair and to Tim Werner, Clearstream, and Mathilde Joannet, Euroclear, respectively Chair and Vice Chair of the Settlement WG for their legacy to the work of the Settlement WG.

ECSDA response to ESMA Consultation on DLT Pilot Regime application guidelines

Today, 9 September 2022, ECSDA answers the ESMA Consultation to apply for permission to operate a DLT market infrastructure.

Please read the full response.

ECSDA response to ESMA consultation on the amendment on Article 19

ECSDA welcomes the ESMA initiative of consulting the relevant stakeholders on the change of the dedicated penalties collection and distribution process for cleared transactions, as currently foreseen under Article 19 of Commission Delegated Regulation (EU) 2018/1229 (CDR).
ECSDA is generally supportive of the ESMA proposal. In addition, the following elements are essential for CSDs:

that further light is shed on the interaction between CSDR Article 7(11) and the changed Article 19 (and eventually, recital 22),
receiving the information on the timeline for the entry into force of the regime as soon as possible, and
that the date of activation of the regime is foreseen on the first business day of the month.

In the interest of clarity, we suggest structurally clarifying the treatment of CCP transactions and penalties in CSDR itself, ideally as part of the CSDR Refit exercise.

Read the full response.

ECSDA Response to the OECD Pillar 1 Report

On 19 August, the European Central Securities Depositories Associations (ECSDA) welcomed the Progress Report. In the response to the consultation, we are however highlighting the need to calibrate further the scope of activities contained in the term ‘Investment Institution’.

Please read the full response.

ECSDA re-elects its Chairperson and Executive Committee Members

Gathering in Brussels after two years of the pandemic, the 39 members of the European Central Securities Depositories Association (ECSDA) appointed the Association’s Board of Directors. The Board re-elected Mark Gem, as its Chairperson and elected the Executive Committee for a mandate of three years.

ECSDA Board Directors also appointed the following Executive officers for a three-year mandate:

Vice-Chair – Guillaume Eliet – CEO of Euroclear Belgium, France and Nederland,
Vice-Chair – Indars Aščuks – CEO of Nasdaq CSD SE,
Treasurer – Georg Zinner – Managing Director of OeKB CSD.

Commenting on his re-election Mark Gem, the Chairperson of ECSDA Board, said:
“Post-trade financial services are a source of competitive strength for Europe. Europe’s CSDs continue to provide the markets with resilient and efficient support, representing a bedrock of stability as we move towards a more integrated capital market. ECSDA has played a leading role in our journey and I am proud to be a part of it.”

Please see the full list of Executive Committee members here

A complete list of ECSDA Board Directors can be found here.

Press release

ECSDA responds to the EU Consultation on CSDR REFIT

ECSDA welcomes the review of the CSDR.
We thank the European Commission for the opportunity to provide our contribution. We look forward to working alongside stakeholders in pursuit of a more competitive and resilient Capital Markets Union!

The full document can be found here.