On Thursday 13 February, ECSDA has hosted on Clearstream and Deutsche Börse premises, an industry dialogue focused on the ECSDA CSDR Penalties Framework and on settlement discipline related issues. It was a fruitful discussion, involving participants from other industry associations and representatives other FMIs and intermediaries.

During the day, ECSDA presented the main features of the implementation of Settlement Discipline by CSDs, and also a Q&A session on open items and next steps.

The questions and answers have now been integrated in the slides presented during the event on 13 February (please find the link below). ECSDA will integrate the answers to the questions received from participants in the next version of the ECSDA Penalties Framework, when possible.

We will keep you posted on the next steps, and inform about the publication of the next version of the ECSDA Penalties FW document as soon as possible.

SWIFT and EurexSTS also presented their ongoing developments related to CSDR Settlement Discipline.

Please find all presentations here below:

• ECSDA CSDR Penalties Framework presentation
• SWIFT presentation on CSDR Standards – Messaging
• EurexSTS Buy-in Agent Services

Euroclear Belgium, Euroclear France, and Euroclear Nederland (the ‘ESES CSDs’) have been authorised by their national autorities under European regulation n° 909/2014 on central securities depositories, placing their entity under the European regulatory framework.

Please see the full release

The list of CSDs authorised under the CSDR is provided on CSD Facts page of the website.

The WFC 2019 in April has shown us a beautiful range of European CSDs speakers. We would like to bring to your attention the materials used for presentation by some of them during the Innovation panel.

The panel was moderated by Mathias Papenfuß, Member of the Executive Board of Clearstream, ECSDA Chair, and the speakers included John Trundle, CEO at Euroclear UK&Ireland; Paolo Caniccio, CTO, LSEG, Trade CTO Monte Titoli; Thomas Zeeb, Chairman SIX Digital Exchange Ltd, SDX. Jointly they have discussed Innovation and Diversification in the field of CSDs and market infrastructure.

Please find below their presentations:

John Trundle, CEO at Euroclear UK&Ireland

Paolo Caniccio, CTO, LSEG, Trade CTO Monte Titoli

Thomas Zeeb, Chairman SIX Digital Exchange Ltd, SDX

The European Central Securities Depositories association (ECSDA) appreciates to possibility to contribute to further improvement of the AMI-SeCo on the Collateral Management Harmonisation Task Force (CMH-TF) draft standards.
ECSDA welcomes and supports the harmonisation efforts undertaken by the CMH-TF and we note that many of our detailed comments have been taken on board in the draft standards.
Although some of the issues that are fundamental in view of CSDs have not been incorporated in the standards yet. We would like hence to reiterate those issues that we deem most important and complement them with additional points that we deem would be useful in order to advance the work on the standards.

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ESMA announced the 1th of March 2019 that, in a case of a no-deal Brexit scenario, the CSDs established in the UK, Euroclear UK and Ireland Limited, will be recognised as a third country CSDs to provide their services in the European Union (EU). This decision has been taken in order to allow the UK CSD to keep serving Irish securities and to avoid any negative impact on the Irish securities market. ESMA has also released its consideration about the UK CSD and its compliance with the CSDR: the Articles 25 conditions of CSDR are met by the UK CSD in the eventuality of a no-deal Brexit. According to this, it has been adopted a decision to recognise the UK CSD as a third-country CSD under the CSDR. The recognition of the decision would eventually come into effect on the date following a no-deal Brexit.

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