Category: Public

Report on CSDR Review consultation

Report on CSDR Review consultation

On 1 July 2021, the European Commission issued its Report on the outcome of the consultation on the CSDR Review. This Report summarises the main areas to be made subject to the future EC proposal and speaks about the areas where actions are not needed.

Areas that the EC  may include in the CSDR REFIT:

• Settlement discipline: possible amendments to the settlement discipline framework, in particular the mandatory buy-in rules, to make it more proportionate – subject to an impact assessment. The EC recognises that clarifications to settlement penalties regime are long-awaited;

• Supervision;

• Domestic and cross-border provision of services;

• Banking-type ancillary services;

• Third country CSDs;

• Technological innovation.

 

The EC Proposal of CSDR REFIT is planned for Q4 2021/Q1 2022.

We invite you to consult the full Report here.

ECSDA updates the CSD links matrix

ECSDA updates the CSD links matrix

Today, 30 June 2021, ECSDA published the updated CSD links matrix. Here are the main numbers:

  •  ECSDA Members have between each other a total of 259 links.
  • ECSDA Members have links with other CSDs globally for a total of 99.
  • In total, all links between ECSDA Member-CSDs and other CSDs globally represent 358 links.

Please see the matrix.

European CSD Association elects new Chair and Executive Committee Members

European CSD Association elects new Chair and Executive Committee Members

Today, 19 May 2021, at the General Meeting of the European Association of Central Securities Depositories (ECSDA), Mathias Papenfuß stepped down from his position as Chairman of the Association’s Board. At the same meeting Brigitte Daurelle resigned from her position as Vice-Chair of ECSDA. For the remaining one-year period ahead of the re-election of the full ECSDA Board, Mark Gem and Guillaume Eliet have been elected as Chair and Vice-Chair of the Board. ECSDA Members have also elected three new Executive Committee Members of the Association.

After having successfully led ECSDA Board for eight years, since 3 May 2013, Mathias Papenfuß steps down from the ECSDA Chair position. He has played an instrumental role in the foundation of the Association and pioneered the vision of ECSDA in providing a voice for CSDs across Europe. Under his Chairmanship, ECSDA has solidified its role as a major stakeholder in discussions with authorities, an essential place of dialogue for the industry and has grown its membership base.

Brigitte Daurelle, who is also departing from ECSDA today, has been integral in contributing her expertise as Vice-Chair of the Association during the previous five years.

Gathering remotely during the Annual General Meeting on 19 May 2021, ECSDA Board elected Mark Gem of Clearstream Banking AG as its Chairman, replacing Mathias Papenfuß. Furthermore, Guillaume Eliet of Euroclear has been elected to replace Brigitte Daurelle as Vice-Chair of the Executive Committee. Three new Executive Committee Members have also been elected to complete the ECSDA Executive Committee: (i) Loretta Milani of MONTETITOLI, (ii) Florentin Soliva of SIX SIS and (iii) Michael Carty of Euroclear UK & Ireland.
The mandate of the newly elected ECSDA Officers and Members will last until the re-election of the full ECSDA Board in 2022.

Commenting on his experience as Chairman, Mathias Papenfuß noted:
“It has been a great privilege and honour for me to be the ECSDA Chairperson for such a long period of time. I enjoyed the leadership role of ECSDA and the strong collaboration, trust, and personal relationships with its members very much. Although I am saddened to step down as Chairman, I am reassured of the professional and mature association that ECSDA has become over the last 10 years considering its strong recognition within Europe and also globally.”

Commenting on his election, Mark Gem noted:
“Europe’s post-trade financial market infrastructure has always been globally competitive and its CSDs are a core part of that. ECSDA has played a leading role in preparing the CSDs for T2S and CSDR and in making the industry safe and efficient and we now look forward to playing a key role in Capital Markets Union. It is a very great honour to take on the leadership of the at such an exciting time.”

Please see the full list of Executive Committee member here

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

Press release

ECSDA responded to the SFD consultation

ECSDA responded to the SFD consultation

Today, 7 May 2021, ECSDA responded to the European Commission consultation on the review of the Settlement Finality Directive.

The full document can be found here.

Euronext completed the acquisition of the Borsa Italiana Group

Euronext completed the acquisition of the Borsa Italiana Group

Today, 29 April 2021, Euronext announces that it completed the acquisition of the Borsa Italiana Group.

This acquisition is transformational for Euronext and Borsa Italiana, making the combined group the leading pan-European market infrastructure.

Euronext is becoming a leader in post-trade activities, with a large clearing house, CC&G, and one of the largest CSD networks in Europe.

The Euronext CSDs – Euronext VPS, Interbolsa, Monte Titoli, and VP Securities – jointly reach close to €6 trillion of assets under custody.

This reflects Euronext’s long-term commitment to serving clients in the post-trade area.
Our priorities are clear:
– deliver stable and efficient core infrastructure services (issuance custody, settlement) to European economy;
– leverage our scale and experience in multiple markets to better support the funding of issuers in Europe, across all asset classes;
– promote standardisation and convergence of market practices;
– scale added-value services to help our customers tackle key pain points.

For Monte Titoli, becoming part of Euronext means concretely that we will be able to intensify our customer-centric approach – by strengthening our services, products and technology through sharing of expertise, know-how and capabilities with other Euronext CSDs.

From 30 April, CC&G and Monte Titoli online information is moving to the euronext.com website.

Please see the full release

ECSDA Updates its By-laws

ECSDA Updates its By-laws

The meeting of the ECSDA Board of Directors that took place on 19 March 2020 approved the below amendments in the ECSDA By-laws:

– The reference to the Belgian Company Code in the Introduction
– Article 7: Procedure for the election of members of the Executive Committee
– Enclosure 2 – Membership fee calculation

ECSDA By-laws – 19/03/2021