Public – ECSDA

ECSDA & ISSA Survey on ISO20022

On 10 January, the European Central Securities Depository Association (ECSDA) and International Securities Services Association (ISSA) launched a joint survey on ISO 20022.

The two Associations ask to respond to a short survey on the present and future adoption of ISO 20022 within the Securities Industry.

The survey touches on some key aspects such as usage and readiness, change drivers, transitional models, Corporate Actions & APIs and ISO 20022.

You can find a printable copy of the survey questions to help with syndication within your firm here.

The survey results will serve as the basis for further analysis and industry debate.

The survey results will be published on a fully anonymous basis i.e. no firm will be identifiable.

However, if respondents choose to leave their email addresses then the secretariats of ISSA and ECSDA will be able to provide you with comparative feedback if you would like. The output from this survey will be used to inform the next phase of the activity within ECSDA and ISSA.

A new path to support rebuilding the Ukrainian economy is being opened!

Congratulations to Grupa KDPW, the CSD group of Poland, and the National Depository of Ukraine, for establishing a direct link!

The link will allow Ukrainian municipal bonds issued by the regional governments to be available to foreign investors through KDPW.

After the disaster created by the war, this collaboration is a new example of support for Ukrainian capital markets and, through that, its economy and people. ECSDA is also pleased to see the deepening of the connection between the Ukrainian and EU capital markets led by the CSDs.

Please read the releases of KDPW and NDU.

ECSDA issues 2023 penalties calendar

The European Central Securities Depositories Association (ECSDA) issues the 2023 calendar, which can be found below.

In the calendar, you will find highlighted the key dates of the penalties life cycle as follows:

End of appeal period – 10th PBD
Monthly report – 14th PBD
Payment date:
a. 17th PBD until February penalties, e.g., March payment
b. 18th PBD from March penalties, e.g., April payment

The payment date will be postponed by 1 PBD, from March penalties, e.g., April payment, as a result of the activity in the Calendar TF with industry associations.

We take the opportunity to thank AFME, EACH, AGC, EFAMA, IA Members, and other associations participating in the Industry Settlement Fails Penalties Calendar task force and look forward to working with you in the future.

We wish you a happy year-end holiday!

The ECSDA team

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.