Public – ECSDA

ECSDA response to the European Commission’s consultation on the integration of EU capital markets.

On 10 June, the European Central Securities Depositories Association (ECSDA) welcomed the opportunity to respond to the European Commission Targeted Consultation on integration of EU Capital Markets.

CSDs are regulated market infrastructures enabling issuance, settlement and servicing of securities in the EU capital markets, interconnecting companies and investors across the EU.

European CSDs play a key role in helping issuers and investors navigate Europe’s complex multijurisdictional landscape. They process corporate actions on behalf of issuers and for the benefit of entitled investors, ensuring compliance with the corporate laws of the 27 European jurisdictions and beyond.

By providing secure and increasingly harmonised services, CSDs protect financial stability, reducing counterparty failure risk, keeping safe and certain investors’ rights over assets, and promoting transparency. Through ongoing innovation and harmonisation efforts, they support market efficiency and help strengthen investor confidence across the EU.

European CSDs remain strongly committed to supporting the SIU objectives by delivering secure, efficient, and innovative post-trade services.

As a general introduction, we recall the recent response to the Call for evidence on SIU. With this consultation ECSDA members would like to share the following key messages on SIU:

1. Cross-border provision of CSD services, links and freedom of issuance: clarity on drivers and room for further simplification

CSDs support the strengthening of the CSDR principle of freedom of issuance with convergent interpretation of the concept of “corporate law” in the field of post trade

We propose to underpin the idea of more interconnection between CSDs to support SIU with a deep understanding of the drivers of the market architecture being liquidity and demand sustainable business case, differences in the legal and tax requirements creating costs and complexities non only in the set up but also in the maintenance. CSDs also identify areas of simplification in the links authorization process.

We advocate for more collaboration across the value chain to make T2S, as essential and strong European infrastructure more efficient and scalable.

2. Post-trade barriers

With the consultation response, CSDs promote a clear identification of the remaining barriers and their effects on the market architecture.

On legal barriers, there are no inherent legal certainty issues affecting CSDs. It is essential to clarify that that as far as CSDs are concerned, the need to comply with diverse legal and tax frameworks across Member States, which hinders the harmonised handling of securities and limits scalability; the existence of passporting to handle foreign issuance is the symptom and prove of unresolved legal fragmentation; however, in our view, this fragmentation does not significantly deter cross-border investment decisions.

3. Regulatory simplification preserving competition and level playing field

ECSDA supports the values and merits of the EU regulatory framework, including technological neutrality, a level playing field, and functional consistency.

We also support regulatory simplification and burden reduction driven by greater convergence in the interpretation and implementation of EU legislation.

We recommend addressing overlaps and contradictions for example in the areas of operational resilience and cybersecurity—such as those found in CRA, NIS, DORA, CSDR, CRD/CRR, and MiFID—as well as in outsourcing frameworks across multiple legislations.

4. DLT operational and regulatory evolution

CSDs support the development of DLT in post trade services based on solutions that do not create further liquidity fragmentation. In the DLT field the regulatory framework is well structured and risk resilient and can be supported with clarifications and regulatory convergence to foster innovation and technology adoption.

Fragmentation in digital securities laws is emerging and can be avoided or solved with the idea of 28th regime for digital securities.

We emphasise the need for clarity on feasible DLT architectures to ensure that activities related to the registration and holding of securities are supported by a framework with clearly defined responsibilities.

For further modernisation and integration of different capital market segments, we also support the acceptance of wCBDC as CeBM, and a large range of DLT-based securities under the CSDR.

On the DLT Pilot Regime, ECSDA encourages greater legal and regulatory certainty regarding the transition pathway. In particular, it advocates for clear incentives that support firms in moving from the DLTPR to a fully regulated environment, including the integration of all services tested during the pilot phase into the permanent regulatory framework

Read the full response

ECSDA Responds to the call for evidence on the SIU

On 6 June 2025, The European Central Securities Depositories Association (ECSDA) welcomes the opportunity to respond to the Call for evidence for an impact assessment Savings and Investments Union fostering integration, scale and efficient supervision in the single market, in advance of the more detailed contribution that will be provided with the response to the Targeted Consultation on integration of EU Capital Markets.

CSDs are regulated market infrastructures enabling issuance, settlement and servicing of securities in the EU capital markets, interconnecting companies and investors across the EU.

Read the full document.

ECSDA Welcomes the Commission’s Communication on the Savings and Investments Union

We are pleased to see that the strategy places “Fostering Citizens’ Wealth and Economic Competitiveness in the EU” at its core.
We welcome the confirmed liquidity and grow centric approach and the recognition that only an effective, deep, and liquid financial market can mobilize savings for much-needed investments and that the EU financial system is seen as resilient, well-regulated and to be supported by further integration to channel more savings into productive investments.
We agree with the emphasized importance of making EU investment opportunities more attractive, encouraging retail savers to allocate more of their savings to capital market instruments to finance productive investments and the central importance of improving trust in financial products through easy, simple, and low-cost access to investment opportunities, enhanced financial literacy, savings arrangements, tax incentives, and fostering competition.
We share the call to transform the widespread sense of urgency into concrete actions, requiring the contribution of all actors under the joint responsibility of the EU and Member States.
We support the intention to address differences in national taxation procedures that create barriers to cross-border investment, building on progress already achieved with FASTER. This includes exploring a more harmonized approach to the ownership of investments and fund structures.
We particularly note that fragmentation is seen as to be addressed starting from its “sources,” aligning with ECSDA’s call for action on Capital Markets Competitiveness referring on the need to focus on the “root causes” of fragmentation, prioritizing the removal of barriers to be fostered through improved identification of gold-plating in EU legislation and areas of regulatory simplification to support market-driven consolidation.
We support the importance of further enhancing the interoperability, interconnection, and efficiency of EU trading and post-trading infrastructures. We see this objective as strongly connected to effective action on simplification and addressing the “sources” of fragmentation.

Read the full document.

ECSDA Responds to the European Commission’s Call for Evidence on SIU

Today, 10 March, ECSDA has submitted its response to the European Commission’s Call for Evidence on the SIU, reinforcing our commitment to fostering deeper capital markets integration and enhancing EU competitiveness.

In our response, we welcome the recent policy initiatives proposing structural reforms aimed at increasing capital market liquidity and simplifying regulatory frameworks. We emphasize the need to tackle fragmentation at its root, support market-driven competition, and strengthen the resilience of Europe’s post-trade infrastructure.

We remain committed to contributing to the identification of measures that could improve regulatory convergence and seamless investments across the EU.

Link to the full response

ECSDA introduces a brand-new category of stakeholders: ECSDA Affiliates

Exciting Opportunity: Become an ECSDA Affiliate!

The role of CSDs has never been more central to the advancement of Europe’s policy decisions for CMU, SIU and T+1. For CSDs, this is both an exciting and challenging era. You may also be able to stand by the CSDs and contribute to the innovation and further efficiencies they bring to their markets. Are you an entity working or willing to work closely with Central Securities Depositories (CSDs)? Now is your chance to become an ECSDA Affiliate and play a key role in shaping the industry’s future.

ECSDA Affiliate, this exclusive group is for organisations whose activities align closely with Central Securities Depositories (CSDs).

As an ECSDA Affiliate, you will

Influence the industry – Advise and help to shape the industry’s conversation in harmonisation, standardisation and best practices
Network and gain exclusive industry insights – Gain direct access to the ECSDA Board and Senior CSD Industry Council, the leading voice of Europe’s CSDs;
Unlock business opportunities – Receive support for bilateral business matching;
Access exclusive events – Enjoy early invitations to the prestigious ECSDA Conference and much more.

Join us in shaping the future of the CSD landscape!

There is no restriction on the entity profile or its location to become an ECSDA Affiliate. Get more information on Become and ECSDA Affiliate.

ECSDA celebrates the good start of T+1 Committee and invites all Members and other stakeholders to join it!

ECSDA celebrates the good start of the T+1 Committee and is pleased to present the ECSDA Members appointed to co-lead the T+1 Technical Workstreams.

Gareth Jones, Euroclear Group – Operational Timetable
Kathy Waldie, Clearstream – Settlement
Alessio Mottola, Euronext Securities – Corporate Events
Sujata Wirsching, Clearstream – Legal and Regulatory
Jesús Sánchez, SIX Group – Settlement Efficiency
Thomas Metier, Euronext Securities – Settlement Efficiency

ECSDA Members are still welcome to propose additional participants to the technical streams by reaching out to Barbara Domenici at info@ecsda.eu.

Non-ECSDA Members interested in contributing to the T+1 industry discussions are encouraged to express their interest via the ESMA website.

ECSDA recruits under Belgian CIP

Join the ECSDA Team as a Policy, Economic, and Operations Officer
Are you passionate about the financial services industry and want to play a key role in shaping the future of settlement and operational practices? ECSDA is looking for a dynamic and motivated **Policy, Economic, and Operations Officer** to join our team on a Convention d’immersion professionnelle under Belgian law. This exciting role will focus on supporting the T+1 Industry Committee Secretariat and making a significant impact on industry developments. You can learn more about the T+1 project here.

Key Responsibilities:

Engage in T+1 Committee Workstreams: Represent ECSDA CSDs in all T+1 industry committee workstreams, ensuring alignment with ECSDA’s internal Committee on the Shortening of the settlement cycle.
Reporting: Provide regular updates to the ECSDA T+1 Task Force (SSC TF), focusing on relevant developments and insights for CSDs.
T+1 Industry Committee Streams Support: Assist in the settlement, operational day, legal, and regulatory technical workstreams of the T+1 Industry Committee, ensuring agendas and minutes taking as well as smooth communication and organization of the calls.
Liaison Role: Where there is no ECSDA-appointed co-lead, represent ECSDA’s views during T+1 workstream meetings.
Industry Committee secretariat: Work closely with EBF and AFME in supporting the T+1 Industry Committee’s secretariat, reviewing deliverables, managing communication, and major activities on behalf of CSDs.

Your Profile:

A master’s degree in economics, law or other (min. 4 years of university studies);
Fluency in English;
Neutral and impartial approach, maintaining fairness across all ECSDA Members;
Strong organizational, communication, and reporting skills
Keen interest in financial market regulations and aspiration for a coherent and efficient functioning of the European Union;
Ability to collaborate with diverse stakeholders in an industry-focused environment, diplomatic skills are essential;
Support to the ECSDA ECSDA Secretariat on diverse topics.

Why ECSDA?

At ECSDA, you’ll be part of a collaborative, forward-thinking environment with opportunities to grow and make a lasting impact in the world of financial market infrastructure.

Ready to take on this exciting challenge? Apply today and be part of a critical mission shaping the future of European financial markets!

For inquiries and applications, please reach out to us at info@ecsda.eu – Deadline for application: 24 February 2025.

This position is under the Belgian “Convention d’immersion professionnelle (CIP)”, a great opportunity to gain valuable experience while contributing to the industry and European Union improvement.

We look forward to welcoming you to our team!

Official launch of the governance structure for the transition to T+1 Settlement Cycle

Paris, 22 January 2025

Giovanni Sabatini, Chair of the European T+1 Industry Committee welcomes the official launch of the governance structure for the transition to T+1 Settlement Cycle

Today the European Securities and Markets Authorities (ESMA) hosted the T+1 Governance Launch Meeting to present the arrangements for driving the move to the reduction of default settlement cycles to T+1 for EU securities markets.

The reduction of the settlement cycle for securities transactions can help reduce counterparty credit risks, improve market efficiency, and address issues arising from the current lack of alignment between the settlement cycles of Europe and other major global markets, which creates costs and inefficiencies for investors, issuers, intermediaries, and market infrastructures.

Aware of the benefits and costs that this transition entails, members of the Industry Committee have welcomed the ESMA report, which identified a pathway and also suggested a date for the transition to the T+1 settlement cycle.

In line with the recommendations of that report, and in coordination with the public authorities, the industry has established an appropriate governance framework to guide the transition process with the aim of moving to T+1 in a manner and timing also coordinated with the UK and Swiss markets.

At the meeting on January 22 organised by ESMA, the independent chair of the T+1 Industry Committee, Giovanni Sabatini, presented the Terms of Reference for the T+1 Industry Committee, the committee’s composition, and the organisation of work across the various identified Technical Workstreams, along with an initial draft of the work plan.

The principles underpinning the composition of the committee and its activities are representativeness, inclusivity, transparency, consensus-seeking, and efficiency. In this regard, the committee’s work may build upon the work already completed by the European industry in the October 2024 report, as well as the ESMA report and the UK recommendations, US Playbook, and upcoming Swiss report, when relevant.

The Chair of the Industry Committee, Giovanni Sabatini, commented: ‘The T+1 project is a collective effort of the financial industry based on good faith and credibility. Establishing a robust, balanced, and inclusive governance framework is key to ensuring broad acceptance and support while avoiding overcomplexity. A coordinated move to T+1 will support the efficiency, liquidity, and competitiveness of EU financial markets. Constructive, transparent, and continuous cooperation with European Authorities will be key to ensuring the success of the project.’”