Public – ECSDA

ECSDA Welcomes National Bank of Romania as a new Member

ECSDA welcomes the CSD of the National Bank of Romania as a new full member of the Association. We welcome and extend our congratulations to the National Bank of Romania. ECSDA looks forward to supporting our new and present members on their journey to building an even more interconnected and modern European financial markets infrastructure.

On that occasion, Anna Kulik, the ECSDA Secretary General, stated: “We look forward to welcoming the CSD of the National Bank of Romania as the Association’s new Member. ECSDA is pleased to continue supporting the CSDs of all types of governance or ownership models. The exchange of knowledge within the Association, as well as the development and implementation of joint standards within ECSDA, contribute to building an even more interconnected, modern and safe financial infrastructure, addressing the needs of capital markets in relevant jurisdictions, and supporting the global competitiveness of European economies. We are delighted to see that the National Bank of Romania CSD decided to be part of the joint industry effort. ”

ECSDA elects Edwin De Pauw as Vice-Chair of the Association’s Board

The ECSDA Board of Directors unanimously elected Edwin De Pauw, Euroclear Bank, as Vice-Chair of the Association. ECSDA congratulates him on this appointment and looks forward to continued close cooperation within the Board.

The Board of Directors is now composed as follows:

Mark Gem, Clearstream Europe AG, ECSDA Chairperson
Olga Jordao, Euronext Securities, ECSDA Vice-Chair
Edwin De Pauw, Euroclear Bank, ECSDA Vice-Chair
Georg Zinner, OeKB CSD, ECSDA Treasurer
Indars Aščuks, Nasdaq CSD SE
Francisco Béjar Nuñez, Iberclear/BME/SIX
Geert Desmedt, Euroclear ESES (Belgium/France/Nederland)
Ondřej Dusílek, CSD Prague
Anne Pascale Malréchauffé, Clearstream Banking SA
Dora Matošić, SKDD
Florentin Soliva, SIX SIS
Maciej Trybuchowski, KDPW

Join the ECSDA team under CIP or Student contract)

Kick-start Your Career in European Financial Markets
Join the ECSDA Team

Are you a student or a recent graduate curious about how Europe’s financial markets really work behind the scenes? Would you like your first professional role to combine policy, regulation, market practice and innovation — all at the European level?
The European Central Securities Depositories Association (ECSDA) is looking for a motivated, adaptable and intellectually curious student or graduate to join its Secretariat in Brussels under a Convention d’Immersion Professionnelle (CIP) — your first professional experience after graduation.
This is a unique opportunity to gain hands-on exposure to the core infrastructure of European capital markets, working closely with senior experts from central securities depositories, regulators and EU institutions.

What you will do
As part of our small and dynamic team, you will actively contribute to ECSDA’s work on:

The modernisation and integration of the European financial market infrastructure
Cross-border harmonisation of post-trade market practices
Initiatives to speed up securities settlement (T+1) and enhance operational efficiency
Supporting regulatory compliance and supervisory dialogue
Contributing to policy discussions linked to the Savings and Investment Union (SIU)
Exploring market infrastructure developments for digital assets and new technologies

You will support senior officers in research, coordination, drafting and stakeholder engagement — gaining insight rarely accessible at the start of a career.

Your profile

Student or Master’s degree in economics, law, political sciences or a related field – a higher level of studies is of course welcomed
Fluent English (written and spoken)
Strong organisational, communication and reporting skills
A neutral, objective and professional mindset, able to work impartially and diplomatically with diverse stakeholders
Genuine interest in EU financial regulation, capital markets and European integration
Comfort working in an international, policy-oriented environment
A proactive attitude and willingness to work across a broad range of topics

Why ECSDA?

A front-row seat to European capital markets policy and market infrastructure
Meaningful responsibilities from day one — not just observation
Direct interaction with senior market practitioners, regulators and EU institutions
A supportive, international team in the heart of Brussels
An excellent stepping stone for careers in EU institutions, financial market infrastructure, regulation or policy. Our former young professionals have continued their path working for ECSDA in a CDI, for the European authorities or permanent representatives of EU Member States in Brussels

Practical details

Contract: Student contract or Convention d’Immersion Professionnelle (CIP) under Belgian law – paid 6-month renewable contract. More information is provided here.
Location: Brussels
Application deadline: 4 January 2026
Start date: ASAP to be agreed

📩 To apply or ask questions, please contact jobs@ecsda.eu.

We look forward to welcoming a new colleague eager to learn, contribute and grow — while helping shape the future of European financial markets.

ECSDA welcomes the capital market integration package and looks forward to contributing to strengthening European capital markets

ECSDA welcomes today’s announcement by the European Commission on the regulatory package for integration of the EU capital markets in line with the previously announced Savings and Investments Union (SIU) strategy.

The package represents a decisive step forward for Europe. It encompasses several layers of financial markets, including trading, clearing, settlement and asset management.

In view of the urgency to support the SIU and its essential role for further growth of the European economy, we particularly appreciate the Commission’s effort to advance this important work within a very short timeframe.

Europe needs a modern, coherent, and harmonised regulatory framework for post-trade services to support the efficiency, resilience, and competitiveness of its capital markets. CSDs contribute to these objectives by driving the modernisation and digitalisation of market ecosystems, safeguarding the integrity of securities issuance, and enhancing connectivity and cross-border platforms.

In line with our previous calls for action on EU capital markets integration, ECSDA welcomes measures that facilitate cooperation and interconnection among market infrastructures, supporting the expected liquidity growth resulting from the overall SIU programme. ECSDA also supports the further simplification of passporting procedures to strengthen the freedom of issuance.

As a follow-up to its response to the European Commission’s consultation, the Association is now carefully assessing the legislative proposals to provide input to this reform.

At ECSDA, we look forward to cooperating with the European Commission, the co-legislator, regulators, and stakeholders to provide our technical expertise to promote an integrated and globally competitive European capital market.

Anna Kulik, Secretary General, commenting on the announcement said:

“We warmly welcome today’s announcement of the SIU legislative package — a major stepping-stone towards an integrated European capital market. ECSDA stands ready to contribute its technical expertise, continue supporting digitalisation and a resilient, efficient and competitive pan-European market that serves citizens, businesses and economies alike”.

Link to the SIU package

ECSDA Releases New Publication: “CSDs as Innovation Pillars”

Today, 17 July, ECSDA shared its latest publication: “CSDs as Innovation Pillars.”
In an era of rapid technological change and evolving regulation, the paper explores how Central Securities Depositories (CSDs) are innovating while remaining trusted anchors of stability in the financial system.

Key topics covered:

- - CSDs’ contribution in the EU’s competitiveness agenda
  - Legal certainty as a foundation for digital transformation
  - Concrete use cases involving DLT, AI, and Cloud
  - Contributions to ECB trials and fintech collaboration
  - Emerging AI applications across risk, operations, and client services

The document underscores that technology evolution is a continuum—not a disruption—for CSDs. With a strong, technology-neutral regulatory framework, CSDs are ideally positioned to lead the way toward a resilient, efficient, and innovative capital markets infrastructure.

Read the full document

EU T+1 Industry Committee High Level Roadmap launch event

EU T+1 Industry Committee launches roadmap and opens consultation period for capital markets transformation

Brussels, 3 July 2025 – The EU T+1 Industry Committee held a landmark summit today, marking a significant milestone in improving the competitiveness and efficiency of Europe’s capital markets. The Committee presented its high-level roadmap to guide market participants through the transition to a shorter securities settlement cycle, scheduled for implementation on 11 October 2027.
The roadmap launch represents a critical step forward in the EU’s broader strategic ambition to establish a Savings and Investments Union (SIU), aligning European markets with global best practices while enhancing their attractiveness to international investors. Shorter settlement cycles reduce risk and improve efficiencies in securities settlement post-trade.

EU public authorities’ support
EU public stakeholders commended the EU T+1 Industry Committee’s achievement, with keynote addresses by Verena Ross, Chair of the European Securities and Markets Authority (ESMA) and Chair of the EU T+1 Coordination Committee, Markus Mayers, Advisor, Market Innovation and Integration, at the European Central Bank (ECB) and ECB alternate representative in the T+1 Coordination Committee, and John Berrigan, Director General at FISMA (Directorate General for Financial Stability, Financial Services and Capital Markets Union) at the European Commission. Their participation underscores the transformative nature of this initiative.

Giovanni Sabatini, Chair of the EU T+1 Industry Committee, emphasised the strategic importance of the transition: “Transitioning to T+1 settlement is not merely a technical adjustment; it reflects a broader commitment towards innovation and should be seen as a key component of the EU’s broader strategic ambition to establish a Savings and Investments Union.”

Key implementation themes
The roadmap emphasises two critical themes for successful implementation: the imperative to enhance automation and standardisation across all stages of the post-trade lifecycle. With T+1, the significantly reduced window between trade execution and settlement puts considerable additional pressure on operational timelines, making automation in key processes—including trade matching, securities lending, FX bookings, and corporate action handling—essential for success.

Next steps and timeline
Today’s launch event marks the official start of the consultation period, which will run until 31 August 2025. Market participants can access the consultation details and submit feedback through the link provided below. While this is not a
formal public consultation requiring document revision, relevant input will inform future activities of the Industry Committee.
Following the consultation period, market participants should focus on preparing their transition strategies and budgeting for necessary systems upgrades and testing throughout the remainder of 2025. The implementation phase in 2026 will see the EU T+1 Industry Committee release readiness surveys to monitor progress across the industry.

International coordination
The initiative demonstrates strong international coordination, particularly with the UK’s Accelerated Settlement Taskforce (AST). Andrew Douglas, Chair of the UK AST, commented on the collaborative approach: “There are lots of similarities between UK and EU recommendations. The real hard work starts now and we need to all get there at the same time and be there at the same time.”
This coordinated approach ensures that the transition maintains cross-border settlement efficiency while reducing systemic risks across interconnected European markets.

Industry impact
The roadmap addresses the complex multi-jurisdictional nature of European markets, coordinating the move to T+1 across 27 EU jurisdictions, multiple Central Securities Depositories (CSDs), and other market infrastructures. The recommendations developed “by the industry, for the industry,” provide a thoughtful, context-sensitive framework for implementation while acknowledging that a uniform approach may not suit all organisations equally.

The successful implementation of T+1 settlement will position Europe’s capital markets as modern, efficient, and competitive on the global stage, supporting the continent’s broader economic objectives while maintaining the highest standards of operational resilience and settlement efficiency.
Read the EU T+1 Industry Committee’s High-Level Roadmap and details of the EU T+1 governance framework’s activities on ESMA’s dedicated webpage by clicking here.
Provide feedback on the Roadmap by clicking here.

EU T+1 Industry Committee launch event on the High-Level Road Map

Launch event

The EU T+1 Industry Committee will host a launch event for market participants to discuss the recommendations on 3 July 2025.

Due to Webex technical limitations, the online participation has reached its maximum capacity of 1,000 attendees. Registrations will be processed on a first-come, first-served basis.
We apologise for any inconvenience this may cause and thank you for your understanding.
The presentations will be available on this and other associations’ websites.
For those who might not be able to attend the event, be reassured that we will be attentive to all the comments during the consultation phase which will start after the event.

Press release on the publication of the T+1 Industry Committee High-Level Road Map

The Committee’s report contains recommendations for market participants in the EU and EEA for transitioning to a shorter settlement cycle

The EU T+1 Industry Committee has published its High-Level Road Map for the transition to a T+1 settlement cycle for securities on 11 October 2027.

The roadmap contains a set of recommendations developed collaboratively by association representatives and workstream leads from various industry segments and its technical workstreams, with broad industry representation. These non-legally binding recommendations are designed to serve as a practical, expert-led framework to assist market participants in identifying and addressing the most critical operational considerations and to support firms’ preparations and budget allocations.

Today’s release marks the culmination of five months’ work on the recommendations and the Industry Committee’s publication of the roadmap, which has also been shared with the EU T+1 Coordination Committee.

The High-Level Road Map is available for download here: Shortening the settlement cycle to T+1 in the EU, and on the relevant industry associations’ websites.

Giovanni Sabatini, independent chair of the EU T+1 Industry Committee, noted: “Today’s publication of the High-Level Road Map and the recommendations included therein marks the kick-off of a complex process to move EU and EEA markets to T+1 on the agreed date of 11 October 2027, in coordination with the UK and Swiss markets. We urge all market participants to review the recommendations, assess the impact on their systems and procedures and start planning how they want to prepare for the transition to T+1”.

Sabatini added: “A key theme throughout this report is the imperative to enhance automation and eliminate manual interventions across all stages of the post-trade lifecycle.”

For more details on the EU T+1 governance structure, please visit this webpage: Shortening the settlement cycle to T+1 in the EU

Read the full report here.

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