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ECSDA Industry Dialogue on CSDR Settlement Discipline

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

ESMA requests the Commission to postpone Settlement Discipline to 1 Feb.2021

On 4 February, the European Securities Market Authority, ESMA, has published the Final Report “CSDR RTS on Settlement Discipline – postponed entry into force”.

The report provides explanations for the proposal of delay of the implementation of the RTS on settlement discipline, initially foreseen on 13 September 2020.

ESMA acknowledges the need for relevant stakeholders to be provided with more time to prepare the implementation of the Settlement Discipline.

This is due in particular to:

New developments needed for the go live of the T2S penalty mechanism (22 November 2020)
Necessary IT system changes for the updating of ISO messages (22 November 2020)
Market testing
Adjustments to legal arrangements between the parties concerned (see Article 20 of RTS)
Developments related to the implementation of the mandatory buy-in process, foreseen by the CSDR settlement discipline

Considering all the above-mentioned elements, ESMA officially proposes (see Annex II of the report) the postponement of the date of entry into force of the RTS on settlement discipline until 1 February 2021.

Next steps:

This amendment to the RTS will be submitted to the European Commission for review and endorsement.
This will be followed by the non-objection period by the European Parliament and Council before the publication in the EU Official Journal and subsequently entry into force.

Clearstream Banking AG (Germany) receives the licence under CSDR

On 21 January 2020, BaFin granted Clearstream Banking AG, as German Central Securities Depository, the licence according to Article 16 Central Securities Depository Regulation (Regulation (EU) No 909/2014) – CSDR. The licence authorises the company to provide core services and non-banking-type ancillary services under the CSDR.

Read the full announcement.

Read the official Clearstream/Deutsche Börse Group Media release.

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

ECSDA to welcome CSD participants at workshop on the CSDR Penalties Framework

The ECSDA CSDR Penalties Framework Workshop will take place on Thursday, 13 February at Clearstream, Mergenthalerallee 61, 65760 Eschborn (Frankfurt), Germany.

Updated version 17 April 2020

Standards on Corporate actions, Collateral management & Triparty

On 30 December 2019, Eurosystem has officially published the European standards for Securities and Collateral for Corporate actions, collateral management, triparty collateral and billing (for the purposes of the Eurosystem Collateral Management System).

Although elaborate in the context of preparation for the ECMS, the Standards are expected to be relevant beyond its needs and relevant for Europe beyond Euro-zone.

The Standards were approved by the Advisory Group on Market Infrastructures in July. They were elaborated with the contribution of ECSDA members.

Relevant documents can be found here:

Monte Titoli receives the licence to operate under the EU CSD Regulation

On 19 December, Monte Titoli, the Italian CSD member of ECSDA obtained a licence to operate under the Central Securities Depositories Regulation (CSDR).

Please read the full release.

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

Depozitarul Central receives the licence under the EU CSD Regulation

On 19 December, Depozitarul Central, the Romanian CSD member of ECSDA obtained a licence to operate under the Central Securities Depositories Regulation (CSDR).

Please read the full release.

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

Euroclear Bank receives a licence under the EU CSD Regulation

On 5 December, Euroclear Bank, the Brussels-based international central securities depository and ECSDA member announced that it has obtained a licence to operate under the Central Securities Depositories Regulation (CSDR).

Please read the full release.

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