Tag: CSDR

More CSDs get authorised under CSDR

More CSDs get authorised under CSDR

We are truly happy to see that the list of European Central Securities Depositories Association (ECSDA) members that have been authorised under the new pan-European Union regulation is increasing. The CSDs that have received the authorisation to function under the CSD regulation are:

1. Austian CSD – OeKB CSD.  Press release.

2. Danish CSD – VP Securities. Press release.

3. Latvian CSD covering Baltic states – Nasdaq CSD. Press release.

4. Portugese CSD – Interbolsa. Press release.

ESMA issues updated Q&A on the CSD Regulation

ESMA issues updated Q&A on the CSD Regulation

In brief, the new/modified Q&A says:

  • Links shall be assessed in compliance with the CSDR by the time of the CSD application for authorisation under CSDR
  • Communication standards requirement to use international standards is limited to :
    a) the machine-to-machine communication
    b) communication where international, fair and open standards exists
    c) where the CSD cannot/does not provide evidence that the international standards are less efficient. It is possible to use other standards if they are more efficient
  • CSD links should not be qualified as interoperable links only because of the participation of the two CSDs in T2S. T2S links are deemed interoperable only for T2S-related aspects.

Please see the full document

ECSDA views on the Future of European Post-Trade

ECSDA views on the Future of European Post-Trade

Recently, the European Commission has launched a consultation on the Future of European Post-Trade, based on the conclusions of the European Post Trade Forum (EPTF). European CSDs thank the European Commission for the constructive and effective discussions at the EPTF, in which they have been deeply involved. In addition to the insight provided in the report resulting from the forum, Central Securities Depositories (CSDs) note several trends in their immediate ecosystem which are important to post-trade more widely.

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Guidelines on CSD participant defaults

Guidelines on CSD participant defaults

30 Jun 2016 – CSDs must have effective and transparent rules in place to manage a participant’s default. To ensure that this is the case, the EU Regulation on CSDs (CSDR) foresees the adoption by ESMA of supervisory guidelines on CSD participant default rules and procedures. Draft guidelines were issued by ESMA on 31 May.

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Better regulation in post trade

Better regulation in post trade

29 Jan 2016 – Responding to a call for evidence on the EU regulatory framework for financial services, ECSDA has identified several areas where the quality of law-making can be improved in relation to post trade services and the activities of central securities depositories in particular.

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Account segregation at CSDs

Account segregation at CSDs

13 Oct 2015 – Based on data collected from 41 CSDs across Europe, ECSDA’s new report describes existing account segregation practices with a view to inform the current debate on the optimal level of segregation, focusing on the perspective of central securities depositories.

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Buy-ins under the CSD Regulation

Buy-ins under the CSD Regulation

6 Aug 2015 – The CSD Regulation and its accompanying technical standards should not require CSDs to play an active role in the processing of buy-in instructions. In line with current practice, buy-ins should be executed at trading level whenever possible, rather than at CSD participant level.

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