DLT – ECSDA

ECSDA’s views on the EC Proposal on MISP and SIU

20 March 2026

ECSDA’s feedback to the European Commission’s better legislation consultation on the Savings and Investments Union/Market Integration and supervision package: ECSDA welcomes the European Commission’s intention further to develop capital markets integration and supervision within the Union.

For decades, ECSDA and its Members have worked on advancing the following points, which we believe are relevant within the SIU context:

– Boosted liquidity – continuing to pursue the removal of barriers through efficient market interconnection and attracting the attention of States to take action, where still needed.
– Innovative and competitive markets supported by resiliency & safety, financial stability and investor protection with clear accountability.
– Support for European companies’ growth journey and their enhanced access to capital.

Central Securities Depositories (CSDs) are at the core of major parts of the proposal, which makes it particularly important for the association to provide its perspective in support of the SIU objectives and the legislative process. We see the Market Integration and Supervision Package (MISP) as a unique opportunity to continue driving growth, enhancing the EU’s global competitiveness, and shaping the future of its financial markets.

It is with these objectives in mind that we comment on the major considerations in relation to settlement and central (including DLT-based) securities depositories in the MISP proposal. However, essential elements require fine-tuning to ensure that the Proposal achieves its goals.

Read the full answer.

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

Register for the ECSDA Conference 2024 in Brussels!

We are excited to announce that the registration for the ECSDA Conference 2024 is now open!

This year’s conference will take place on 19 November at the Auditorium of the National Bank of Belgium (NBB) in Brussels, rue Montagne aux Herbes Potagères 10, 1000 Brussels.

The ECSDA Annual Conference will capitalise upon the achievements of the WFC Meeting organised by ECSDA and CSD Prague in May 2023. It will bring together the CSD ecosystem thought leaders and visionaries, participants and most advanced technological suppliers helping the community in building the European and global financial markets. We will concert the views with the leading European policy-makers and regulators and advise them on the post-trade priorities for building a true single European capital market.
The topics of settlement efficiency and shortening of the settlement cycle, new CMU priorities, FMI interoperability on settlement of Digital Assets and others will be under the attention of the Conference speakers and participants.

For more details and to secure your spot, please visit the conference website. We look forward to welcoming you to Brussels in November!

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 responded to the CPMI-IOSCO Consultative report on the Application of the PFMIs to Stablecoin Arrangements

On 1 December, ECSDA has responded to the CPMI-IOSCO Consultative report on the Application of the PFMIs to Stablecoin Arrangements

ECSDA’s response conveys these key messages to stakeholders:

Clarifying the liability regime and the rights associated with settlement assets is crucial
Risks posed by ‘probabilistic finality’ must be removed – ensuring financial stability
Enhancing money settlements

See the full response

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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