ECSDA views and news

ECSDA views and news

Continued access to CSDs for firms in resolution
17 Feb 2017 – When a CSD participant enters into resolution, the challenge for the CSD and for financial regulators is to strike the right balance between, on the one hand, the need to preserve the safety and soundness of
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CSDs and securities financing
30 Nov 2016 – On 30 September, the European Securities Markets Authority (ESMA) issued draft technical standards under EU Regulation 2015/2365 on the securities financing transactions (SFTR) for public consultation. Commenting on the standards, ECSDA made two recommendations from a CSD
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CSDs, custody and asset segregation
30 Sept 2016 – Since late 2015, there has been some uncertainty as regards the treatment of CSDs under asset management legislation (AIFMD and UCITS) due to guidance issued by ESMA alluding to “custody” services of CSDs. The call for
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Distributed ledgers and securities markets
2 Sept 2016 – In its response to the ESMA Discussion Paper on distributed ledger technology (DLT) in securities markets, ECSDA stresses the importance of sound governance and oversight.
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2015 CSD Factbook now available
29 Aug 2016 – This year’s edition of the Factbook offers an up-to-date overview of the CSD landscape in Europe.
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CSD links in Europe
29 Jul 2016 – How interconnected are CSDs? The latest ECSDA overview of CSD links reveals some interesting facts and figures on existing linkages between European CSDs.
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The registration of securities holders
19 Jul 2016 – The registration of securities holders refers to the process of recording ownership or legal holding in securities in an official list called the register. This list facilitates the identification of securities holders by issuers and regulators.
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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
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Mathias Papenfuß re-elected Chairman
23 May 2016 – Gathering at KDPW’s headquarters in Warsaw for their Ordinary General Meeting on Friday 20 May 2016, ECSDA members re-elected Mathias Papenfuß of Clearstream as Chairman of the association.
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CSDs and securities financing
22 Apr 2016 – Future reporting requirements for securities financing transactions (SFTs) may involve the provision of information on CSDs as “places of settlement”. Commenting on the ESMA Discussion Paper issued on 11 March 2016, ECSDA outlines a couple of
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Some thoughts on the future Eurosystem infrastructure
4 Apr 2016 – In a short response to the Eurosystem consultation on the future of real-time gross settlement (RTGS) services, ECSDA outlines three aspects worth considering from a CSD perspective.
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2015 Annual Report now available
29 Feb 2016 – The 2015 annual report of the association is available exclusively online and describes the key events that have marked the life of ECSDA in 2015.
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Cyber-resilience standards for CSDs
23 Feb 2016 – New global standards on cyber resilience will soon be adopted to complement the oversight Principles for financial market infrastructures (FMIs).
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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
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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
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2014 CSD Factbook now available
24 Sep 2015 – This year’s edition of the Factbook offers an up-to-date overview of the CSD landscape in Europe.
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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
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CSDs and “blockchain” technology
20 July 2015 – The growing popularity of virtual currencies such as bitcoins is having an impact on securities markets with the emergence of new forms of virtual currency-based investments. Transactions in these innovative products typically make use of “blockchain” technology, a
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Delayed adoption of CSDR standards
3 July 2015 – The “Level 2” standards under the CSD Regulation will be submitted to the European Commission in September 2015, instead of June. ECSDA believes that this delay can be beneficial and contribute to better regulation if it
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The post trade dimension of the Capital Markets Union
13 May 2015 – The CMU initiative of the European Commission is likely to affect all financial markets players, infrastructures included. ECSDA’s response to the Commission Green Paper includes four recommendations from a CSD perspective.
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CSDs need solid and proportionate capital requirements
27 Apr 2015 – Minimum capital requirements should reflect CSDs’ specific activities and their low risk profile compared to banks and CCPs. In its response to the European Banking Authority consultation, ECSDA makes several recommendations on how to achieve solid
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