ECSDA views and news

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

2014 Annual Report now available online

24 Feb 2015 – This year, the ECSDA annual report is published in the form of an online blog highlighting the key events that have marked the life of the association in 2014. You can also obtain an overview of

ECSDA responds to ESMA on CSD authorisation

19 Feb 2015 - In its response to the ESMA consultation on "Level 2" legislation on central securities depositories, ECSDA identifies several issues that need to be solved prior to the finalisation of the new rules. In relation to the

ECSDA responds to ESMA on settlement discipline

19 Feb 2015 - What will be the market impact of the CSDR rules on settlement discipline? The draft measures issued by ESMA for consultation in December 2014 in the context of the CSD Regulation (CSDR) would create a settlement

A dense network of CSD links

26 Jan 2015 - A "CSD link" is an arrangement allowing a central securities depository to give its clients access to securities maintained in another CSD, without requiring its clients to be direct participants in the other CSD. Links are

A very smooth transition to T+2

20 Oct 2014 - On 6 October 2014, 29 European markets* moved from a T+3 to a T+2 settlement cycle, in a “big bang” migration unprecedented in terms of it scale. Thanks to coordinated efforts by market players in all

ECSDA releases 2013 CSD Factbook

2 Sept 2014 - This year’s edition offers an up-to-date overview of the CSD landscape in Europe. The value of securities held on CSD accounts increased by more than 6% in 2013 From 2012 to 2013, the total value of

CSDR enters into force on 17 September

28 Aug 2014 - Following its publication in the Official Journal on Thursday 28 August 2014, the CSD Regulation ("CSDR") will officially enter into force on 17 September 2014. Many provisions, however, still require the adoption of implementing and delegated

CSDs support shareholder transparency

15 July 2014 - On 9 April 2014, the European Commission issued a legislative proposal amending the Shareholders Rights Directive (SRD) of 2007. ECSDA looks at the expected impact of the proposal on central securities depositories (CSDs), and highlights some

A new framework for CSD authorisation

22 May 2014 - ECSDA calls for a truly harmonised process for authorising and supervising central securities depositories in the European Union and warns against excessive recordkeeping requirements that seek to turn CSDs into ‘transaction repositories’. In the second part

ECSDA issues proposal on settlement discipline

22 May 2014 - European CSDs make concrete proposals for building a workable European settlement discipline framework. In the first part of its response to the ESMA public consultation on technical standards on the CSD Regulation, ECSDA puts forward detailed

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