CSDR

News and Notes – Fintech

automation, CSDR, ISLA, vendors

Settlement rates for securities lending as at 2018 were estimated to be between 80 and 90% with the majority of failed settlements occurring on the return leg of loan transactions.…

Uncertainty in reporting for CSDR settlement fails rules

March 11, 2019

ESMA, Europe, Regulatory, Settlements

CSDR, ESMA, Europe, settlement fails, topstory

It looks like ESMA’s application of settlement discipline under CSDR may have extraterritorial impacts, which could result in investor preferences to use one CSD over another to ensure being subject…

ISLA publishes CSDR: Settlement Discipline Impact to Securities Lending

February 26, 2019

CSDR, ISLA, Securities Lending

ISLA is delighted to publish CSDR:Settlement Discipline Impact to Securities Lending, which investigates CSD Regulation (EU)No 909/2014 and its impact on settlement disciplines from the perspective of Securities Lending activity. The…

ISLA: ESMA Publishes Key Priorities for 2019

February 18, 2019

CSDR, ESMA, ISLA, SFTR

ESMA has recently published its Supervisory Convergence Work Programme for 2019 (https://www.esma.europa.eu/file/50237/download?token=ry0ziDAM). Amongst other things, this contains references to both SFTR and CSDR. The full summary from ISLA is available…

ESMA updates CSDR, benchmark Q&As

January 30, 2019

Benchmark Regulation, CSDR, ESMA

Questions and Answers (Q&As) regarding the implementation of the Central Securities Depository Regulation (CSDR): The updated Q&As provide answers to questions regarding practical issues on the implementation of the new…

Bank of England SecLending Committee considers market impact of CSDR

January 20, 2019

Bank of England, CSDR, Securities Lending

Minutes Securities Lending Committee 20 November 2018 The FCA provided some background and update on the current position with regard to the introduction of CSDR. ICMA presented to the Committee…

ESMA releases consultation paper on CSDR settlement fails reporting

December 21, 2018

In order to ensure the consistent application of Article 7(1) of CSDR3 and Article 14 of the Commission Delegated Regulation (EU) 2018/12294, ESMA has decided to issue Guidelines on the…

ESMA update CSDR Q&A on provision of services and settlement discipline

November 12, 2018

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding the implementation of the Central Securities Depository Regulation (CSDR). The updated Q&As provide answers…

ICMA publishes discussion paper on CSDR mandatory buy-ins and securities financing transactions

October 3, 2018

CSDR, ICMA

ICMA has published a discussion paper on CSDR mandatory buy-ins and securities financing transactions. The paper is intended to complement ICMA’s previous work on the topic of CSDR Settlement Discipline,…

ISLA Forms CSDR Working Group

July 29, 2018

Alex Tonhazy

CSDR, ISLA

On 19th July 2018, the newly formed ISLA CSDR working group met for the first time. Early this year, ISLA undertook a settlement survey of its membership, that highlighted a…

ICMA advises on CSDR’s mandatory buy-in provision

June 26, 2018

CSDR, ICMA

The International Capital Market Association (ICMA) published a report on the potential market consequences of one of the provisions of the Central Securities Depository Regulation (CSDR), entitled: ‘How to survive…

ISLA publishes results of settlement survey

April 26, 2018

CSDR, ISLA, settlement, SFTR

ISLA has published the results of a settlement survey undertaken with a number of member firms. The objective of the survey was to understand how the market undertakes pre-matching and manages loan…

ESMA publishes responses to CSDR internalized settlement reporting consultation

September 21, 2017

The European Securities and Markets Authority (ESMA) has published today the responses received to its Consultation on guidelines on internalised settlement reporting under Article 9 of CSDR Read the responses

Clearstream releases business overview, readies for CSD-regulation

July 28, 2017

In autumn, Clearstream will apply for new licenses to operate under the Central Securities Depositories Regulation (CSDR). CSDR obligations require Europe’s CSDs to submit their application files to local regulators…

ESMA issues guidelines on CSD data reporting

June 2, 2017

CSDR, CSDs, EMSA

The European Securities and Markets Authority (ESMA) has published today two sets of guidelines providing further details on the implementation of the Central Securities Depositories Regulation (CSDR). Both guidelines are…

ESMA issues guidelines for CSDR defaults and access to transaction feeds

March 24, 2017

The European Securities and Markets Authority (ESMA) has issued final reports on two sets of guidelines regarding the implementation of the Central Securities Depositary Regulation (CSDR). The CSDR harmonises the…

ESMA publishes first set of CSDR Q&As

March 14, 2017

The European Securities and Markets Authority (ESMA) has published its first set of Questions and Answers (Q&As) on the CSDR, this follows the publication in the Official Journal of the…

Bank of England says CSDR, multi-CCP fire drills and Brexit are priorities for supervision in 2017

February 23, 2017

Bank of England, Brexit, CCPs, CSDR

The Bank of England’s supervision of nancial market infrastructures — Annual Report 4.1.2 Multi-CCP re drill Building on the 2016 multi-CCP default management re drill, the Bank has agreed with…

Industry voices disagreement with CSDR resolution actions

July 4, 2016

Europe, Market infrastructure, Regulatory

Amundi, CSDR, Deutsche Bank, ESMA, Europe, European Banking Federation, T2S, topstory

ESMA has released comment letters on their “Consultation Paper on Guidelines on participant default rules and procedures under CSDR.” The letters show repeated questions about the rules, in particular the…

ESMA consults on CSDR guidelines on participant default rules and procedures

June 1, 2016

The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines on participant default rules and procedures under CSDR. The purpose of the proposed guidelines is to specify…

ISLA publishes response to ESMA consultation on CSDR

September 8, 2015

CSDR, ISLA

CSDR – our response to the ESMA consultation on buy-ins mechanics and responsibilities was submitted today. A copy of the response (which was put together with the help of our…

ISLA response to ESMA consultation on CSD Regulation buy-in process

August 11, 2015

CSDR, ISLA

CSDR – our response to the ESMA consultation on buy-ins mechanics and responsibilities was submitted today. A copy of the response (which was put together with the help of our…

ESMA’s Maijoor on CSDR: buy-in rules still a problem

March 25, 2015

From “MIFID/MIFIR- CSD hearing before ECON,” Steven Maijoor, 24 March 2015: CSDR Let me in the remainder of my contribution talk briefly about CSDR. ESMA has been drafting more than…

ICMA warns on CSDR mandatory buy-ins, releases biannual European repo survey

February 24, 2015

Corporate Bonds, Market infrastructure, Regulatory, Repo

Central Securities Depositories, CSDR, European Repo C, ICMA, Leverage Ratio, Repo, topstory

ICMA today released two documents on the repo market. The first was an analysis of proposed CSDR mandatory buy-in rules. This is a highly contentious issue and the ICMA is…

CSDR Mandatory Buy-ins and the treatment of SFTs: An ICMA-ERC Briefing Note

October 30, 2014

CSDR, ICMA