CSDR

The CSDR-SD regulatory technical standards require that in the case of failing non-cleared transactions, at the start of the mandatory buy-in process the purchasing party must appoint a buy-in agent.…

Bobsguide: vendors facing an uncertain future with CSDR delay

September 1, 2020

With a further delay to the EU’s Central Securities Depositories Regulation (CSDR) just announced, market participants and tech vendors face an uncertain future. “There’s a level of uncertainty and to…

ESMA postpones CSDR settlement discipline until February 2022

August 28, 2020

CSDR, ESMA, settlement discipline

This final report presents a new draft regulatory technical standard (‘RTS’) on postponing the date of entry into force of Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing…

ISDA: CSDR delay until 1 February 2021 published in Official Journal of the EU

August 24, 2020

CSDR, ISDA

Today, the delay of the RTS for the CSDR settlement discipline regime from 13 September 2020 to 1 February 2021, was published in the Official Journal of the European Union.…

ESMA proposing to delay CSDR to Feb 2022

July 28, 2020

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is working on a proposal to possibly delay the entry into force of the CSDR settlement discipline regime…

Euroclear: CSDR Settlement Discipline Regime – Delayed entry into force expected

July 22, 2020

We understand that discussions are advanced, regarding a proposed one year delay to the entry into force of the CSDR Settlement Discipline Regime, to 1 February 2022. We expect that…

ISLA Publishes CSDR Mandatory Buy-in & Cash Penalties Regimes FAQs

July 6, 2020

CSDR, ISLA

ISLA is pleased to announce the publication of the CSDR Mandatory Buy-in & Cash Penalties Regimes FAQs. Produced in association with Clifford Chance, the FAQs explain the legislative background and…

Global custodians piling into DTCC’s Exception Manager ahead of CSDR

July 2, 2020

CSDR, Custodians, DTCC

The Depository Trust & Clearing Corporation (DTCC) announced that its Exception Manager global custodian community has grown to a total of 11, including BNY Mellon, Brown Brothers Harriman, Caceis, CIBC…

Working through the practicalities of the UK decision to cancel CSDR’s settlement discipline regime (Premium)

June 25, 2020

Europe, Regulatory

CSDR, Europe, settlement discipline, topstory, UK

The UK took a major stand in its preparations for Brexit on Tuesday with the publication of a statement on financial regulations. Securities finance and repo market participants immediately saw…

SFTR readiness: COVID crisis boosts electronic trading, but data pipes need work

June 24, 2020

Regulatory, Securities Lending, SFTR

automation, CSDR, Equilend, GLMX, Pirum, SFTR, topstory, Tradeweb

The shock announcement from the UK that it would be changing SFTR for non-financial companies and settlement discipline has certainly been eyebrow-raising. However, Josh Galper, managing principal at Finadium, noted…

Euroclear’s Taskize and Meritsoft integrating automated fails in end-to-end CSDR solution

June 18, 2020

automation, CSDR, MeritSoft, Taskize

Meritsoft, a Cognizant company, and Taskize, a Euroclear company, are integrating their automated fails operational workload offering and global operational task management solutions to provide an end-to-end Central Securities Depositories…

ECSDA requests postponement of CSDR

June 10, 2020

CSDR, ECSDA

On 8 June 2020, the European Central Securities Depositories Association (ECSDA) writes to request a postponement in the implementation of Settlement Discipline Regime (SDR), and Settlement penalties in particular, possibly…

ICMA issues report on performance of the European investment grade corporate bond markets during the COVID-19 crisis

May 28, 2020

Corporate Bonds, CSDR, ICMA

A new report published today by the International Capital Market Association (ICMA) documents the performance of the investment grade secondary bond market in Europe during the last weeks of February…

European Commission endorses CSDR delay until February 2021

May 12, 2020

CSDR, European Commission

The proposed Commission Delegated Regulation postpones the entry into force of Commission Delegated Regulation (EU) 2018/1229 from 13 September 2020 to 1 February 2021. Taking into account that for 2020…

Eurex STS secures German banking licence for Buy-in Agent service ahead of CSDR

April 16, 2020

CSDR, Eurex

Eurex Securities Transactions Services (Eurex STS) has obtained a banking licence from the German Federal Financial Supervision Authority (BaFin), a key milestone required to offer Buy-in Agent services once the…

AFME publishes recommendations for partial settlement under CSDR

March 5, 2020

AFME, CSDR

The Association for Financial Markets in Europe (AFME) has today published recommendations for partial settlement in view of the impending Central Securities Depository Regulation (CSDR). The recommendations aim to encourage…

Pirum launches CSDR fails cost reporting and enhances SSI enrichment service

February 27, 2020

CSDR, Pirum

12 months ahead of impending go live of CSDR Regulation, Pirum Systems launches a new CSDR fails report, enabling clients to determine the impact of CSDR on their securities finance…

ESMA updates CSDR Q&A

February 18, 2020

The updated Q&As provide answers to questions regarding practical issues on the implementation of the new CSDR regime. The latest set of 7 CSDR Q&As approved by the Board clarify…

ESMA postpones CSDR settlement discipline regime until 1 February 2021

February 4, 2020

ESMA Final Report CSDR RTS on Settlement Discipline – postponed entry into force Given the extensive IT developments which are needed for the implementation of the new settlement discipline requirements,…

Review of proposals to prevent CSDR’s mandatory buy-in regime from damaging liquidity (Premium)

January 30, 2020

ESMA, Europe, Regulatory

CSDR, ICMA, ISLA, mandatory buy-ins, topstory

Last week, 14 industry trade associations submitted a letter to the European Commission and ESMA requesting that CSDR’s mandatory buy-in provision be delayed or modified to preserve market liquidity. They…

Trade associations warn EU regulators of CSDR mandatory buy-in regime’s damaging impacts to EU markets

January 24, 2020

CSDR, mandatory buy-ins

Joint Trade Association Letter regarding Implementation of the CSDR Settlement Discipline Regime We support the imposition of a penalty regime under CSDR as an important step towards improving settlement efficiency…

Clearstream receives CSDR licence for its German CSD

January 22, 2020

Deutsche Börse Group’s post-trade services provider Clearstream has obtained the CSDR licence for Clearstream Banking AG, its German central securities depository. The licence was granted by the German Federal Financial…

CSDR buy-in rules and possible lessons from US Rule 204T (Premium)

December 2, 2019

Corporate Bonds, Europe, Regulatory, US

CSDR, ICMA, Rule 204T, topstory

ICMA’s survey on the impact of CSDR buy-in rules published last week showed ample concern about market liquidity, particularly at the lower end of the credit spectrum. Comments in the…

ICMA to update its buy-in rules to support implementation of EU CSDR mandatory buy-in provisions

November 18, 2019

The International Capital Market Association (ICMA) will amend its Buy-in Rules to support the implementation of the EU Central Securities Depositories Regulation (CSDR) mandatory buy-in provisions. ICMA Buy-in Rules are…

DTCC is eliminating settlement failure using automation

October 9, 2019

Automation, Settlements, Technology

CSDR, Custodians, data management, DTCC, Mark Bouchea, settlement fails, STP, topstory

The Depository Trust & Clearing Corporation is asking the market to imagine the kind of world automation is rapidly ushering in, where post-trade processing is characterized by “no-touch workflow” from…

ESMA publishes final report on CSDR guidelines on standardized procedures and messaging protocols

October 8, 2019

The European Securities and Markets Authority (ESMA) has today published its final report on the Guidelines on standardised procedures and messaging protocols. The Guidelines aim to clarify the scope of the…

DTCC exception manager service hits $100 billion, 90 firms signed on

October 7, 2019

CSDR, DTCC, settlement

The Depository Trust & Clearing Corporation (DTCC) announced that its Exception Manager platform has passed an important milestone, managing more than 2 million records related to 849,556 transactions/trades/exceptions and representing…

ISLA Publishes Phase 2 of ‘CSDR: Settlement Discipline Impact to Securities Lending

September 30, 2019

CSDR, ISLA

Following on from the initial paper entitled CSDR: Settlement Discipline Impact to Securities Lending – Phase 1: Identifying the Issues, ISLA is delighted to publish Phase 2: Recommendations, Guidance &…

FISL Europe: securities lending deeply divided between optimism and pessimism

September 25, 2019

Europe, FISL, Regulatory

artificial intelligence, CSDR, FISL Paris, machine learning, SFTR, topstory

The Finadium Investors in Securities Lending Europe event yesterday in Paris gathered some 140 attendees across the buy-side, sell-side, regulators and vendors for what was a robust and insightful set…

Deutsche Bank releases settlement discipline regime toolkit ahead of CSDR

September 18, 2019

CSDR, Deutsche Bank, SDR

Front to back enhancements to operational and risk processes for the Central Securities Depositary Regulation (CSDR) should not wait, said Deutsche Bank in a released statement announcing the release of…

Tradeweb in ETF clearing partnership with EuroCCP

September 6, 2019

CSDR, ETFs, EuroCCP, Tradeweb

Tradeweb Markets and EuroCCP announced a strategic collaboration to facilitate central counterparty clearing for European Exchange Traded Funds (ETFs). It is expected to streamline European clients’ settlement process and minimize…

Deutsche Börse launches buy-in agent service for CSDR

August 2, 2019

CSDR, Deutsche Borse, Securities Lending

Deutsche Börse Group is taking another important step in its efforts to best support both the financial industry and the regulatory agenda. With the Deutsche Börse Buy-in Agent Service, the…

ISLA says automation could mitigate CSDR impacts on seclending

March 21, 2019

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

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

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