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The Changing Role of CSDs in the Post-Trade Industry in Europe: Impact of the CSD-Regulation and T2S

The Changing Role of CSDs in the Post-Trade Industry in Europe: Impact of the CSD-Regulation and T2S
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Author(s): Ariena van Wageningen (De Nederlandsche Bank, The Netherlands)
Copyright: 2016
Pages: 17
Source title: Analyzing the Economics of Financial Market Infrastructures
Source Author(s)/Editor(s): Martin Diehl (Deutsche Bundesbank, Germany), Biliana Alexandrova-Kabadjova (Banco de México, Mexico), Richard Heuver (De Nederlandsche Bank, The Netherlands)and Serafín Martínez-Jaramillo (Banco de México, Mexico)
DOI: 10.4018/978-1-4666-8745-5.ch016

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Abstract

In this chapter Central Securities Depositories (CSDs) are analyzed, in playing an essential role in the European post-trade market. The background is presented, describing their services both on domestic level, and in a cross border context in Europe. CSDs have introduced (self) regulation and this chapter outlines the efforts they are making to remove existing barriers in a still fragmented European post-trade market, in order to achieve more efficiency. Particular attention is given to the changes and challenges the CSDs face with respect to the Central Security Depository Regulation (CSDR) and Target2-Securities (T2S), which is an initiative of the Eurosystem and is expected to go live as of June 2015. T2S will connect CSDs within the European area, performing as a cross border securities settlement engine.

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