Clearstream readies for CSD-regulation
July 17, 2017

Deutsche Börse subsidiary Clearstream says it 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 by September 30 this year. Authorizations are expected to be granted from mid-May 2018 onwards.

Clearstream says this will be a first step to even further bolster safety and stability across Europe's capital markets in a post-financial-crisis world. As the new regulatory keystone for the sector, CSDR aims to harmonize the different rules which apply to European CSDs in order to create an improved and level playing field for the industry, and enhance legal and operational conditions for EU-wide cross border settlement via TARGET2-Securities (T2S).

CSD customers will be directly impacted by the CSDR as well – for example, by a new settlement discipline regime, which introduces mandatory buy-ins, cash penalties for settlement failures and internalized settlement reports.

Elsewhere in its monthly report for June, Clearstream says it held a total of EUR13,460 billion assets under custody, a stable increase of 4 percent compared to EUR 12,993 billion in June 2016. Settlement and AuC as business drivers have shown overall growth in June, it adds.





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Deutsche Börse subsidiary Clearstream says it 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 by September 30 this year. Authorizations are expected to be granted from mid-May 2018 onwards.

Clearstream says this will be a first step to even further bolster safety and stability across Europe's capital markets in a post-financial-crisis world. As the new regulatory keystone for the sector, CSDR aims to harmonize the different rules which apply to European CSDs in order to create an improved and level playing field for the industry, and enhance legal and operational conditions for EU-wide cross border settlement via TARGET2-Securities (T2S).

CSD customers will be directly impacted by the CSDR as well – for example, by a new settlement discipline regime, which introduces mandatory buy-ins, cash penalties for settlement failures and internalized settlement reports.

Elsewhere in its monthly report for June, Clearstream says it held a total of EUR13,460 billion assets under custody, a stable increase of 4 percent compared to EUR 12,993 billion in June 2016. Settlement and AuC as business drivers have shown overall growth in June, it adds.



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