Meeting Central Securities Depositories Regulation (CSDR) requirements
The European Central Securities Depositories Regulation (CSDR) is one of the key regulations adopted in the aftermath of the 2008 financial crisis.
Clearstream's Central Securities Depositories (CSDs) welcome the objectives of CSDR, namely to increase the safety and efficiency of securities settlement and the settlement infrastructures in the EU and to establish an enhanced level playing field among European CSDs .
One way the CSDR is designed to achieve its objectives is by requiring all CSDs to apply for a licence to operate. The licence sets out a host of performance and operational criteria all CSDs must fulfill, such as enhanced capital and transparency requirements.
The Clearstream CSDs are on track with preparing their applications for their CSDR licences. Application files are expected to be submitted to the local regulators by end September 2017 with authorisation expected to be granted mid-May 2018.
The CSDR impacts on financial market operations are wide ranging. In addition to CSDs themselves, the CSDR will impact wider financial market infrastructures, including clearing houses and trading venues.
For further information, please see our attached Briefing Paper, Spotlight (for an executive summary), below videos with Clearstream's Co-CEO Phil Brown and Frequently Asked Questions.
Clearstream Banking customers may also contact their Relationship Officer.
Tune into our interviews with Philip Brown, Co-CEO of Clearstream Banking Luxembourg, talking about the CSDR and its impact on CSDs and on CSD customers: