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ECSDA Presentation (Oslo, 30 January 2014)

Børs- og verdipapirkonferansen

ECSDA Secretariat

on 28 January 2014

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Transcript of ECSDA Presentation (Oslo, 30 January 2014)

Can the new European Regulation on CSDs help the Norwegian market become more competitive & internationally attractive?

Soraya Belghazi
Secretary General
Rond-Point Schuman 6,
B-1040 Brussels
Offers choice
Development of new "ancillary services"
Competition among CSDs & with other providers
Free choice for issuers
"Vertical" links (access to trading & clearing)
T+2 settlement cycle
Single authorisation & "passporting" of services in other EU markets
Regional integration facilitated cf. branches
"Horizontal" CSD links
Stronger role of users in CSD governance
Binding price transparency
New public register on European CSDs
Disclosure of settlement fails data across markets
Risk management standards based on global benchmark (CPSS-IOSCO)
Framework for settlement in commercial bank money
Penalties for late settlement & buy-ins
Open access
Harmonised standards
Strict prudential rules
Solid supervision
Good governance
Public disclosure
Looking ahead...
No revolution, but much more homogenous rules
Norwegian market does not have too far to go to comply
From domestic to regional & pan-European focus
Full transcript