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Key issues
CSDR
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CSDR
The Central Securities Depositories Regulation (CSDR) is covered by AFME’s Post-Trade division and looks to increase the safety and efficiency of securities settlement.
Overview
The Central Securities Depositories Regulation (CSDR) is one of the key regulations adopted in the aftermath of the 2008 financial crisis and looks to ensure that the settlement of securities are carried out more safely and efficiently in Europe.
Coming into force on September 17, 2014, CSDR looks to establish an EU-wide harmonised regulatory framework for financial market infrastructures, covering a wide range of requirements in its phased implementation timeline.
The last phase due to be implemented is the “Settlement Discipline Regime” which seeks to improve settlement efficiency. This includes the provision of mandatory buy-ins and cash penalties for failed transactions.
These mandatory buy-ins pose a number of issues for parties involved in the settlement chain in European markets which requires industry preparation. (Read
AFME’s framework
that looks to assist firms).
AFME is engaged with regulators to help ensure that CSDR achieves its objectives of facilitating financial stability, while ensuring it does not come at the cost of the effective functioning of financial markets.
Read more
Key Documents
Publications
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Publications
11 March, 2021
AFME publishes joint Letter regarding Implementation of the CSDR Settlement Discipline Regime
View Online
December, 2021
AFME Guidance on Cash Penalties under CSDR Settlement Discipline
View Online
10 February, 2021
Response to European Commission Consultation on CSDR
View Online
22 December, 2021
Industry Approach to CSDR Settlement Discipline Regime
View Online
10 February, 2021
Cover Letter: Targeted consultation on the review of CSDR
View Online
July, 2020
Optional Buy-ins under CSDR: Delivering settlement discipline without inhibiting capital access for European corporates
View Online
10 July, 2020
Survey of Topics for the CSDR Review – AFME Response
View Online
January, 2022
Guidelines for AFME members to handle bilateral claims between trading counterparties
Guidelines for AFME members to handle bilateral claims between trading counterparties, related to penalties applied under CSDR on failed settlement instructions
View Online
AFME Recommendations for Partial Settlement
View Online
January, 2020
Joint Trade Association Letter regarding Implementation of the CSDR Settlement Discipline Regime
AFME, toghether with 13 other trade associations, wrote to the European Commission and ESMA to highlight the impact of the implementation of the CSDR Settlement Discipline Regime on European capital markets.
View Online
December, 2019
Framework of Platform for Managment of Buy-Ins under CSDR
With this framework AFME seeks to minimise the number of buy-ins as per article 7.10 of CSDR and automate the processing. These high level requirements have been developed to help vendors build the relevant enabling technology.
View Online
September, 2019
Introduction to CSDR Settlement Discipline
A introductory guide to CSDR and how the regulation covers a wide range of requirements across its phased implementation timeline, the last of which is the Settlement Discipline Regime which comes into force in Sep 2020.
View Online
Useful Links
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Useful Links
ESMA CSDR documents
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Industry Guidance
AFME Guidance on Cash Penalties under CSDR Settlement Discipline
View document
Guidelines for AFME members to handle bilateral claims between trading counterparties
View document
AFME Recommendations for Partial Settlement
View document
CSDR Model Contractual Provisions
View page
Contacts
Peter Tomlinson
Manager, Post Trade and Prime Services
[email protected]
+44 (0)20 3828 2684
Press Releases
Publications
Consultation Responses
Briefing Notes
Press Releases
Publications
Consultation Responses
Briefing Notes
See all press releases
Press Releases
Northern Trust and State Street join AFME Board
17 Mar 2022
Press Releases
AFME welcomes changes to CSDR, but cautions that Mandatory Buy-Ins could undermine European capital markets’ competitiveness
16 Mar 2022
Press Releases
Industry calls for clarity on mandatory buy-in rules
15 Jul 2021
See all publications
Publications
Review of the CSDR – Delivering settlement discipline and supporting liquid and well-functioning European capital markets
12 Feb 2021
Publications
Introduction to Shareholders Rights Directive II
17 Mar 2020
Publications
Introduction to CSDR Settlement Discipline
16 Sep 2019
See all consultation responses
Consultation Responses
AFME Response to European Commission CSDR Refit Proposals
26 May 2022
Consultation Responses
Review of the Central Clearing Framework in the EU
22 Mar 2022
Consultation Responses
AFME's response to ESMA’s DLT Pilot call for evidence
5 Mar 2022
See all briefing notes
Briefing Notes
AFME’s views on Capital Markets Union – Action 10 (Withholding Tax) and Action 12 (Shareholder Rights)
13 May 2022
Briefing Notes
Industry Approach to CSDR Settlement Discipline Regime
22 Dec 2021
Briefing Notes
Guidance on Cash Penalties under CSDR Settlement Discipline
21 Dec 2021