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Post Trade

Post Trade focuses on the creation of a single integrated post-trading process for securities transactions in Europe.

The Post Trade Division seeks to achieve harmonisation, standardisation and consolidation through best practice and regulation. Providing clearing, settlement and custody solutions to reduce costs and risks of market participants, the division’s work covers the operational, legal, tax, and regulatory aspects of post-trading.

Key Priorities:

Contribute to the European Commission’s Capital Markets Union project in the post trade space
Represent and support members in the process of developing the T2S system
Work with members and policymakers to implement the complex buy in rules CSD Regulation
Promote, monitor and verify the implementation of the Markets Standards for Corporate Actions
Actively support the results of the European Post Trade Forum (EPTF) report

Key Resources:

Survey of Topics for the CSDR Review – AFME Response (10 July)

Joint trade association letter on the impact of COVID-19 on the further implementation of the Shareholder Rights Directive II (April 9, 2020)

AFME Recommendations for Partial Settlement

Joint Trade Association Letter regarding Implementation of the CSDR Settlement Discipline Regime (January 22, 2020)

AFME, toghether with 13 other trade associations, have written to the European Commission and ESMA to highlight the impact of the implementation of the CSDR Settlement Discipline Regime on European capital markets.

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.

Upcoming Conference

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A Roadmap for Integrated, Safe and Efficient Post Trade Services in Europe

Our vision is for a truly integrated, harmonised, low risk and low-cost post trading system in Europe, post trade infrastructures and service providers that compete in a harmonised and standardised operational, legal and regulatory environment, offering innovative and low-cost services to all users on a non-discriminatory basis.

AFME Post Trade Due Diligence Questionnaire 2019

Update – For 2020, please use this 2019 version. Network Managers were keen to see the document stabilised and no changes were made. This document aims to standardise and simplify the process of completing due diligence questionnaires for subcustodians.

Spanish Equity Cash Dividends: Market Practice for Failed Settlements

This document is intended to provide the details for a market practice to handle cash compensations (formally known within the industry as ‘market claims’), between trading counterparties, related to failed settlement of Spanish equity transactions over dividend record date (RD) post the market changes as part of the Spanish Market Reform (SMR).

Final Report of the European Post Trade Forum

In early 2016 the European Commission set up an informal expert group on post-trading, including the areas of collateral markets and derivatives. The objective of the EPTF was “to support the work of the Commission to review the developments in post-trading, including collateral management services, in line with the CMU, in order to promote more efficient and resilient market infrastructures in the EU”.