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Analysis of CSD Fees in Major European Markets

01 October 2025

The Association for Financial Markets in Europe (AFME) has today published a new report, in collaboration with The ValueExchange, showing that European Central Securities Depositories (CSDs) are significantly more expensive and complex than international peers, undermining competition, investor returns, and the attractiveness of the EU for issuers and investors.

The study finds that settlement fees in Europe are on average 65% higher than in North America, and safekeeping charges can be up to 650% more expensive. Complex, non-standardised and opaque fee schedules, ranging from 38 to 242 line items, make costs difficult to compare across CSDs.

The report highlights the need for greater transparency, standardisation, and competition to reduce costs, improve investor returns, and strengthen Europe’s post-trade markets.

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