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17 March 2011

ESMA response to the European Commission consultation on CSDs and securities settlement


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ESMA schlägt die Klärung des Begriffs bei ‚Verzögerungen’ vor, die sich nicht stark von ‚Ausfällen’ unterscheiden, da sie zeitlich nach der geplanten Settlement stattfinden. Allerdings stimmt ESMA darin überein, dass Verzögerungen beim Settlement zu Liquiditätsrisiken führen können.


As in the context of the Commission Member States Working Group, where CESR provided the Commission with advice on settlement discipline and legal issues related to central securities depositories (CSDs) participating in TARGET2-Securities (T2S), ESMA’s contribution is limited to specific issues of a technical nature, without focusing on policy options.

Position paper



© ESMA

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