CSDs and the Reform of the Settlement Process

15 Pages Posted: 12 May 2021

See all articles by Eddy Wymeersch

Eddy Wymeersch

Ghent University - Financial Law Institute; ECGI

Date Written: May 1, 2021

Abstract

The post-trade activities in securities has again raised considerable attention and discussions: recent public consultations of European Commission have resulted in a very active debate concentrating on three issues: new regime for settlement finality, with specific attention to the Buy-in process, the consequences of possible introduction of distributed ledger technology in the securities settlement process, and finality the widespread use of internalisation as a replacement to the CSDs. Overall, these discussions also result in a debate about the supervisory system. The debates on these topics are still open and are likely to keep us busy for quite some time. Therefore, this status questionis may be useful.

Keywords: Settlement finality, buy-in, distributed ledger technology, securities settlement, CSD, CSDs, supervision

JEL Classification: G21, G23

Suggested Citation

Wymeersch, Eddy O., CSDs and the Reform of the Settlement Process (May 1, 2021). Available at SSRN: https://ssrn.com/abstract=3843774 or http://dx.doi.org/10.2139/ssrn.3843774

Eddy O. Wymeersch (Contact Author)

Ghent University - Financial Law Institute ( email )

Universiteitstraat 4
Gent, B-9000
Belgium
+32 9 264 68 27 (Phone)
+32 9 264 68 55 (Fax)

HOME PAGE: http://www.law.ugent.be/fli

ECGI ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

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