What’s up next in the European Commission’s campaign for settlement discipline

In the never-ending quest for greater efficiency and financial stability in the EU’s markets, the European Commission announced a refit of the decade-old Central Securities Depositories Regulation (CSDR) last year. What followed was a flurry of controversy surrounding two proposals within the refit: progressive penalties for settlement fails and mandatory buy-ins (MBIs).

Heeding the input from the industry, the commission is now holding off on implementing the MBIs, instead stating that it will only be considered if the penalty mechanism has proven to be insufficient in preventing a level of fails that could impact the EU’s financial stability.

What is the commission’s perspective on the CSDR as it currently stands, and how likely are MBIs to be implemented given the progress so far? Join Gilles Hervé in this session to hear it straight from the horse’s mouth.

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