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17 March 2011

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


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ESMA suggests clarifying the concept of delays, which are no different from fails in so far as they imply settlement after the intended settlement date. However, ESMA agrees that delays in settlement instructions during the same settlement date may result in liquidity risk.


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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