CSD-R settlement discipline quick note


CSD-R settlement discipline quick note


The Central Depository Regulation (CSD-R), is supposed to address the Central Securities Depository, the issuance of new financial instruments and rules of transfer or settlement. So far, so obvious. But CSD-R also affects other entities, banks and potentially organizations. Notably, this is the case through:

  • Internalized settlements;
  • Segregation of accounts;
  • Book-entry form;
  • Settlement over T+2 (two days); and
  • Settlement discipline

Internalized settlements have already been known since last year (March 2019) and settlement discipline since 2017. The book-entry form and segregation of accounts are less known but may not have a large impact on most firms. Therefore, the biggest challenge remaining is the settlement discipline.

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