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CSDR

Central Securities Depositories Regulation (CSDR)

The European Central Securities Depositories Regulation (CSDR) is one of the key regulations adopted in the aftermath of the 2008 financial crisis. The CSDR will ensure that settlement is carried out in a safer and more efficient manner in Europe.

Objective

A central securities depository (CSD) is a post-trade infrastructure which provides a central point for depositing financial instruments, e.g. shares and bonds. CSDs enable securities transactions to be processed and settled by book entry, provide custodial services (e.g. the administration of corporate actions and redemptions) and play an active role in ensuring the integrity of securities issues.

CSDs are already highly regulated entities on the national level. However, this is not the case on the European level. Given this lack of harmonised regulation  and the fact that trading facilities and central counterparties (CCPs) are already regulated under MiFID, (and soon MiFIR) under EMIR, respectively – the European Commission prepared a regulatory framework for CSDs – the CSDR.

Deutsche Börse Group supports the harmonising of securities settlement and prudential rules for CSDs across Europe in order to enhance market safety and create a level playing field.

Time line

The regulation (Level 1) entered into force on 17 September 2014. In March 2017, the technical regulatory standards for the CSD requirements as well as the internalised settlement were adopted, which entered into force in March 2019. By the end of September 2017, CSDs could submit their applications to the competent national authorities, on which a decision was taken in 2018. In May 2018, the technical regulatory standards for the settlement discipline were adopted, which are to be applied from September 2020. In May 2019, the reporting obligations for internalised settlement also came into force.

CSDR: the highlighted parts of the value chain are affected

Interview: Clearstream is ready for CSDR challenges

The Central Securities Depositories Regulation (CSDR) is keeping project managers Tara Byrden and Fernand Weber very busy. In our interview they tell us more about it.

CSDR video series with Phil Brown

Philip Brown

A two-part interview series with Philip Brown, Co-CEO of Clearstream Banking Luxembourg, talking about the CSDR and its impact on CSDs and on CSD customers.

Executives' corner

Read what our executives are saying about the CSDR and gain further informative insights.

Legal basis

Find the most recent legal text on this regulation here.

Further information