Issuance is a behaviour, so new issuance patterns requires us to change it. Speaking in PostTrade 360° Stockholm, Euronext VP Securities’ Bjørn Stendorph Crepaz reached for the “ADKAR” change management model to guide our way into new practices. It is time to challenge the full separation between local and global issuance processes, he argued.

Awareness, Desire, Knowledge, Ability and Reinforcement … Change happens in steps. And after having come a long way on the regulatory side in the last decades, market players now stand ready to start taking them, according to Bjørn Stendorph Crepaz – head of issuance products and data analytics at Euronext’s Danish CSD, VP Securities.

Notably, he points to the growing opportunities of going through local CSDs, even when the inteded investment audience is global. The traditional setup for this has usually involved one of the two ICSDs (international CSDs).


“It seems this local/global boundary is just fading away,” says Bjørn Stendorph Crepaz.