Across Europe, central securities depositories are still largely national institutions, and that is not how the EU likes it. On stage in Prague, a panel with representatives for both CSDs and the legislator discussed what the path towards the vision of an EU capital markets union will look like.

Central securities find themselves in a web of commercial and regulatory considerations, and the discussion at the World Forum of CSDs reflected it. Ilse Peeters of Euroclear pointed to the role of issuers in being prepared to cross borders for better terms.

The speakers were … 
Olga Jordão (Moderator), Chief Executive Officer, Euronext Securities Porto,
Jennifer Robertson, Head of Unit, European Commission,
Andrea Gentilini, Head of Market Infrastructure Division, CSSF & Chair of ESMA Post Trading Working Group,
Jesús Benito, Head Domestic Custody and TR Operations, SIX,
Ilse Peeters, Head of Government Relations & Public Affairs, Euroclear, and
Attila Toth, Principal, Equity and Capital Market Infrastructure, Capital Markets Development Team, EBRD.


The session was labelled “Further consolidation and growth of EU FMIs; is it a key element of a deeper EU Capital Markets Union?”

Data that is required for regulatory reporting can be challenging to produce – but once it is in place, they can also form a foundation for new products at the CSD, again an example of the complexities. 

Jennifer Robertson shared a list of positive examples of cross-border infrastructure coordination. Even so, she raised a question mark over whether it goes fast enough and indicated that some push from the regulator’s side could be required. 

In his final statements, panellist Jesús Benito of SIX scored spontaneous applause from the audience of mainly CSD pros, as he asked for more generous time frames as regulatory changes roll in.

• The World Forum of Central Securities Depositories runs in Prague 24–26 May 2023. Our coverage of it is listed here.

(Our posts will be low on direct quotes, as the event welcomes journalists on the condition that such must be explicitly confirmed with each speaker, which adds an operational hurdle.)