A brief summary by IHS Markit analyst Deepak Jain gives a picture that CSDs, tri-party agents and custodians are up against a challenge to get ready with the corporate-actions workflows under the Single Collateral Management Rulebook for Europe (SCoRE), which comes into force in November 2023. Poor pickup rates across the industry of the ISO 20022 messaging standards is a main reason.
Deepak Jain – product management director for corporate actions with S&P-owned IHS Markit – builds his brief on a progress report published by the European Central Bank in March.
“[W]hile many corporate actions standards might have already been adopted, many market participants are still oblivious to their implementation and do not foresee the stickiness toward the November 2023 deadline,” he notes.
