This presentation was used to introduce a discussion on ongoing trends and challenges facing European CSDs at the first meeting of the European Post Trade Forum (EPTF) on 4 March 2016.

1. Key trends & challenges
for European CSDs
Brussels, 4 March 2016
1st EPTF meeting
Soraya Belghazi

2. 2
Changes in post trade
Regulation Technology
Competition
Market
demand
 strict prudential & risk
management standards
 high focus on compliance
(level 2 implementation)
 restrictions on
CSD services
 intra-EU & globally
 among FMIs
 with intermediaries
 disruptive technologies
 new FinTech players
 cyber threats
 cross-border services
 collateral optimisation
 choice of segregation,
transparency of holdings

3. 3
CSD landscape
CSD
 Resilience in recent crises
 Solid prudential framework
 Several interlinkages already
operating successfully
 Access to central bank money,
esp. within euro-area (T2S) &
role in monetary policy
 Potential for expansion into
new EU markets
 Consolidation, partnerships...
to reap economies of scale
 Technological innovation
 New market demands (e.g.
collateral optimisation)
 Several small CSDs will find it
hard to comply with CSDR &
remain competitive
 Recovery & resolution: rules
still to be harmonised
 Restrictions on access to
commercial bank money
 Global competition
 New regulatory restrictions
(e.g. AIFMD segregation)
 New entrants & internalisation
 New Fintech players, DLTs
 Cyber risk
Strengths
Weaknesses
Opportunities
Threats

4. ECSDA aisbl
Rond-Point Schuman 6, bte 9
1040 Brussels
BELGIUM
Ph. +32 2 230 99 01
info@ecsda.eu
www.ecsda.eu
Thank you