Panellists at ISLA’s Annual Post Trade Conference debated ESMA’s motives behind SFTR and CSDR and expressed fears of missing the implementation deadline
“The work undertaken by the CDSR working group has shone a light on legacy practices that were perhaps overdue for market review,” Adrian Dale of ISLA says
Euroclear, which owns a stake in Taskize, has extended its existing relationship with the fintech firm in order to also offer the CSDR settlement discipline solution to its clients
The partnership responses the EU’s CSDR, which brings new settlement discipline procedures, including cash penalties for settlement fails and mandatory buy-ins
In order to obtain the licence, Euroclear Finland had to extensively multi-year review its entire CSD Core system, which is something that not many CSDs have done yet, according to Euroclear Finland
At this year’s ISLA conference, panellists discussed regulations such as CSDR and SFTR, with one panellist saying SFTR backloading will introduce “practical issues”
The importance of strong and disciplined post-trade frameworks is in many ways as important if not more, than front-office trading and product innovation, according to Andy Dyson CEO of the International Securities Lending Association