What’s Next in Post-trade Regulation? 

Contributors:

Marcello Topa, Director, Market Policy and Strategy, Direct Custody and Clearing, Citi

Ryan Marsh, Director, Global Head of Distributed Ledger Technology & Digital Innovation, Securities Services, Citi  

“What’s Next in Post-trade Regulation?” is a guest column from Citi in seven frequently-updated parts.

Global financial institutions are currently navigating a tsunami of EU regulations, many of which - including the CSDR, SRD 2, and the Digital Finance Package – will have an impact on post-trade processes. This guest column will take a look at some of the major regulatory transformations currently underway in Europe’s capital markets.

• The sixth article CSDR: The Road to Readiness discusses the challenges that continue to persist. Most notably, the latest phase of CSDR – the imposition of the Settlement Discipline Regime (SDR) - is proving to be the most contentious aspect of the regulation to date. By Marcello Topa.
• The fifth article Moving with the times: Updating the SFD discusses how the Settlement Finality Directive (SFD) has been instrumental in strengthening capital markets and mitigating systemic risk by harmonising - across member states - the legal protections for market infrastructures and their participants. By Marcello Topa.
• The fourth article SRD II – Ironing out the creases discusses the Shareholder Rights Directive II (SRD II) legislation aimed at enhancing shareholder rights. By Marcello Topa.
• The third article Enabling Digitalisation in Europe discusses the major digitalisation process and adopting new innovative technologies, as it looks to improve client experiences and support emerging asset classes. By Marcello Topa and Ryan Marsh.
• The second article in the series is CSDR: The saga continues, by Marcello Topa.
• The series began with Post-trade in Europe – a 20 year harmonization journey, by Marcello Topa.