Meeting Central Securities Depositories Regulation (CSDR) requirements

The European Central Securities Depositories Regulation (CSDR) is one of the key regulations adopted in the aftermath of the 2008 financial crisis.

LuxCSD welcomes the objectives of CSDR, namely to increase the safety and efficiency of securities settlement and the settlement infrastructures in the EU and to establish an enhanced level playing field among European CSDs.

One way the CSDR is designed to achieve its objectives is by requiring all CSDs to apply for a licence to operate. The licence sets out a host of performance and operational criteria all CSDs must fulfil, such as enhanced capital and transparency requirements and an obligation to provide vertical access to other market infrastructures such as clearing houses and trading venues.

LuxCSD filed its application for the CSDR licence to the local regulators at the end of September 2017.

LuxCSD provided its final filing on 9 October 2019. On 28 October 2019, CSSF issued a declaration of completeness with regard to LuxCSD’s application file pursuant to Article 17 CSDR (Core Services). On 15 April 2020, LuxCSD received its CSDR licence. 

The CSDR impacts on financial market operations are wide ranging. In addition to CSDs themselves, the CSDR will impact wider financial market infrastructures, including clearing houses and trading venues.

For further information, please see our below attached Briefing Paper and Spotlight (for an executive summary).

LuxCSD customers may also contact their Relationship Officer.