Secretary-General of the European Central Securities Depositories Association, Certified Board Director
On the occasion of The Network Forum, in vibrant Warsaw, I shared some of the ECSDA thoughts with participants on how CSDs provide scalability for markets: ✔ through consolidation projects, ✔ by establishing CSD Links and passporting (allowing issuance of non-domestic issuers by supporting their law), ✔ working on standardisation and alignment of practices. There are however limits to what CSDs can achieve in a fragmented legal, tax and investor protection environment. As “notaries of financial markets” in the Union, CSDs are asked to apply coherently incoherent rules 🤔 - that contradiction should not be solely for the CSDs to solve. It is a question for all of us in the Union and first, to the authorities: how serious we are about the #CMU? If so, then tackling legal and tax fragmentation to solve the root cause is essential. Still, we also need to remember that it’s not because of a notary (as efficient and innovative as it can be 😉), that one chooses where to buy an apartment. 🤣 European Central Securities Depositories Association (ECSDA) #PostTrade #CSD The Network Forum