EMIR and CSDR: Understanding the Impact on CCPs and CSDs

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15 April 2015


This report looks at what is remaining from EMIR for central counterparties (CCPs) and the impact of CSDR on central securities depositories (CSDs). EMIR came into effect in 2012, but the clearing obligation is still being implemented along with the attached frontloading requirement. CSDR will bring a new settlement discipline and a requirement for harmonization of these critical financial institutions in Europe.

The European Market Infrastructure Regulation (EMIR) started in 2012 but has the clearing obligation, frontloading, and bilateral management of non-centrally cleared trades left over. Central Securities Depositories Regulation (CSDR) came into force in 2014 and will help harmonize settlement in Europe alongside T2S.

The report centers on the impact of these regulations on the technology and operations of CSDs and CCPs. CCPs are looking forward and are in the process of rationalizing the implications of EMIR. CSDs are just beginning on the long road to CSDR, facing operational and technical challenges as well as competition from new and existing settlement and custody service providers. However, as the new processes of European regulation become familiar, the step change of reform will become faster, helping to build a mature European post-trade environment.

Delving into the downstream post-trade value chain, these regulations will exacerbate the changes to the European post-trade environment.

“It is said that there are two certainties in life, death and taxes, but maybe we should add regulation as a third certainty,” says Ran Pieris, an analyst with Celent’s Capital Markets practice and author of the report. “Post-trade processing providers will need to become aware of the new competitive landscape in custody and select partners within the post-trade space that best fit their business model in delivering custody, asset servicing, and collateral management.”