CESR has published its draft advice on differences in regulatory arrangements for post-trading infrastructures. The paper explains the positions in various member jurisdictions on:  

  • requirements on CCPs from other jurisdictions that want:
    • access to RMs or MTFs to provide CCP services;
    • additionally to establish a customised link with a local CCP; and
    • to become a participant in a local CCP; and
  • requirements on CSDs from other jurisdictions that want:
    • to act as CSD for locally executed transactions;
    • to set up a customised link with a local CSD; and
    • to become a participant in a local CSD.

CESR has identified some areas where members take differing views and some communication issues that need sorting out.