ICMA’s European Repo Council has responded to the Commission's consultation on CSDs. Its main concerns focus on:
- the need to differentiate between asset classes – in particular it says the fixed income market has specific characteristics that must be taken into account;
- concern that the paper does not address the role of custodian banks;
- the need for better market access;
- how the regime would deal with failures; and
- the proposal that settlement should be in central bank money.
(Source: Response submission from the ICMA European Repo Council: Re: European Commission Consultation Paper – CSDs and the Harmonisation of Certain Aspects of Securities Settlement)