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)