CESR has published its preliminary technical advice on access and interoperability arrangements. The advice responds to the Commission's request for CESR to map current regulatory arrangements for post-trading infrastructures. CESR asked for evidence of arrangements in place and also asked its members for evidence on how CCPs or CSDs could access or interoperate with a post-trading services provider in another jurisdiction. CESR knows there is a backlog of requests to provide these services, but the purpose of the advice is to understand the problems rather than solve the backlog.  

CESR found a clear split between CCPs and CSDs. It also found a divergence of regulatory approach on whether activities needed a licence at all, and with supervisory powers over providers. There are a limited number of international cooperation agreements for provision of infrastructure cross-border services. For the short term, CESR recommends:  

  • public endorsement of the CESR/ESCB Recommendations by EU institutions in advance of their formal adoption; and  
  • cooperation agreements where there are already, or soon will be, cross-border links.

The paper includes detailed responses to CESR's questions from most CESR members.