Objectives of the session
The first objective of this session is to take stock of the progress that has been made in the EU securities post-trading space in terms of efficiency, integration and resilience and identify the further enhancements that may be achieved through an improvement of regulations (CSDR review in particular) and further actions at Eurosystem level.
Secondly, the panel will discuss the impacts that can be expected from further digitalisation in the post-trading area (DLT, wholesale CBDC…), the challenges that remain to be addressed for implementing these solutions at scale and the regulatory framework that is needed for supporting these developments.
This session will mainly focus on the settlement area since another session of the Forum will be tackling issues and priorities concerning clearing activities.
Points of discussion
- State of play of EU post-trading and on-going regulatory and Eurosystem initiatives: What is the state of play of EU post-trading in terms of integration, competitiveness and resilience? Are current EU policy proposals and on-going Eurosystem initiatives addressing the main issues needed for improving the efficiency, integration and stability of EU post-trading infrastructures? What additional regulatory changes may be needed for making them fit for supporting the CMU?
- Digitalisation and use of wholesale CBDC: Can digitalisation significantly enhance the efficiency and integration of EU post-trading and if so at what horizon and what are the key technologies to consider? What are the conditions for using DLT effectively in the post-trading space? Are on-going digital finance policies (e.g. DLT pilot regime) and initiatives related to CBDC and the Digital Euro moving in the right direction for supporting these developments?