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Securities post-trading infrastructures: what more to enhance efficiency and resilience? (digitalisation, harmonization of rules, T+1, settlement efficiency…)?

Day 2 Morning

Thursday 14 September

Room :



Denis Beau
First Deputy Governor - Banque de France
Public Authorities
Piero Cipollone
Deputy Governor - Banca d'Italia
Julian Reischle
Director General Payments and Settlement Systems - Deutsche Bundesbank
Fiona Van Echelpoel
Deputy Director General, DG Market Infrastructure & Payments - European Central Bank (ECB)
Industry Representatives
Haroun Boucheta
Head of Public Affairs for Securities Services - BNP Paribas Securities Services
Ilse Peeters
Head of Government Relations and Public Affairs - Euroclear S.A
Michalis Sotiropoulos
Head of Government Relations, Europe - The Depository Trust & Clearing Corporation (DTCC)


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 can be expected from the regulatory changes underway and on-going actions at Eurosystem level.

Secondly, the panel will discuss the further changes that may contribute to enhancing post-trading services in the EU in the short to medium term, the opportunities and challenges associated with these possible changes and whether further evolutions of the regulatory framework are needed for supporting these developments.

Points of discussion

  1. Stock-taking: What is the state of play of EU securities post-trading in terms of integration, competitiveness and resilience? What impact can be expected from the regulatory changes underway (CSDR update, targeted harmonisation of insolvency rules,…) and on-going Eurosystem initiatives?
  2. Further improvements: What further improvements may be needed for making post-trading fit for supporting the CMU? What are the areas where a further harmonization of rules would be beneficial? Would a shortening of settlement cycles (T+1) contribute to post-trading efficiency and resilience? Can new technologies have a significant impact in the settlement space? Are any additional policy measures needed for supporting these changes?