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October 2018

Contrary to what its name suggests, the Central Securities Depository Regulation (CSDR) is not just a regulation for CSDs. In fact, its requirements impact every participant in the post-trade value chain. As a provider of local custody services, Deutsche Bank sees the regulation as more than a compliance exercise, but an opportunity for the entire industry to come together and work on existing inefficiencies in the settlement space.

This guide is our contribution to the discussion around CSDR implementation. We have structured it as a reference of how the regulation impacts different participants in the post-trade space. In doing so it provides an insight into the regulation through their eyes and a checklist for each participant of the activities for CSDR compliance. 

Lastly, we outline the timeline when the different elements of CSDR come into force and how the industry is responding to the implementation challenge. We recognise that it will require the collaboration of different participants to be ready in time for settlement internalisation reporting in July 2019.  But we also recognise the even bigger challenge of aligning industry participants on their path to a harmonised and practical mandatory buy-in regime.

We hope you find this guide to CSDR useful and we encourage you to reach out to Deutsche Bank’s Market Advocacy team for an open discussion on the road to implementation. 

Please contact marko.niederheide@db.com or emma.johnson@db.com

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