ECB demands Euroclear CSD consolidation

But concedes Securities Law Directive must come first


The European Central Bank (ECB) expects there to be consolidation among central securities depositories (CSDs) but to truly achieve that the Securities Law Directive must be passed first to remove the "glass barrier" to horizontal integration.

At Swift's annual Sibos conference in Boston last week, speaking in a debate titled ‘Target2-Securities: what next?', panellists were asked by moderator Alberto Giovannini, chief executive of Unifortune Asset Management, for their views on vertical versus