First person: Passporting central securities depositories

Tony Freeman, executive director and head of industry relations at Omgeo, reflects on the European Commission's proposal for the passporting of central security depositories


Progress towards a more efficient settlement regime in Europe gained momentum when, on March 8, 2012, the European Commission (EC) published its long-awaited proposals for central security depositories (CSDs) – the entities that operate settlement systems – and for improving and harmonising trade settlement across the region. Within the proposal, the EC outlines measures for a harmonised T+2 settlement cycle across Europe, and for financial penalties to be imposed for trades that do not settle

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