CSDR buy-ins – next on the regulatory chopping block?

A big jump in trade fails is adding to doubts about the EU’s settlement discipline regime

On April 16, a terse letter from Europe’s top securities regulator landed on the desks of bank lobby groups.

In it, Steven Maijoor, chair of the European Securities and Markets Authority (Esma), dismissed the industry’s call to delay the mandatory buy-in regime for failed trades contained in the European Union’s Central Securities Depositories Regulation (CSDR), due to take effect on February 1, 2021.  

The industry has had plenty of time to prepare, and the rules would take effect as planned

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