CSDR | Further uncertainty on the horizon?
It’s been reported (here), that we may be in for a year’s delay, to February 2022, in the compliance date for Central Securities Depositories Regulation (CSDR) settlement discipline regime.
Immediate feedback from our practitioners indicate this news would be both a surprise and in many instances greatly welcomed; allowing market participants to take the opportunity that this latest extension provides to move away from tactical solutions, to think more strategically about exposure, infrastructure, technology & operating model. Further feedback indicates a previous expectation of a soft go-live date, with mandatory components coming into force over the course of the first year of implementation; this more wholesale extension will require a lot of programme & IT development planning and management, as budgets may need re-writing, scope changes addressed, and co-dependent releases alongside SWIFT November release may need decoupling.
At JDX, we continue to partner with our customers across CSDR programmes – we eagerly await further announcements in the coming weeks / months.
Disclaimer, this is an opinion responding to an online journal entry, and not business or legal advice to be acted upon, pending official statements from regulators