Topic
Securities Settlements
78 published works
Banking, Finance and Securities
ESMA launches first selection procedure for CTP for bonds
By Floortje Nagelkerke (NL), Simon Lovegrove (UK)
On 3 January 2024, the European Securities and Markets Authority (ESMA) announced that it was launching the first selection procedure for the Consolidated Tape Provider (CTP) for bonds. Those entities…
Banking, Finance and Securities
ESMA final report on CSDR penalty mechanism
By Simon Lovegrove (UK), Floortje Nagelkerke (NL)
On 19 November 2024, the European Securities and Markets Authority (ESMA) published a final report containing technical advice on the Central Securities Depositories Regulation (CSDR) penalty mechanism. Background The CSDR…
Banking, Finance and Securities
Joint statement by ESMA, DG FISMA and the ECB: Shortening the standard securities settlement cycle in the European Union: next steps
By Simon Lovegrove (UK), Floortje Nagelkerke (NL)
On 15 October 2024, the European Securities and Markets Authority (ESMA), the European Commission and the European Central Bank issued a joint statement regarding the next steps to support the…
Global Regulation Tomorrow
Accelerated Settlement Taskforce publishes draft recommendations report and consultation
By Anita Edwards, Simon Lovegrove (UK)
On 27 September 2024, the Accelerated Settlement Taskforce’s (AST) Technical Group published a draft recommendations report and consultation. Background The AST was established as part of the Edinburgh Reforms to…
The CLS Blue Sky Blog
SEC Chair Gensler Speaks on Shortening the Settlement Cycle
By Gary Gensler
Last month, the U.S. smoothly shortened the settlement cycle for equities, corporate bonds, and municipal securities to one day after the transaction date (T+1). This step better unifies the U.S.…
Global Regulation Tomorrow
Accelerated Settlement Taskforce’s report and government response
On 28 March 2024, there was published the Accelerated Settlement Taskforce’s report. The Taskforce was established as part of the Edinburgh Reforms and at its broadest its Terms of Reference…
Global Regulation Tomorrow
New briefing note – CSDR REFIT – Key changes
By Simon Lovegrove (UK), Hannah Meakin (UK), Sebastien Praicheux, Floortje Nagelkerke (NL), Anna Carrier (BE)
The Central Securities Depositories Regulation (CSDR) is the EU regulation relating to securities settlement and central securities depositaries (CSDs). It applies to CSDs that are based in the EU and…
The CLS Blue Sky Blog
Davis Polk Discusses SEC Adoption of T+1 Settlement, Effective May 2024
By Maurice Blanco, Michael Kaplan, Byron B. Rooney, Richard D. Truesdell Jr., Zachary J. Zweihorn
The SEC adopted a final rule to shorten the standard settlement cycle for most securities transactions from two business days (T+2) to one business day following the trade date (T+1). Many market participants…
Free Writings + Perspectives
SEC Adopts Final Rules to Shorten Standard Securities Settlement Cycle From T+2 to T+1
By Steffen Hemmerich, Marc Leong, Timothy Nagy, Anna T. Pinedo
On February 15, 2023, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) issued Release No. 34-96930 (the “Adopting Release”), containing final rules (the “Final Rules”) that will…
Public Chatter
SEC Adopts T+1 Settlement (But Longer Settlement Cycles Permitted)
A few days ago, the SEC adopted new rules related to the settlement of securities transactions. Specifically, the new rules call for a shorter T+1 settlement cycle. The rules become…