Unified European Settlement System Hits Home Stretch
Post-crisis settlement revamp still working out snags.
The need for a consistent regulatory approach to settlement systems and settlement processes arose after the financial crisis of 2008-2009. Although CSDs did not show any signs of failure at the time, they were not consistently regulated across the 28 countries, an irregularity that the European Union, pressed by the Group of 20, decided to eradicate.
Following the advent of the Eurosystem's Target2-Securities (T2S) project, the CSDR came as an extra piece of regulation that would provide a
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