The Europeanisation of the back office - The implications of CSD Regulation and T2S

Published in 
CEPS - Centre for European Policy Studies 1 Place du Congrès / Congresplein 1000 Brussels

European institutions have been working since long time to harmonise rules and integrate market infrastructure. Settlement cycles have been increasingly converging across asset classes and Europe is becoming a leading region for the resilience of its back office, in particular as a result of the pressure to build a pan-European infrastructure. Much has been done, but the Europeanisation process is still incomplete. The event will discuss progress of two paramount initiatives: the Target-2 Securities (T2S) and the Central Securities Depositories Regulation (CSDR). After 9 years of planning, preparation and testing, the Target-2 Securities (T2S) system will go live in June 2015 offering a pan-European technical platform for DVP settlement that may facilitate cross-border securities transactions. A year away from being fully operational, the event will discuss the pending issues with T2S (such as pricing) and its interaction with ongoing financial reforms. The Central Securities Depository Regulation, instead, is the latest of a number of legislations impacting how securities are traded, cleared and settled in Europe. Among other rules, it will harmonize securities settlement periods and introduce operational requirements for CSDs. Overall, these two initiatives aim at creating a truly European post-trade infrastructure by reducing legal uncertainty and increasing competition. Another piece in the complex puzzle of a fully integrated European financial system.

A Sandwich Lunch will be served with the opening of the registration at 12.30


  • Ilse Peeters, Director Public Affairs, Euroclear S.A.
  • Dirk Bullmann, Adviser DG General Market Infrastructure and Payments, European Central Bank
  • Gaël Nicora, Asset Servicing Business Executive, The Bank of New York Mellon SA/NV
  • Tony Freeman, Head of Industry Relations, DTCC 
  • Agata Malczewska, Financial Markets Infrastructure, European Commission


  • Godfried De Vidts, Director European Affairs, ICAP


  • Participation in ECMI-CEPS meetings is a benefit of ECMI and CEPS membership. ECMI and CEPS members register free of charge. EU and national officials, academics (including PhD students), NGOs (not representing a commercial interest) as well as press are also admitted free of charge.
  • Other participants may be admitted for €100 (21% VAT included, payable at registration). If you have questions regarding membership or participation, please contact diana.musteata@ceps.eu before registering.
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