The design and functioning of CSD services in the EU
There is growing attention from policymakers on the market structure and functioning of the EU Central Securities Depository (CSD) sector. This is an important topic with implications for EU investors, EU companies and the real economy.
Much of the debate has focused on the problem of ‘fragmentation’, a term that is frequently used but often misunderstood.
Commissioned by Euronext Securities, Oxera’s report provides an economic analysis of CSD services, describing the drivers of CSD ‘fragmentation’ today and the implications for market design. It also discusses how, as a result of the regulatory framework and infrastructure developed over the last 15 years, competition for CSD services in the EU is possible and can be beneficial for end-users.
