CSDs and the reform of the settlement process
The post-trade activities in securities has again raised considerable attention and discussions: recent public consultations of European Commission have resulted in a very active debate concentrating on three issues: new regime for settlement finality, with specific attention to the Buy-in process, the consequences of possible introduction of distributed ledger technology in the securities settlement process, and finality the widespread use of internalisation as a replacement to the CSDs. Overall, these discussions also result in a debate about the supervisory system. The debates on these topics are still open and are likely to keep us busy for quite some time. Therefore, this status questionis may be useful.