Attention turns to Esma after UK quashes CSDR buy-ins

Esma launched informal review just before UK Treasury opted out of settlement regime

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The European Union could face renewed pressure to rethink its pending rules on settlement discipline following the UK government’s unilateral decision to opt out of the regime, which is due to go into effect in February 2021.

The settlement discipline regime is set out in Article 7 of the EU’s central securities depositories regulation (CSDR), which requires that if one party to a trade fails to deliver securities, a third-party agent must be contracted to buy in the missing securities to

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