Are Regulators Creating More Risk with CSDs?

Article 47(3) of EMIR is becoming something of a rallying cry in CSD and custodian circles. It is definitely the major driver behind BNY Mellon’s ground-breaking launch of a new CSD and the almost-as-ambitious venture by the LSE Group, allied to JP Morgan, to create a somewhat lighter Luxembourg venture. And the planners at many other major custodians are all struggling to find an answer to the iniquitous consequences of article 47(3).