ECB decided to push back project to replace TARGET2 with a new real-time gross settlement, while also delaying the new Eurosystem Collateral Management system.
The proposal came in response to a request from the European Commission to further postpone the Settlement Discipline Regime.
Sean Tuffy, Virginie O’Shea and the GC team are back to discuss the latest FinReg news and discuss the lingering issues and FinReg worries around Brexit, along with the effectiveness and challenges of regulatory cooperation.
Global Custodian understands advanced discussions are underway among EU regulators to propose a delay, though confirmation of this could still be months away.
Lobbyists likely to use UK decision to not implement the settlement discipline regime as further leverage in calls for a delay.
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The rise comes less than a month before sell-side firms will be required to report their trades under SFTR.
The Treasury said it will not implement the SDR from February 2021, but will consider the future approach of the rules to the UK’s own post-trade framework.
Service will enable firms to reduce implementation time for deploying key components for sourcing accurate reference data, says SmartStream.