The proposal came in response to a request from the European Commission to further postpone the Settlement Discipline Regime.
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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.
A potential AIFMD passport and UK equivalence could smooth the way for UK custodians to expand their depositary services across the EU market.