The proposal came in response to a request from the European Commission to further postpone the Settlement Discipline Regime.
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.
The association has urged the regulator to take ‘a holistic approach’ to postponing the Settlement Discipline Regime (SDR) by at least a year.
The endorsement comes two months after the ESMA stated it would postpone enforcing CSDR's settlement discipline regime following an industry-wide lobby.
The consensus among both buy- and sell-side firms is that the mandatory buy-in regime will have significant negative implications on Europe’s capital markets.
The toolkit sets out a range of operational, trading and risk processes that need to be reviewed and enhanced ahead of the incoming settlement discipline regime.