London, 4 December 2020 – Euroclear UK & Ireland has today announced it has obtained its Central Securities Depositories Regulation (CSDR) licence from the Bank of England. Euroclear UK & Ireland is the seventh and final CSD entity in the Euroclear Group to receive its licence.
CSDs play a key role in the functioning of financial markets by ensuring the settlement of securities transactions, the safeguarding of assets and in mobilising collateral for monetary policy operations, both domestically and across borders.
The CSDR provides a set of high and consistent standards across compliant CSDs, providing assurance from the regulators to investors that stringent measures are in place to ensure the security of their assets and the efficiency of transactions. As such, the new regulatory framework aims to bring risk and cost reduction benefits to financial markets as a whole.
Michael Carty, CEO of Euroclear UK & Ireland said: “We are very pleased to have been granted the CSDR licence. I would like to thank our clients who worked with us to reach this milestone and congratulate the teams involved. Obtaining a CSDR licence demonstrates the high standards to which Euroclear CSDs operate and provides a strong baseline for Euroclear UK & Ireland as we invest further in providing a robust and relevant CSD platform for the UK.”
Lieve Mostrey, CEO of Euroclear Group added: “This accomplishment by Euroclear UK & Ireland is a significant moment for Euroclear as a group. After a multi-year journey we have now obtained CSDR licenses in all seven Euroclear entities. I am extremely proud of the unrelenting focus, in very uncertain times, of all entities to achieve this goal. CSDR means that European financial markets are now even safer and even more resilient, which we fully support in our role as financial market infrastructure.”