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Brussels, 18 December 2013
Central Securities Depositaries: Commissioner Barnier welcomes provisional agreement in trilogue
"I welcome the provisional agreement reached this morning between the European Parliament and the EU Member States on new rules on securities settlement and central securities depositaries (CSDs) in the EU. Settlement is a very important process for securities markets and for the financing of our economy. The numbers speak for themselves: in the European Union, transactions worth over one quadrillion euro were settled by CSDs in last two years. This agreement will ensure that settlement is carried out in a safer and more efficient manner. I would like to thank the European Parliament, especially the rapporteur, Kay Swinburne, and the shadow rapporteurs; and the Council especially the Lithuanian Presidency and the previous Irish, Cypriot and Danish Presidencies for their work on reaching this agreement. I hope that the remaining technical work can be finalised as soon as possible under the Greek Presidency so that these new rules can be formally adopted by the co-legislators."
Key elements of the agreement
The Commission's proposal for a Regulation on securities settlement and central securities depositories (CSDs) in the European Union was presented in March 2012 (IP/12/221).