POSTTRADE 360°

The continuous processing encouraged by America’s T+1 transition is the strongest current driver of operational innovation in capital-market businesses – or so a Thursday panel at the Deutsche Börse Group’s Global Funding and Financing Summit proposed on Thursday morning.  On stage: Barnaby Nelson, The Value Exchange, Steve Everett, TMX, Jens Hachmeister, Deutsche Börse, and Matthieu Herbeau, Banque de France. #GFF

With some 800 registrees in Luxembourg this week, the Deutsche Börse group’s yearly Global Funding and Financing Summit has grown from a tight client gathering to a main event on Europe’s collateral and repo scene. Indicators of continuing volatility formed part of the background picture as the Global Funding and Financing Summit got rolling in Luxembourg on Wednesday morning. 

With a plan to combine Nasdaq’s Nordic power futures business with its Nord Pool market, Euronext has struck an agreement with Nasdaq for a takeover. Trading will be operated at Euronext Amsterdam, while the clearing of the securities in scope will move from Nasdaq Clearing to Euronext Clearing. 

Leaving the quarterly calculations of “systemic internalisers” behind, DPE is the new acronym to keep in mind for participants in the EU’s over-the-counter securities markets. The new transactions reporting system, built around “Designated Publishing Entities”, comes into play on Monday, 3 February 2025. 

Last week saw the Swiss Securities Post-Trade Council (swissSPTC) recommend that the transition to T+1 settlement in Switzerland and Liechtenstein occur in October 2027. The UK task force soon replied by agreeing specifically to the 11 October date that the EU’s ESMA recently proposed (in turn following the UK’s overall plan). In other words: Europe seems aligned. 

Spain’s SIX-owned CSD Iberclear, has renewed its mandate to manage the National Registry for Greenhouse Gas Emission Allowances (Renade) until 2026, with the possibility of an extension to 2029. 

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A rough 2 trillion dollars per day, of settlement-risk exposures in connection with foreign-exchange transactions outside the industry’s risk-mitigating CLS utility, are a main target as the Global Foreign Exchange Committee (GFXC) publishes updates to 5 of the 55 principles in its FX Global Code. 

Eurex Clearing has announced plans to launch DLT-supported collateral mobilisation in the second quarter (Q2) of 2025. The move follows the receipt of “regulatory non-objection” from German regulator BaFin. In a press release, the CCP reveals that it aims to “set an example for enabling digital mobilisation of collateral with the benefits of a secure CCP framework”.

The European Securities and Markets Authority (ESMA) has launched a new governance structure to support the transition to T+1 in the EU together with the European Commission and the European Central Bank (ECB), reports the European Central Securities Depositories Association (ECSDA). On 22 January, ESMA hosted the T+1 Governance Launch Meeting, unveiling the framework to transition to a one-day (T+1) settlement cycle.