What means CSDR for our Clients


The adaptations needed to comply with the provisions of the new regulation are mainly related to Monte Titoli, thus minimizing the impact for the Client.

Segregated accounts

In order to ensure adequate asset protection, Article 38 of Regulation (EU) No. 909/2014 requires CSDs to offer their participants the choice of two different levels of segregation.
Clients will have the ability to create third-party accounts to separate the activities of a specific Clients, rather than merging activities belonging to multiple Clients into a single account.

LEI code

Clients will be required to obtain LEI code and communicate it to CSD in order to identify their legal entity type which CSD will record and report to their national authorities to help harmonise data collection and reporting.

Monte Titoli User Committee

It is foreseen that Monte Titoli establishes a User Committee  composed of issuers and participants. Functioning and mandate are disciplined by an appropriate regulation.

Settlement discipline

Following the harmonization of buy-in procedures and penalties, Monte Titoli will adapt its operating rules to receive the new European regulation.
Analysis for the implementation of settlement discipline is currently underway, even at T2S level.