Examples of using Csds in English and their translations into Danish
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Article 16 Contractual relations with CSDs 1.
It is important to note that all major CSDs have responded positively to our initiative.
Users will be able to choose between all 30 CSDs in Europe.
CSDs also track how many securities have been issued, by whom, and each change in the holding of such securities.
The CSD Contact Group is a forum for communication and interaction with the CSDs.
The contracts between the Eurosystem central banks and CSDs, including the service level agreements, shall be fully harmonised.
The T2S Programme Board, jointly with the Eurosystem central banks, shall negotiate the contracts with CSDs.
The services provided by this infrastructure would also be available to CSDs, central banks and banks in other EU and EEA countries if requested.
The Framework Agreement shall be a document which will be proposed by the Governing Council to all European CSDs.
Thus, larger groups of CSDs and larger CSDs have a higher number of representatives, depending on their settlement volume.
The T2S Board, jointly with the Eurosystem central banks, shall negotiate amendments to the contracts with CSDs.
T2S Board members shall not be directly involved in the oversight of T2S or of CSDs that outsource settlement oper ations to T2S.
CSDs that extend credit(including intraday and overnight credit) shouldfully collateralise their credit exposures whenever practicable.
It shall cover the development and the operational phases of T2S. It will be signed by CSDs individually.
Standard 14: Access CSDs and CCPs should have objective and publicly disclosed criteria for participation thatpermit fair and open access.
I am happy to hear that the Target 2-Securities proposal, which is elaborated by the ECB and other central banks,has now been received positively by the CSDs.
The rules in relation to the access criteria for CSDs shall be implemented in the contractual agreements between the Eurosystem central banks and the CSDs.
CSDs will have to comply with strict organisational, conduct of business and prudential requirements to ensure their viability and the protection of their users.
Issuers and investors will be required to keep an electronic record for virtually all securities,and to record them in CSDs if they are traded on stock exchanges or other regulated markets.
Standard 6: Central securities depositories(CSDs)Securities should be immobilised or dematerialised andtransferred by book entry in CSDs tothe greatest possible extent.
It shall facilitate the preparation and negotiation of the Framework Agreement between the Eurosystem,on the one hand, and the CSDs which are willing to participate in T2S, on the other hand.
The European model with as many as 20 CSDs is fragmentary, benefiting from the fact that competition is only limited to securing new areas of influence.
Today's proposal will introduce,in line with our international partners, common standards across the Union for securities settlement and CSDs to ensure a true single market for the services provided by national CSDs.
CSDs in the EU will have access to any other CSDs or other market infrastructures such as trading venues or Central Counterparties(CCPs), whichever country they are based in.
The number of additional representatives is determined by the CSDs represented in the AG and the AG Chairperson, in line with the d'Hondt methodology for proportional representation;
However, CSDs are still regulated only at national level, and cross-border settlement is less safe(failure for cross-border transactions can reach up to 10% in certain markets) and efficient than domestic settlement.
In such a case, it shall be the responsibility of the T2S Programme Board to make a proposal to the Governing Council. CSDs who disagree with the T2S Programme Board proposal shall have the possibility to express a diverging opinion.
Are custodians, CCPs, CSDs and ICSDs to be considered as commercial firms, driven by regular competition, or should they( or some categories of these entities) be considered as utilities whether or not they operate within a monopoly environment?
The Commission also acknowledges that the blurring of the distinction between« custodianship»-- a non-core ISD service-- and CSDs is giving rise to concerns relating to regulatory arbitrage between entities licensed under the two regimes.
However, CSDs are still regulated only at national level, and cross-border settlement is less safe(failure for cross-border transactions can reach up to 10% in certain markets) and efficient than domestic settlement: costs are up to four times higher.