CSDR: The next headache in bond market liquidity
A rule many thought had died silently in the legislative process is about to be resuscitated, and bond market pros say it will be devastating to bond market liquidity.
In particular, one article in the level-one text is riling lawyers and lobbyists representing the bond market.
Andy Hill, ICMA
“It’s an all-round destroyer of market liquidity,” says Andy Hill, a senior director in the International Capital Market Association’s (ICMA) market practice and regulatory policy group.
The Commission has signalled that it expects to endorse the European Securities and Markets Authority's (ESMA) regulatory technical standards for the Central Securities Depositories Regulation (CSDR) in the second quarter, according to a second industry lobbyist.