Response to ESMA on draft regulatory technical standards on the CSD regulation

Trading counterparites are best placed to ensure that the buy-in requirements are effectively applied and that in many markets (in particular fixed income) the trading venue is not in a postion to know whether any transaction it processes has settled or failed, or that a buy-in can or should be initiated.

We also alert ESMA to the legal risk a trading venue might be unduly exposed to.