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Towards a convergence of CSD account segregation practices?

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  • Belghazi, Soraya

Abstract

This paper looks at recent trends in account segregation practices at central securities depositories (CSDs). Despite a regulatory push for segregated accounts as a means to enhance investor protection, the author argues that the trend towards more segregation primarily affects intermediaries. European financial market infrastructures face specific challenges, with recent public initiatives discouraging mandatory segregation at the CSD level and promoting cross-border access to CSDs via the use of omnibus accounts. Given the current diversity in segregation practices at the national level, the recent introduction of the notion of ‘investor choice’ in European legislation marks an important milestone and could pave the way for a progressive convergence of CSD account segregation practices across Europe.

Suggested Citation

  • Belghazi, Soraya, 2016. "Towards a convergence of CSD account segregation practices?," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 8(1), pages 18-27, January.
    • Handle: RePEc:aza:jsoc00:y:2016:v:8:i:1:p:18-27
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    More about this item

    Keywords

    account segregation; shareholder transparency; investor protection; CSD Regulation; securities law; financial market infrastructures; registration; settlement;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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