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CSDR-SD Working Group
The CSDR-SD Working Group is focused on the CSDR Settlement Discipline provisions, including the mandatory buy-in regime and cash penalties for settlement fails. The WG aims to identify and resolve practical implementation challenges related to the SD package, as well as directing ICMA’s advocacy work around the regulation. Members include sell-side and buy-side traders (bonds and repo), as well as operations experts and interested legal, compliance, and regulatory policy representatives.

If you or your firm would like to participate in the CSDR-SD Working Group, or would like to learn more about its focus and operation, please contact the SMPC secretariat. Observers from other associations are also welcome.

Adapting the ICMA Buy-in Rules
Following the call of the ICMA Secondary Market Rules & Recommendations (SMR&R) Working Group on 3 July 2018, ICMA met with ESMA to discuss updating the ICMA Buy-in Rules (or a version of the Buy-in Rules) to align with the CSDR mandatory buy-in provisions for in-scope transactions. In particular, ICMA is exploring the possibility of using the adapted ICMA Buy-in Rules to solve for the asymmetry in the regulatory provisions. ICMA will continue to keep members updated as these discussions evolve.
CSDR Mandatory Buy-ins: Adapting the ICMA Buy-in Rules to align with implementation

Call of the CSDR-SD Working Group on 28 June 2018
The first call of the reformed CSDR-SD was held on 28 June 2018. Topics discussed included scope and application of the settlement discipline provisions, raising market awareness, implementation challenges (such as appointing buy-in agents), the potential adaption of the ICMA Buy-in Rules, and future advocacy.  
WG members will be kept informed of future calls, meetings, relevant information and proposed output.
Note of call of the CSDR-SD Working Group on 28 June 2018

ESMA Workshop on CSDR-SD
On 5 June 2018, ICMA participated in an ESMA Workshop on CSDR-SD, intended to engage industry associations and representative bodies to highlight and discuss potential challenges of implementing the settlement discipline regime. It is hoped that there will be subsequent industry workshops as the market prepares itself for the 2020 implementation deadline.

More ICMA CSDR-SD resources can be found on the dedicated CSDR-SD webpage.


Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Secondary Market Practices Committee.
Direct line: +44 20 7213 0335

Gabriel Callsen
Associate, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0334