Welcome to ECSDA Informative Site!

European Central Securities Depositories Association ECSDA

Welcome to our informative website about the ECSDA including its early history and its merger with the Central and Eastern European Securities Depositories (CEECSDA). We also include information about the Association of Eurasian Central Securities Depositories (AECSD).

History of the ECSDA

The idea for ECSDA began in the early 1990s, when central securities depository (CSD) chief executives started to meet on a regular basis to exchange best practices and prepare for the adoption of the Euro. In 1995, at one of these regular meetings at the European Monetary Institute, the idea emerged to formalise these meetings into the framework of an association.

ECSDA was founded in Madrid in November 1997 with thirteen members and Alain Monod-Broca from SICOVAM, the French CSD at the time, as the first Chairman from 1997-1999. The ECSDA provides a forum for central securities depositories (CSDs) to share information and projects. Initially, the ECSDA programme focused on the technical aspects of secure and efficient cross border settlement, through the introduction of the Eurolinks network. ECSDA has since developed standards for cross-border settlement of securities transactions and automated support of corporate actions, including cash dividends and a model agreement to provide legal guidelines for establishing links between national and international CSDs.

Early ECSDA reports

The Giovanni Report from 2001 identified the main barriers to efficient cross-border clearing and settlement in Europe. In April 2013, the second Giovannini report contained remedial actions to remove existing barriers to efficient cross-border clearing and settlement in Europe, with the ECSDA tasked with the removal of some of the barriers.

At the SIBOS conference in September 2005, ECSDA and CEECSDA (Central and Eastern European Securities Depositories) agreed to merge into a new ECSDA in January 2006.

In November 2006 ECSDA members, together with FESE and EACH (associations representing Exchanges and CCPs respectively) signed the European Code on Conduct on Clearing and Settlement.

Later ECSDA history

With a significant increase in cross border activity, a deeper awareness of the risks in the settlement process, the integration process of the European capital market and the higher attention paid to high efficiency of cross border settlement, ECSDA enhanced their role.

ECSDA now has a focus on joint work related to common interest issues in European clearing and settlement and promotes the removal of obstacles on cross border settlement by working in close cooperation with operators of exchanges and trading platforms, issuers, intermediaries, and institutional authorities. ECSDA also offers advice on legal, regulatory and fiscal matters to the European Authorities and contributes to the decision making process to shape clearing and settlement in Europe.

The first EU-wide Regulation on Central Securities Depositories was published on 28 August 2014. ECSDA played an active role in promoting a harmonised framework for CSD activities in Europe and in supporting compliance with the new rules by its member organisations.

In May 2017 the ECSDA appointed Anna Kulik as Secretary General.

Central and Eastern European Securities Depositories (CEECSDA)

CEECSDA was founded on 9 Oct 1998 in Budapest, Hungary. It ceased to exist 31 Dec 2005, when members joined European Central Securities Depositories Association (ECSDA).
CEECSDA was formed by members from eleven countries in Central and Eastern Europe, being Bulgaria, Croatia, the Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Romania, Slovakia and Slovenia. Gergely Horváth from KELER Ltd, the Hungarian CSD, was the first Secretary General of CEECSDA.

Mission of ECSDA

The ECSDA works to ensure processes are both highly efficiency and low risk. The organisation provides a level playing field with the highest standards for those offering custody, pre-settlement and settlement services, including common standards to remove barriers to cross-border settlement. The ECSDA has become the hub for the exchange of information on legal, tax, regulatory issues and market practices to foster harmonisation across Europe as well as international cooperation./p>

The main aims of the ECSDA


  1. to study technical, economic, financial, and regulatory issues affecting European central securities depositories, to offer solutions and provide advice on these topics
  2. facilitate cooperation between central securities depositories at the European and international level, including the provision of a forum for exchange of information among members and also between interested parties in the field of securities pre-settlement, settlement and custody
  3. promote the role of central securities depositories in financial markets, in particular their contribution to reducing risks and increasing efficiency in relation to cross-border securities processing, for the benefit of issuers, investors and market participants
  4.  to represent and defend the common interests of European central securities depositories, particularly through supporting a coordinated approach towards relevant European and international regulatory and decision-making bodies with competence in the field of securities pre-settlement, settlement and custody.

The Association of Eurasian Central Securities Depositories (AECSD)

AECSD unites the Central Securities Depositories of the Commonwealth of Independent State countries (CIS) formed when the former Soviet Union dissolved in 1991.
The AECSD activities began in 2001, when the securities industry members noted the long term need to establish cooperation between organisations, unite their efforts to improve and harmonise legislation on the securities market, as well as find efficient means of cooperation between stock markets in general. An important outcome of the Fourth Conference in 2004 was the decision passed by its participants to formally register the Association, as well as development of its governing bodies and work plans.

The Association’s mission is to develop and enhance depository operations, create a common depository “environment”, and integrate the CSDs of the CIS countries into the global securities settlement system.

Association founders:

Depository Clearing Company (Russian Federation),
State CSD of Uzbekistan Republic,
National Depository of Ukraine,
National Securities Depository of Moldova,
National Depository of Azerbaijan,
National Depository Center (Russian Federation),
Republican Central Securities Depository (Republic of Belarus),
Georgian Central Securities Depository,
Central Securities Depository (Kazakhstan),
Central Depository (Kyrgyzstan).
During the AECSD conference held in Moscow in October 2005 Central Depository of Armenia became an Association member. In October 2008, The National Depository of the Republic of Uzbekistan “VAQT” gained observer status in the Association.

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