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ICMA publishes briefing note on the RTS for CSDR-SD related to the mandatory buy-in regime
29 May 2018 ICMA has published a briefing note on the RTS for CSDR-SD related to the mandatory buy-in regime. The note outlines the key characteristics of the mandatory buy-in framework, and discusses the expected impacts this is likely to have with respect to bond market liquidity, repo and lending markets, increased risks to buy-sides, market stability, potential extraterritorial implications, as well as conflicts with the aims of CMU. It also references the original marker impact study undertaken by ICMA in 2015, which suggests significant costs to buy-side firms, (running into €10s of billions per annum) through adjusted bond market pricing and reduced liquidity.

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