The Nasdaq CSD provides all three core CSD services:
- initial recording of securities (“notary service”);
- maintaining of securities accounts at the top-tier level (“central maintenance service”); and
- securities and cash settlement services (“settlement services”).
European CSDs are facing new regulations and changes in market structure which are significantly reshaping the post-trade industry and increasing the level of uncertainty about their future business model. This involves changes in regulations, market infrastructure, technology and processes.
To meet all the requirements and enhance our offering (to comply and compete), the Nasdaq CSD has built its business model around the following major elements:
- Consolidation of three regulated entities into one; implementation of EU standards in governance, operations and technology; re-platforming to new CSD technology; connecting to TARGET2-Securities; consolidation and upgrading of CSD infrastructure and operations; and relicensing under the CSDR;
- Development of new products and services in existing markets by expanding asset servicing for Baltic securities, offering Baltic market participants wider coverage of markets/assets and building and exploiting new links with ICSDs/CSDs; geographic expansion in the Nordics and other new markets; and developing an integrated Nordic/Baltic post-trade offering.