Evolution of the Romanian post-trade environment: Embracing the new European post-trade realities

Abstract

This paper focuses on how Depozitarul Central, the Romanian Central Securities Depository (CSD), is preparing to face the challenges, and benefit, from the opportunities of the new European post-trade reality. Depozitarul Central evolved from a product-delivery to a client-focused organisation. It deployed the most advanced regulations and technology, including SWIFT. The organisation offers choice between omnibus and beneficial owner accounts and provides innovative solutions to its domestic and global clients, acting as a gateway to efficient settlement and asset servicing in 18 foreign markets, in addition to the domestic market. All the links support free of payment (FoP), as well as delivery versus payment (DvP) settlements in 11 currencies. Depozitarul Central developed borrowing and lending services, based on the Global Master Securities Lending Agreement, including collateral management facilities. It is a pioneer in TARGET2 Securities and is part of the first group of depositories that will use this state-of-the-art pan-European settlement platform. Today the organisation is one of the leading CSDs in Central and Eastern Europe and continues to be a pioneer of securities services developments by working with its local and remote clients and providing them with efficient and seamless access and solutions for the future European environment.