Central Banking

Eurosystem repatriation rule-change creates 'level playing field' for CSDs


The European Central Bank's (ECB) announcement last week that it will next year abolish the repatriation requirement from its correspondent central banking model (CCBM) has been welcomed by two of the biggest international central securities depositories (CSDs) as creating a "level playing field" in which the market will be "the big winner".

ECB executive board member Benoît Cœuré announced last week that the change will come in May 2014, meaning eurosystem counterparties will no longer be requi