목차
Title page 1
Contents 5
Abstract 4
Résumé 4
Introduction 6
CSDs maintain the ultimate record of securities ownership 8
Segregated vs omnibus accounts 9
Fragmentation of the EU market 14
Horizontal and vertical integration 16
Eurosystem's initiatives to harmonize post-trade processes 19
ICSDs and sanctions enforcement 22
ICSDs and foreign reserve holdings 22
Clearstream and the Central Bank of Iran: A case of sanctions circumvention 24
ICSDs are essential players in the eurobond markets 24
Russian assets reflected on Euroclear's balance sheet 26
The use of windfall contribution to support Ukraine 27
EU response to Russia's freezing and confiscation of Western assets 29
Seizing Russian assets 29
Additional risks and challenges 31
Building Asia's First ICSD 31
Cyberattacks 31
Distributed Ledger Technology 32
Conclusions 34
References 35
Tables 11
Table 1. Number of omnibus and individual accounts 11
Table 2. Vertical and horizontal integration of securities trading, clearing, and settlement in Europe (selected major players) 16
Table 3. Impact of Russian sanctions on Euroclear Holding's accounts 26
Table 4. Calculation of windfall contribution for 2024 28
Figures 10
Figure 1. Direct and indirect account holding models 10
Figure 2. Number of participants in the largest CSDs in the EU 10
Figure 3. Value of securities managed by individual CSD 15
Figure 4. Value of deliveries managed by individual CSD 15
