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Abstract
In the European Union, securities transactions worth over €900 trillion are settled each year by Central Securities Depositories (CSDs). As part of its ongoing efforts to create a sounder financial system, the European Commission has recently proposed to set up a common regulatory framework for European CSDs and to harmonise certain aspects of the securities settlement in Europe. The proposal, which is currently being considered by the Council (Member States) and the European Parliament, will bring more safety and efficiency to securities settlement in Europe.