· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at the ECSDA Conference, 18 November 2025
Read full speech on esma.europa.eu ↗ContextKeynote by the ESMA Chair in Brussels at the conference of ECSDA, the association of European central securities depositories.
Why it mattersThe ESMA Chair on post-trade fragmentation, a hidden cost for European investors.
Problems raised
- Post-trade fragmentation raises costs.
- Settlement efficiency is uneven.
- Non-EU participants have concerns.
Solutions proposed
- Increase interoperability of post-trade systems.
- Improve settlement efficiency and supervisory convergence.
- Engage with industry and non-EU participants.