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The ABBL welcomes the European Commissions consultation on the need and scope of a regulation on Central Securities Depositories (CSDs) activities and functions. Today CSDs are built on national regulation that has over the course of the years adapted to provide at national level the required Security and flexibility to best suit market needs. In the European tradition of CSDs or ICSDs, Luxembourg may be a particular case as it has been home to one of the largest EU ICSDs for the past 40 years. Until 2009, Luxembourg had in effect no national CSD as typically understood in other Member States. The ABBL considers CSDs first and foremost as market infrastructures that are set up to provide and perform core vital functions to a smooth, safe and efficient securities...
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