Central Securities Depositories and Geopolitical Risks Challenges for European Policy
Journal: SPIRE - Sciences Po Institutional REpository
Year: 2025

Central Securities Depositories (CSDs) form the backbone of financialmarket infrastructure by registering securities, settling trades, distributingcash flows, and managing collateral. While often regarded as mere financial“plumbing,” they in fact underpin strategic objectives such as advancing theSavings and Investment Union, curbing tax evasion, and reinforcingEurope’s geopolitical stance.The academic and policy debate on CSDs is fragmented across threestrands of literature that rarely intersec