The post-trade industry is at the centre of a series of transformative forces set to reshape the landscape, as regulators work overtime to keep up with developments. Keeping abreast of rapid change brings unique challenges – and, in response, this white paper aims to provide industry participants with a guide to understanding and navigating both recent and upcoming landmarks.

In the white paper, now in its second edition of 2024 (completed on 15 June), the authors begin with a thorough examination of the global forces driving shorter settlement cycles from theory to reality. From the pioneering efforts across Asia, centred in China and India, to the more recent implementation of T+1 settlement in the US and Canada, in May 2024, they take a closer look at this paradigm shift.

Turning to digitalisation and digital assets, they analyse how the regulatory regime is maturing, exploring the policy recommendations of the International Organization of Securities Commissions (IOSCO), addressing both decentralised finance (DeFi) and crypto assets, as well as Basel Committee initiatives, focusing on the disclosure of crypto asset exposure and targeted adjustments to standards.

The authors also review the hot-button issue of artificial intelligence (AI) and its impact on global regulatory developments – providing insight into the EU AI Act’s new ‘minimal to unacceptable’ risk categorisation system, China’s focus on specific AI model types, Singapore’s proposed Model AI Governance Framework for Generative AI, and other key updates. Having explored the topics affecting the global market, they also provide regional reports. For Europe, they delve into the MiFID II/MiFIR refit and revisions to the Central Securities Depositories Regulation (CSDR), and for Asia they provide an overview of settlement compression and the continued focus on market access.

We hope that this resource provides you with useful insights that can help to inform your strategic decisions in this era of unprecedented change.

Boon-Hiong Chan, Industry Applied Innovation Lead, Head of Securities & Technology Advocacy APAC, Deutsche Bank

Britta Woernle, Head of Market Advocacy Europe Securities Services, Deutsche Bank