The three national CSDs of Estonia, Latvia, and Lithuania, have all been consolidated into a single business and operated using one integrated platform.

This single CSD operates under a single licence under the new CSDR regulations, the first of its kind to be granted in the EU.

This CSD business is also fully integrated with ECB’s TARGET2-Securities (T2S), which it joined successfully in September 2017.

Iceland’s national CSD was added to the same single DEPEND platform in August, 2020, turning that implementation into a regional market covering four countries.

Although Iceland is in the EEA rather than the EU, it still adheres to CSDR and other European regulations related to post-trade processing in capital markets.

The integrated CSD businesses of Estonia, Iceland, Latvia, and Lithuania, all run using one integrated platform based on Percival’s DEPEND CSD solution.
In addition, Percival’s HUBBLE message-layer solution supports and links the consolidated CSD with T2S.
It should also be noted that the business models of the three countries varies with Estonia being the only CSD in Europe to use the “all in” layering with T2S, where all beneficial owner accounts are reflected directly in T2S, whereas Latvia and Lithuania still operate omnibus accounts at participant level.
As a result, this implementation is the most functionally rich CSD solution in use anywhere in the EU and the CSD has the most complex business model of all T2S CSDs, supporting as it does a hybrid layering model.