LuxCSD to act as Issuer CSD for STEP-labelled securities
LuxCSD has become a STEP-eligible Securities Settlement System. This achievement means that LuxCSD can now act as Issuer CSD for any STEP-labelled security.
The Short-Term European Paper (STEP) initiative was launched to foster the integration of the European short-term paper market. STEP aims to enhance market transparency and liquidity by providing a standardized framework for the issuance and trading of short-term paper.
Benefits for issuers
STEP transparency contributes to market depth and market liquidity, broadening the issuers’ potential base of investors and source of funding. Furthermore, STEP gives a voice and visibility to issuers; choosing the STEP label clearly indicates their active support for the harmonization and integration of the short-term paper markets in Europe, a concept strongly supported by the European Central Bank.
Benefits for investors
STEP offers a neutral and independent source of information, unaffected by any conflict of interests. Investors have access, in a mouse-click, to up-to-date information on the issuers, as well as on the features and the activity of their short-term paper programs.