Educational Seminar

📅 5 December 2025

🕔 From 09:30 to 11:30

📍 European Parliament

Context

Post-trading refers to a range of activities that take place after an exchange of transferable assets – such as shares, bonds or derivatives – has been agreed upon. The sector is often referred to as the “plumbing of financial markets”. The term “post-trade” includes the settlement of transactions as well as the custody of securities; it can also be used to refer to the creation and issuance of new securities. Although they can be largely invisible to the retail investor, these activities are fundamental to the efficient functioning of the financial system. If they don't work correctly, financial markets could face disruptions and investors may be affected by higher risks and costs.

Post-trading refers to a range of activities that take place after an exchange of transferable assets – such as shares, bonds or derivatives – has been agreed upon. The sector is often referred to as the “plumbing of financial markets”. The term “post-trade” includes the settlement of transactions as well as the custody of securities; it can also be used to refer to the creation and issuance of new securities. Although they can be largely invisible to the retail investor, these activities are fundamental to the efficient functioning of the financial system. If they don't work correctly, financial markets could face disruptions and investors may be affected by higher risks and costs.

Points for discussion

This EPFSF educational seminar aims to provide an overview of post-trading activities, the actors involved and recent milestones in the evolution of the sector. It will be an opportunity for participants to better understand this area of the financial system and its relevance to the SIU agenda. It will address topics including:

• Introducing the post-trade functions and the main players involved
• The securities lifecycle – connecting the issuers and investors  
• A recent history of post-trading in Europe: the main milestones and regulatory developments 
• Why is this sector relevant in the context of the Savings and Investments Union? 

Program 

9:00 Registration and welcome coffee
09:30 Event

Speakers

• Gergely Koczan, European Central Bank. Team Lead, Market Innovation and Integration

• Jan Lemeire, Euroclear. Head of Strategy Advisory, Client Intelligence and Analytics

• Marcello Topa, Citi. Director, Global Market Advocacy, Policy and Strategy

• Anna Kulik, ECSDA. Secretary General

• Haroun Boucheta, BNP Paribas, Securities Services. Head of Public Affairs, Law Professor