Post-Trading Committees

The Post-Trading Standing Committee (PTSC)

It is composed of representatives of the 28 EU national authorities (where there is more than one national authority in a Member State those authorities will agree which of their heads will represent them), with one observer from the European Commission, from Norway, Iceland and Lichtenstein. It undertakes ESMA’s work relating to clearing and settlement of transactions in financial instruments, including the roles of financial market infrastructures and any other entities providing post-trading services.

In particular, the PTSC is responsible for elaborating advice to the European Commission, and technical standards and guidelines and recommendations relating to the Regulation on OTC Derivatives, Central Counterparties and Trade Repositories. The PTSC is also responsible for developing ESMA’s policy on the regulation of central securities depositories (CSDs) and on the regulatory and supervisory implications of the TARGET2-Securities project.

Finally, the PTSC fosters supervisory convergence among the national authorities in its area of competence.


Any correspondence regarding the work of PTSC should be sent to post-trading[at]

Consultative Working Group

The PTSC is supported by a Consultative Working Group (PT CWG) made up of external stakeholder representatives.

Members Title
Giuseppe Vegas (Chair) Chairman of Commissione Nazionale per le Società e la Borsa (CONSOB), Italy
Jesus Benito CEO, Iberclear
Diana Chan CEO, EuroCCP
Mireille Dyrberg CEO EMEA, Trioptima
Iain Foster Assistant Treasurer, Rolls-Royce plc
Eric Litvac COO Global Equity Flow, SG CIB and Chair of ISDA Equity SC
Stephen Lomas Managing Director, Deutsche Bank
Joël Mérère Executive Director, Euroclear, S.A./N.V.
Eileen V. Muscat Designate CEO, Malta Stock Exchange
Dragos Neacsu CEO/President of SAI Erste Asset Management
Mattias Papenfuss Head of Operations, Clearstream Banking
Henrik Paulsson Independent Member
Pierre-Dominique Renard Director, LCH.Clearnet S.A
Hilmar Schwarz Head of Public Affairs, DWP Bank
Arnoud Siegmann Head of Risk Management, EMCF
Lars Thorboell Treasury Director of Carlsberg
Haavard Thorstad Head of Risk Management, Oslo Clearing
Marc Tibi Head of Market Infrastructure Projects, BNP Paribas Securities Services
Marcus Zickwolff Executive Director, Eurex Clearing

About Post-trading

ESMA’s main roles in the post-trading area are implementing regulations on the EU’s markets infrastructure (EMIR) and central securities depositories (CSDR), co-ordinating issues such as settlement discipline and Target2-Securities (T2S), and providing information on the Settlement Finality Directive (SFD).



Questions and Answers


For general queries on EMIR please contact:

For queries on TR registration please contact:

For queries on EU CCPs authorisation please contact:

For queries on TC-CCPs (non-EU CCPs) recognition please contact:

For queries on CSDR please contact: 


Post-trading committees

Standing Committee

Consultative Working Group



List of acronyms on Post-Trading