Today, issuers usually issue in one CSD. All other CSDs, and their national customer base, need to access these securities by connecting to this initial one. This chopped-up process is complex and relatively expensive. Investors and issuers alike see scope for improvements. 1 The progress made is evaluated using five categories: “no progress”, “limited progress”, “some progress”,  “substantial progress” and “full implementation”.
“No progress” means that the Member State concerned did not even “credibly announce” measures that would aim to address the policy recommendation. 3/3  BIS central bankers' speeches