Responding to this paper
ESMA invites comments on all matters in this paper and in particular on the specific questions
summarised in Annex 1. Comments are most helpful if they:
respond to the question stated;
indicate the specific question to which the comment relates;
contain a clear rationale; and
describe any alternatives ESMA should consider.
ESMA will consider all comments received by 2 September 2016.
All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your
input - Consultations’.
Publication of responses
All contributions received will be published following the close of the consultation, unless you
request otherwise. Please clearly and prominently indicate in your submission any part you
do not wish to be publically disclosed. A standard confidentiality statement in an email
message will not be treated as a request for non-disclosure. A confidential response may be
requested from us in accordance with ESMA’s rules on access to documents. We may consult
you if we receive such a request. Any decision we make not to disclose the response is
reviewable by ESMA’s Board of Appeal and the European Ombudsman.
Data protection
Information on data protection can be found at www.esma.europa.eu under the heading Legal
Notice.
Who should read this paper?
This discussion paper is meant to be read by technologists such as Fintech companies and
any financial institutions interested in the use of the Distributed Ledger Technology (DLT) in
securities markets such as banks, central counterparties, central securities depositaries,
custodians, asset managers, investors, etc. ESMA expects that persons who read this paper
have already a good understanding of the mechanics of the DLT. Indeed, this paper is not
meant to explain in detail how the DLT works but rather how it could be applied to securities
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