Central Securities Depositories Regulation

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The Central Securities Depositories Regulation ‘settlement discipline’ includes measures to improve settlement efficiency, such as cash penalties for fails and measures such mandatory buy-ins.

These CSDR settlement discipline provisions are due to come into force from 1 February 2021 and will also apply to non-EU/EEA domiciled trading entities.

According to CSD simulations, penalties for settlement fails and late matching may result in significant costs for settlement participants.

To avoid such costs Aquarius enables, within its securities settlement operational capabilities:

  • Full compliance with CSDR practices and coverage of the CSDR related messages (e.g. T2S)
  • Improved settlement lifecycle control to detect potential fails and late matches before penalty application
  • Penalty calculation


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