ECSDA consults on the draft Settlement Fail Penalties Framework
9 July 2018
Today, ECSDA makes available the draft version of its future ECSDA Settlement Fail Penalties Framework (the Framework). The document aims at creating a harmonised and coherent set of rules and considerations for creation and operation of the Settlement Discipline Cash Penalties mechanisms by all European CSDs subject to the CSD Regulation (Regulation (EU) 909/2014) or equivalent provisions. It intends to provide a clear, safe and efficient Framework for settlement penalties mechanisms of the CSDs that have joined and that have not yet joined T2S platform.
The draft version of the Framework is based on numerous assumptions which need to be confirmed by the authorities and other relevant stakeholders. It is intended to evolve pursuant to clarification of assumptions, dialogue with relevant stakeholders and further ECSDA work.
Preliminary or partial views will be appreciated as soon as possible.
The open consultation on the early draft framework is running until 17 August at the latest.
Please send us your views, comments and proposals to info@ecsda.eu.
We thank you in advance for your attention and possible contribution to improving the ECSDA Settlement Fail Penalties Framework further.
