ECSDA to welcome CSD participants at workshop on the CSDR Penalties Framework
The ECSDA CSDR Penalties Framework Workshop will take place on Thursday, 13 February at Clearstream, Mergenthalerallee 61, 65760 Eschborn (Frankfurt), Germany.
ECSDA updates the draft CSDR Settlement Discipline Penalties Framework
On 3 July 2019, ECSDA published the updated version of the draft ECSDA CSDR Settlement Discipline Penalties Framework. The updated version of document can be found here.
The main chapters in the ECSDA Draft CSDR Settlement Discipline Penalties Framework include:
- ECSDA CSDR SDR Penalties Framework key considerations
- Penalties lifecycle and business days calendar
- Penalties scope
- Identification of the party to be penalised
- Reference/static data required for penalty calculations
- Penalties currencies conversion needs
- Calculation methods of the cash penalties
- Changes to previously calculated penalties
- Cross-CSD settlement fails
- Collection & Redistribution of penalties (Payment)
- Reporting
Other supporting information is also provided in the framework.
ECSDA meets stakeholders on CSDR Penalties Framework
On Monday 18 February ECSDA had a dialogue with stakeholders on the ECSDA CSDR Penalties Framework. Updated version 17 April 2020
The workshop gave the opportunity to various industry associations to provide valuable input and questions that ECSDA will take into consideration for the next version of its framework document.
Updated ECSDA CSDR Penalties Framework
On 29 January, ECSDA published the updated version of the ECSDA CSDR Penalties Framework.
This version of the ECSDA Framework is based on the comments received during the public consultation in the summer 2018, further deep reflection among CSD experts and includes the confirmation of some working assumptions by relevant European authorities.
The “ECSDA CSDR Penalties Framework”, is the effort of compliance with the CSD Regulation. It aims at harmonisation of settlement penalties mechanisms across CSDs subject to CSDR or (potentially) equivalent regulation. It intends to provide a clear, safe and efficient Framework for settlement penalties solutions of CSDs, both the ones that will be using T2S penalties mechanism and other CSDs.
This updated version of the document will be presented and discussed with the main stakeholders on 18 February in Frankfurt. If you have comments on the Framework and an interest to attend the event, please let us know and we will check, if the capacity allows us to invite you to join.
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.
ECSDA views on the Future of European Post-Trade
Recently, the European Commission has launched a consultation on the Future of European Post-Trade, based on the conclusions of the European Post Trade Forum (EPTF). European CSDs thank the European Commission for the constructive and effective discussions at the EPTF, in which they have been deeply involved. In addition to the insight provided in the report resulting from the forum, Central Securities Depositories (CSDs) note several trends in their immediate ecosystem which are important to post-trade more widely.
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ECSDA responds to ESMA on settlement discipline
19 Feb 2015 – What will be the market impact of the CSDR rules on settlement discipline? The draft measures issued by ESMA for consultation in December 2014 in the context of the CSD Regulation (CSDR) would create a settlement discipline framework which has the potential to substantially affect the way securities transactions are cleared and settled today.
A dense network of CSD links
26 Jan 2015 – A “CSD link” is an arrangement allowing a central securities depository to give its clients access to securities maintained in another CSD, without requiring its clients to be direct participants in the other CSD. Links are thus an important means to facilitate cross-border securities transactions and they contribute to market integration. Based on data collected in the second half of 2014, ECSDA has produced an overview of CSD links which shows that a dense network of links has developed over the past years.