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Buy-ins binned

We have posted extensively on the multiple delays to the CSDR’s Settlement Discipline Regime(SDR). By way of reminder the SDR was initially to comprise three core elements: Enhanced trade reporting to facilitate trade settlement, Incentivising timely settlement by the imposition of cash penalties, and A Mandatory buy-in regime for failed trades. Reporting and cash penalties […]

Mandatory Buy In- reports of whose death at least exaggerated

Just as the market had come to the happy conclusion that last November’s shelving of the CSDR mandatory buy in (“MBI”) requirements was essentially a face-saving exercise, to be followed by quiet abandonment, the Commission has raised somewhat vague prospects of their revival.  On 16 March 2022, the EC published a legislative proposal for a Regulation […]

(What remains of) Settlement Discipline begins today

1 February 2022 marks the coming into force of the CSDR’s Settlement Discipline Regime (SDR). As originally envisaged the SDR aims to harmonise the authorisation and supervision of CSDs across the EEA, mandating rules for CSD organisation and conduct.  and uniform settlement requirements. The seemingly bland intention to promote safe and efficient settlement proved controversial […]

(C)SDR results are in- keep on keeping on repapering

On 2 July 2021, the European Commission (EC) released the results of its February 2021 CSDR consultation. The results will guide the areas of focus for the upcoming Q4 2021 CSDR legislative review. The consultation garnered a relatively high response rate of 91 replies, split across both firms and trade associations, identifying the following as […]

EC endorse CSDR delay

On 23 October, the European Commission approved ESMA’s amended RTS, delaying the CSDR’s controversial settlement discipline regime until 1 February 2022. The amended RTS can be found here. Having been rubber-stamped by the Commission the RTS now enter the mandated three month period, pending non-objection by the Parliament and the Council. Despite adding to an […]

CSDR mini-delay OJ’d

As previewed, the RTS to postpone the application of the CSDR settlement discipline regime (“SDR”) until 1 February 2021 has been published in the OJ. Readers will recall that this delay was intended to give market participants some minimal extra time, to repaper documentation and allow IT systems to incorporate mandates due to be imposed […]

CSDR SDR in lockdown

ESMA has confirmed its intention to extend its delay of the CSDR’s Settlement Discipline Regime (SDR) until February 2022. An initial delay from the 13 September 2020 until 1 February 2021 was awaiting non-objection by the Parliament and Council to an earlier “Final” Report. This will now be superseded by a Final(er) Report on postponing […]

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