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🔗 Back to Summary. 🇫🇷 French Version: 2017R0389_FR.3. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 2 – Calculation of cash penalties ⬅️ | ➡️ Article 4 – Criteria for establishing the substantial importance of a CSD
Article 3 - Reference price of the transaction
1.
The reference price referred to in Article 2 shall be equal to the aggregated market value of the financial instruments determined in accordance with Article 7 for each business day that the transaction fails to be settled.
2.
The reference price referred to in paragraph 1 shall be used to calculate the level of cash penalties for all settlement fails, irrespective of whether the settlement fail is due to a lack of securities or cash.