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🔗 Back to Summary. 🇫🇷 French Version: 2018R1229_FR.39. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 38 – Duration of deferral of the execution of a buy-in ⬅️ | ➡️ Article 40 – Settlement information for CCPs and trading venues
Références LVL1 <=> LVL2
Level 1 reference(s): 2014R0909_EN.7 > 9
Article 39 - Consistent and systematic failure to deliver securities
1.
A participant shall be considered as consistently and systematically failing to deliver in a security settlement system, as referred to in 2014, where its rate of settlement efficiency, determined by reference to the number or to the value of settlement instructions, is at least 15 % lower than the rate of settlement efficiency of that securities settlement system, during at least a relevant number of days over the 12 previous months.
The relevant number of days shall be determined for each participant as 10 % of the number of days of activity of that participant in the security settlement system over the 12 previous months.
2.
When calculating a participant’s rate of settlement efficiency, exclusive reference shall be made to settlement fails caused by that participant.