ESMA_QA_1222

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1222

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Regulatory Context

Regulation : CSDR

Level 1 Regulation: Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Settlement discipline - Other topics

Subject Matter: Participants’ settlement efficiency

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Question

Submission Date: 16 December 2021

Which settlement fails should be taken into account when calculating a participant’s rate of settlement efficiency in accordance with Article 39(2) of the RTS on settlement discipline?

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ESMA Answer

Answer Date: 16-12-2021

[ESMA70-156-4448 CSD Settlement discipline Q&A 9] The settlement fails to be used for this calculation should cover, for each participant, all the participant’s accounts opened/operated by the respective participant in a CSD securities settlement system: the participant’s own accounts and the participant’s client accounts. In addition, for all these accounts of a participant, the calculation should not take into account settlement fails where the settlement fail cannot be attributed to the participant (e.g. when the settlement fail is caused by the participant’s counterparty).

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This document was automatically extracted from the ESMA EMIR Q&A database.