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Document 02018R1229-20210130
Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on settlement discipline (Text with EEA relevance)Text with EEA relevance
Consolidated text: Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on settlement discipline (Text with EEA relevance)Text with EEA relevance
Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on settlement discipline (Text with EEA relevance)Text with EEA relevance
02018R1229 — EN — 30.01.2021 — 003.001
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COMMISSION DELEGATED REGULATION (EU) 2018/1229 of 25 May 2018 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on settlement discipline (OJ L 230 13.9.2018, p. 1) |
Amended by:
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Official Journal |
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No |
page |
date |
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COMMISSION DELEGATED REGULATION (EU) 2019/1689 of 29 May 2019 |
L 259 |
1 |
10.10.2019 |
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COMMISSION DELEGATED REGULATION (EU) 2020/1212 of 8 May 2020 |
L 275 |
3 |
24.8.2020 |
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COMMISSION DELEGATED REGULATION (EU) 2021/70 of 23 October 2020 |
L 27 |
1 |
27.1.2021 |
COMMISSION DELEGATED REGULATION (EU) 2018/1229
of 25 May 2018
supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on settlement discipline
(Text with EEA relevance)
CHAPTER I
General
Article 1
Definitions
For the purposes of this Regulation, the following definitions apply:
‘clearing member’ means an undertaking as defined in point (14) of Article 2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council ( 1 );
‘exchange-traded fund (ETF)’ means a fund as defined in point (46) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council ( 2 );
‘execution of orders’ means ‘execution of orders on behalf of clients’ as defined in point (5) of Article 4(1) of Directive 2014/65/EU;
‘retail client’ means a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU;
‘settlement instruction’ means a transfer order as defined in point (i) of Article 2 of Directive 98/26/EC of the European Parliament and of the Council ( 3 );
‘trading party’ means a party acting as principal in a securities transaction referred to in point (c) of the first subparagraph of Article 7(10) of Regulation (EU) No 909/2014;
‘trading venue member’ means a member of, or a participant to, a trading venue.
CHAPTER II
Measures to prevent settlement fails
Article 2
Measures concerning professional clients
Investment firms shall require their professional clients to send them written allocations of securities or of cash to the transactions referred to in Article 5(1) of Regulation (EU) No 909/2014, identifying the accounts to be credited or debited. Those written allocations shall specify the following:
one of the following types of transaction:
purchase or sale of securities;
collateral management operations;
securities lending/borrowing operations;
repurchase transactions;
other transactions, which can be identified by more granular ISO codes;
the International Securities Identification Number (ISIN) of the financial instrument or where the ISIN is not available, some other identifier of the financial instrument;
the delivery or the receipt of financial instruments or cash;
the nominal value for debt instruments, and the quantity for other financial instruments;
the trade date;
the trade price of the financial instrument;
the currency in which the transaction is expressed;
the intended settlement date of the transaction;
the total amount of cash that is to be delivered or received;
the identifier of the entity where the securities are held;
the identifier of the entity where the cash is held;
the names and numbers of the securities or cash accounts to be credited or debited.
Written allocations shall include all other information required by the investment firm for facilitating the settlement of the transaction.
Investment firms that have received confirmation of the execution of a transaction order placed by a professional client shall ensure through contractual arrangements that the professional client confirms its acceptance of the terms of the transaction in writing, within the timeframes set out in paragraph 2. That written confirmation may also be included in the written allocation.
Investment firms shall provide their professional clients with the option of sending the written allocation and the written confirmation electronically, through the international open communication procedures and standards for messaging and reference data referred to in Article 35 of Regulation (EU) No 909/2014.
Professional clients shall ensure that written allocations and written confirmations referred to in paragraph 1 are received by the investment firm by one of the following deadlines:
by close of business on the business day on which the transaction has taken place where the investment firm and the relevant professional client are within the same time zone;
by 12.00 CET on the business day following that on which the transaction has taken place where one of the following occurs:
there is a difference of more than two hours between the time zone of the investment firm and the time zone of the relevant professional client;
the orders have been executed after 16.00 CET of the business day within the time zone of the investment firm.
Investment firms shall confirm receipt of the written allocation and of the written confirmation within two hours of that receipt. Where the written allocation and the written confirmation is received by an investment firm within less than one hour before its close of business, that investment firm shall confirm receipt of the written allocation and of the written confirmation within one hour after the start of business on the next business day.
Article 3
Measures concerning retail clients
Investment firms shall require their retail clients to send them all the relevant settlement information for transactions referred to in Article 5(1) of Regulation (EU) No 909/2014 by 12.00 CET on the business day after that on which the transaction has taken place within the time zone of the investment firm, unless that client holds the relevant financial instruments and cash at the same investment firm.
Article 4
Settlement facilitation and processing
A manual intervention in the automated settlement process shall occur in the following circumstances:
where the feed of a received settlement instruction into the securities settlement system has been delayed or modified or where that settlement instruction itself has been modified outside of the automated procedures;
where in the processing of received settlement instructions in the settlement engine, an intervention takes place outside of the automated procedures, including the management of IT incidents.
Article 5
Matching and population of settlement instructions
CSDs shall require participants to match their settlement instructions through the functionality referred to in paragraph 1 prior to their settlement, except in the following circumstances:
where the CSD has accepted that the settlement instructions have already been matched by trading venues, CCPs or other entities;
where the CSD itself has matched the settlement instructions;
in the case of free of payment (‘FoP’) settlement instructions, referred to in point (g)(i) of Article 13(1), which consist of orders for transfers of financial instruments between different accounts opened in the name of the same participant or managed by the same account operator.
Account operators referred to in point (c) shall include entities that have a contractual relationship with a CSD and that operate securities accounts maintained by that CSD by means of recording book entries into those securities accounts.
CSDs shall require participants to use the following matching fields in their settlement instructions for the matching of settlement instructions:
the type of settlement instruction, as referred to in point (g) of Article 13(1);
the intended settlement date of the settlement instruction;
the trade date;
the currency, except in the case of FoP settlement instructions;
the settlement amount, except in the case of FoP settlement instructions;
the nominal value for debt instruments, or the quantity for other financial instruments;
the delivery or receipt of the financial instruments or cash;
the ISIN of the financial instrument;
the identifier of the participant that delivers the financial instruments or cash;
the identifier of the participant that receives the financial instruments or cash;
the identifier of the CSD of the participant's counterparty, in the case of CSDs that use a common settlement infrastructure, including in the circumstances referred to in Article 30(5) of Regulation (EU) No 909/2014;
other matching fields required by the CSD for facilitating the settlement of transactions.
In addition to the fields referred to in paragraph 3, CSDs shall require their participants to use a field indicating the transaction type in their settlement instructions based on the following taxonomy:
purchase or sale of securities;
collateral management operations;
securities lending/borrowing operations;
repurchase transactions;
other transactions (which can be identified by more granular ISO codes as provided by the CSD).
Article 6
Tolerance levels
For the purpose of matching, CSDs shall set tolerance levels for settlement amounts.
The tolerance level shall represent the maximum difference between the settlement amounts in two corresponding settlement instructions that would still allow matching.
For settlement instructions in EUR, the tolerance level per settlement instruction shall be EUR 2 for settlement amounts of up to EUR 100 000 and EUR 25 for settlement amounts of more than EUR 100 000 . For settlement instructions in other currencies, the tolerance level per settlement instruction shall be of equivalent amounts based on the official exchange rate of the ECB, where available.
Article 7
Cancellation facility
CSDs shall set up a bilateral cancellation facility that enables participants to bilaterally cancel matched settlement instructions that form part of the same transaction.
Article 8
Hold and release mechanism
CSDs shall set up a hold and release mechanism that consists of both of the following:
a hold mechanism that allows pending settlement instructions to be blocked by the instructing participant for the purpose of settlement;
a release mechanism that allows pending settlement instructions that have been blocked by the instructing participant to be released for the purpose of settlement.
Article 9
Recycling
CSDs shall recycle settlement instructions that have resulted in a settlement fail until they have been settled or bilaterally cancelled.
Article 10
Partial settlement
CSDs shall allow for the partial settlement of settlement instructions.
Article 11
Additional facilities and information
CSDs shall provide participants with access to real-time information on the status of their settlement instructions in the securities settlement system, including information on:
pending settlement instructions that can still be settled on the intended settlement date;
failed settlement instructions that can no longer be settled on the intended settlement date;
fully-settled settlement instructions;
partially-settled settlement instructions, including both the settled and unsettled parts of either financial instruments or cash;
cancelled settlement instructions, including information about whether those instructions have been cancelled by the system or by the participant.
The real-time information referred to in paragraph 2 shall include the following:
whether the settlement instruction has been matched;
whether the settlement instruction can still be partially settled;
whether the settlement instruction is on hold;
the reasons why instructions are pending or failing.
Article 12
Derogation from certain measures to prevent settlement fails
Articles 8 and 10 shall not apply where the securities settlement system operated by a CSD meets the following conditions:
the value of settlement fails does not exceed EUR 2,5 billion per year;
the rate of settlement fails, based either on the number of settlement instructions or on the value of settlement instructions, is lower than 0,5 % per year.
The rate of settlement fails based on the number of settlement instructions shall be calculated by dividing the number of settlement fails by the number of settlement instructions entered into the securities settlement system during the relevant period.
The rate of settlement fails based on the value of settlement instructions shall be calculated by dividing the value in EUR of settlement fails by the value of settlement instructions entered into the securities settlement system during the relevant period.
Where the assessment confirms that at least one of the conditions referred to in paragraph 1 no longer applies, CSDs shall apply Article 8 and Article 10 within one year from the date of the notification referred to in the first subparagraph.
CHAPTER III
Measures to address settlement fails
Article 13
Details of the system monitoring settlement fails
CSDs shall establish a system that enables them to monitor the number and value of settlement fails for every intended settlement date, including the length of each settlement fail expressed in business days. That system shall, for each settlement fail, collect the following information:
the reason for the settlement fail, based on the information available to the CSD;
any settlement restrictions such as the reservation, blocking or earmarking of financial instruments or cash that make those financial instruments or cash unavailable for settlement;
the type of financial instrument, within the following categories, affected by the settlement fail:
transferable securities as defined in point (a) of Article 4(1)(44) of Directive 2014/65/EU;
sovereign debt as defined in Article 4(1)(61) of Directive 2014/65/EU;
transferable securities as defined in point (b) of Article 4(1)(44) of Directive 2014/65/EU, other than sovereign debt referred to in point (ii);
transferable securities as defined in point (c) of Article 4(1)(44) of Directive 2014/65/EU;
exchange-traded funds (ETFs);
units in collective investment undertakings, other than ETFs;
money-market instruments, other than sovereign debt referred to in point (ii);
emission allowances;
other financial instruments;
the type of transaction, within the following categories, affected by the settlement fail:
purchase or sale of financial instruments;
collateral management operations;
securities lending/borrowing operations;
repurchase transactions;
other transactions, which can be identified by more granular ISO codes as provided by the CSD;
the place of trading and of clearing of the affected financial instruments, where applicable;
the type of settlement instruction, within the following categories, affected by the settlement fail:
an intra-CSD settlement instruction, where the failing and the receiving parties are both participants in the same securities settlement system; or
a cross-CSD settlement instruction, where the failing and the receiving parties are participants in two different securities settlement systems or one of the participants is a CSD;
the type of settlement instruction, within the following categories, affected by the settlement fail:
FoP settlement instructions that consist of deliver free of payment (‘DFP’) and receive free of payment (‘RFP’) settlement instructions;
delivery versus payment (‘DVP’) and receive versus payment (‘RVP’) settlement instructions;
delivery with payment (‘DWP’) and receive with payment (‘RWP’) settlement instructions; or
payment free of delivery (‘PFOD’) settlement instructions that consist of debiting payment free of delivery (‘DPFOD’) and crediting payment free of delivery (‘CPFOD’) settlement instructions;
the type of securities accounts connected to the settlement fail, including:
a participant's own account;
a participant's client individual account;
a participant's client's omnibus account;
the currency in which the settlement instructions are denominated.
Article 14
Reporting settlement fails
That information shall include the relevant values in EUR. Any value conversion into EUR shall be carried out using the official exchange rate of the ECB of the last day of the reporting period where that official exchange rate of the ECB is available.
CSDs shall report more frequently and provide additional information on settlement fails if so requested by the competent authority.
CSDs shall regularly monitor the application of the measures referred to in the first subparagraph and shall provide the competent authority and the relevant authorities, upon request, with any relevant findings resulting from such monitoring.
The value of settlement instructions referred to in Annexes I to III shall be calculated as follows:
in the case of settlement instructions against payment, the settlement amount of the cash leg;
in the case of FoP settlement instructions, the market value of the financial instruments referred to in Article 32(3) or, where not available, the nominal value of the financial instruments.
Article 15
Public disclosure on settlement fails
CSDs shall publish the information set out in Annex III for the securities settlement system it operates on their website for free, including the relevant values in EUR.
Any value conversion into EUR shall be carried out using the official exchange rate of the ECB of the last day of the reporting period where that official exchange rate of the ECB is available.
The information referred to in the first subparagraph shall be published annually and in a language customary in the sphere of international finance and shall be machine-readable.
Article 16
Calculation and application of cash penalties
The calculation referred to in the first subparagraph shall include settlement instructions that have been put on hold by a participant.
Where matching is required pursuant to Article 5(2), cash penalties shall only be applied to matched settlement instructions.
Where new settlement instructions are entered into the securities settlement system for any non-delivered financial instruments in accordance with Article 27(10), Article 29(11) or Article 31(11), cash penalties shall apply to the new settlement instructions from the day those instructions are entered into the securities settlement system.
Where settlement instructions have been matched after the intended settlement date, cash penalties for the period between the intended settlement date and the business day prior to the day on which matching has taken place shall be paid by the last participant who has entered or modified the relevant settlement instruction in the securities settlement system.
Article 17
Collection and distribution of cash penalties
Cash penalties shall be deposited into a dedicated cash account.
Article 18
Costs of the penalty mechanism
Article 19
Penalty mechanism where the participant is a CCP
Where the failing or the receiving participant is a CCP, CSDs shall ensure the following:
that CCPs are provided with the calculation of the cash penalties for the failed settlement instructions submitted by those CCPs;
that CCPs collect the cash penalties referred to in point (a) from the clearing members that caused the settlement fails;
that CCPs distributes the cash penalties referred to in point (b) to the clearing members that are affected by the settlement fails;
that CCPs report to the CSD on the penalties that they have collected and distributed, on a monthly basis.
Article 20
CSDs that use a common settlement infrastructure
CSDs that use a common settlement infrastructure, including where some of their services or activities have been outsourced as referred to in Article 30(5) of Regulation (EU) No 909/2014, shall jointly establish the penalty mechanism referred to in Article 7(2) of Regulation (EU) No 909/2014 and jointly manage the modalities for the calculation, application, collection and distribution of cash penalties in accordance with this Regulation.
Article 21
Buy-in not possible
A buy-in shall only be considered not possible where:
the relevant financial instruments no longer exist;
for transactions not cleared by a CCP, the failing trading venue member or the failing trading party is subject to insolvency proceedings.
For the purposes of point (b), insolvency proceeding shall mean any collective measure provided for in the law of a Member State, or a third country, either to wind up the trading venue member or trading party or to reorganise it, where such measure involves the suspension or imposition of limitations on transfers or payments.
Article 22
Ineffective buy-in process
For the purposes of point (b) of Article 7(4) of Regulation (EU) No 909/2014, the following operations shall be considered to be composed of several transactions:
operations where one party sells financial instruments for cash (‘first transaction’), with a commitment of the other party to sell equivalent financial instruments to the first party for a price that is determined or determinable (‘second transaction’);
operations where one party transfers financial instruments to another party (‘first transaction’), with a commitment of that other party to return equivalent financial instruments to the first party (‘second transaction’).
Article 23
Application of partial settlement
Article 24
Buy-in agent
A buy-in agent shall not have any conflict of interest in the execution of a buy-in and shall execute the buy-in on the terms most favourable to the failing clearing member, trading venue member or trading party, as applicable, in accordance with Article 27 of Directive 2014/65/EU.
Article 25
Contractual arrangements and procedures
Article 26
Initial verification
Article 27
Buy-in procedure and notifications
Upon receipt of the notification referred to in paragraph 1, the failing clearing member may only deliver the financial instruments as follows:
to the buy-in agent where the buy-in agent gives prior consent;
to the CCP where the auction has been awarded to that failing clearing member.
Prior to receipt of the notification referred to in paragraph 1, the failing clearing member may still deliver the financial instruments directly to the CCP.
The CCP shall accept and pay for the bought-in financial instruments referred to in paragraphs 5 and 8 and ensure that the following is carried out at the end of each business day on which the CCP receives those financial instruments:
the bought-in financial instruments are delivered to the receiving clearing members;
the settlement instructions relating to the settlement fail are cancelled;
new settlement instructions are entered into the securities settlement system for any non-delivered financial instruments and the CSD receives the information necessary to identify such new settlement instructions accordingly.
Article 28
Initial verification
Article 29
Buy-in procedure and notifications
Prior to receipt of the notification referred to in paragraph 1, the failing trading venue member may still deliver the financial instruments directly to the receiving trading venue member.
The receiving and the failing trading venue members shall ensure that the following is carried out at the end of each business day on which the receiving trading venue member receives the instruments referred to in paragraphs 5 and 8:
the settlement instructions relating to the settlement fail are cancelled;
the new settlement instructions are entered into the securities settlement system for any non-delivered financial instruments and the CSD receives the information necessary to identify such new settlement instructions accordingly.
Article 30
Initial verification
Article 31
Buy-in procedure and notifications
Prior to the receipt of the notification referred to in paragraph 1, the failing trading party may still deliver the financial instruments directly to the receiving trading party.
The receiving and the failing trading parties shall ensure that the following is carried out at the end of each business day on which the receiving trading party receives the instruments referred to in paragraphs 5 and 8:
the settlement instructions relating to the settlement fail are cancelled;
the new settlement instructions are entered into the securities settlement system for any non-delivered financial instruments and the CSD receives the information necessary to identify such new settlement instructions accordingly.
Article 32
Calculation of the cash compensation
The cash compensation to be paid pursuant to Article 7(7) of Regulation (EU) No 909/2014 shall be calculated in either of the following ways:
for settlement instructions against payment, the difference between the market value of the relevant financial instruments on the business day before the payment of the cash compensation and the settlement amount included in the failed settlement instruction where that settlement amount is lower than that market value;
for settlement instructions free of payment, the difference between the market value of the relevant financial instruments on the business day before the payment of the cash compensation and the market value of those financial instruments on the day of their trade, where the market value of those financial instruments on the day of their trade is lower than on the business day before the payment of the cash compensation.
The market value referred to in paragraph 1 shall be determined as follows:
for financial instruments referred to in Article 3(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council ( 4 ) admitted to trading on a trading venue within the Union, the value determined on the basis of the closing price of the most relevant market in terms of liquidity referred to in Article 4(6)(b) of that Regulation;
for financial instruments admitted to trading on a trading venue within the Union other than those referred to in point (a), the value determined on the basis of the closing price of the trading venue within the Union with the highest turnover;
for financial instruments other than those referred to in points (a), and (b), the value determined on the basis of a price calculated using a pre-determined methodology approved by the competent authority of the CSD that refers to criteria related to market data, including market prices available across trading venues or investment firms.
Article 33
Payment of the cash compensation
Article 34
Payment of the costs of the buy-in
The amounts referred to in Article 7(8) of Regulation (EU) No 909/2014 shall be paid by the failing clearing members, failing trading venue members or failing trading parties, as applicable.
Article 35
Payment of the price difference
Where transactions are cleared by a CCP, the price difference referred to in the first subparagraph shall be collected from failing clearing members by the CCP and paid to the receiving clearing members.
Article 36
Extension periods
In accordance with point (a) of Article 7(4) of Regulation (EU) No 909/2014, the extension period for the financial instruments referred to in Article 5(1) of Regulation (EU) No 909/2014 shall be increased from four to seven business days for all financial instruments other than shares that have a liquid market as referred to in point (b) of Article 2(1)(17) of Regulation (EU) No 600/2014.
Article 37
Timeframes for the delivery of financial instruments
Following the buy-in process, the financial instruments referred to in the first subparagraph of Article 5(1) of Regulation (EU) No 909/2014 shall be delivered to the receiving participants which are acting on behalf of the CCP, the receiving clearing members, the trading venue members or the trading parties, within the following timeframes:
four business days after the extension period referred to in Article 36 for shares that have a liquid market;
seven business days after the extension period referred to in Article 36 for financial instruments other than shares that have a liquid market;
seven business days after the extension period referred to in the second subparagraph of Article 7(3) of Regulation (EU) No 909/2014 for financial instruments traded on SME growth markets;
where shares referred to in point (a) are traded on SME growth markets, point (c) shall apply.
Article 38
Duration of deferral of the execution of a buy-in
Where the CCP, the receiving trading venue member or the receiving trading party defers the execution of the buy-in, the duration of the deferral period referred to in Article 7(7) of Regulation (EU) No 909/2014 shall be determined in accordance with the timeframes referred to in Article 37.
Article 39
Consistent and systematic failure to deliver securities
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.
Article 40
Settlement information for CCPs and trading venues
The settlement information referred to in the second subparagraph of Article 7(10) of Regulation (EU) No 909/2014 shall include the identification of the relevant transactions, of the participants and of the relevant settlement instructions. That information shall be based on the information in the securities settlement system the CSD operates.
Article 41
Settlement information in the absence of direct transaction feed from the trading venue
For transactions executed on a trading venue which are not cleared by a CCP, and in the absence of a direct transaction feed from the trading venue to the CSD, participants shall identify the trading venue and the transactions in their settlement instructions. In the absence of such information, CSDs shall consider the transactions as not having been executed on a trading venue.
CHAPTER IV
Final provisions
Article 42
Entry into force
This Regulation shall enter into force on 1 February 2022.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
ANNEX I
Table 1
General information on settlement fails to be reported by CSDs to the competent authorities and relevant authorities on a monthly basis
No. |
Details to be reported |
Format |
|
1. |
Country code for the jurisdiction in which the CSD is established |
ISO 3166 2 character country code |
|
2. |
Securities settlement system operated by the CSD |
Free text |
|
3. |
Reporting timestamp (CSD to competent authority/relevant authority) |
ISO 8601 date in the UTC time format YYYY-MM-DDThh:mm:ssZ |
|
4. |
Reporting period: beginning and end dates of the period covered by the report |
ISO 8601 date in the format YYYY-MM-DD-YYYY-MM-DD |
|
5. |
CSD Legal Entity Identifier |
ISO 17442 Legal Entity Identifier (LEI) 20 alphanumerical character code |
|
6. |
Corporate name of the CSD |
Free text |
|
7. |
Name of the person responsible for the report sent by the CSD |
Free text |
|
8. |
Function of the person responsible for the report sent by the CSD |
Free text |
|
9. |
Phone number of the person responsible for the report sent by the CSD |
Only numeric characters may be used. The phone number must be provided with the country code and the local area code. No special characters may be used. |
|
10. |
Email address of the person responsible for the report sent by the CSD |
Email addresses must be supplied using the standard email address convention. |
|
11. |
Number of settlement instructions during the period covered by the report |
Up to 20 numerical characters reported as whole numbers without decimals. |
|
12. |
Number of settlement fails during the period covered by the report (covering both settlement fails for lack of securities and lack of cash) |
Up to 20 numerical characters reported as whole numbers without decimals. |
|
13. |
Rate of settlement fails based on volume (number of settlement fails/number of settlement instructions during the period covered by the report) (covering both settlement fails for lack of securities and lack of cash) |
Percentage value up to 2 decimal places. |
|
14. |
Rate of settlement fails based on value (EUR) (value of settlement fails/value of settlement instructions during the period covered by the report) (covering both settlement fails for lack of securities and lack of cash) |
Percentage value up to 2 decimal places. |
|
15. |
Value of settlement instructions (EUR) during the period covered by the report |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character |
|
16. |
Value of settlement fails (EUR) during the period covered by the report (covering both settlement fails for lack of securities and lack of cash) |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character |
|
17. |
Top 10 participants with the highest rates of settlement fails during the period covered by the report (based on number of settlement instructions) |
For each participant identified by LEI |
|
Participant LEI |
ISO 17442 Legal Entity Identifier (LEI) 20 alphanumerical character code |
||
Total number of settlement instruction s per participant |
Up to 20 numerical characters reported as whole numbers without decimals. |
||
Number of settlement fails per participant |
Up to 20 numerical characters reported as whole numbers without decimals. |
||
Percentage of settlement fails |
Percentage value up to 2 decimal places |
||
Total value (EUR) of settlement instructions per participant |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character |
||
Value (EUR) of settlement fails per participant |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character |
||
Rate of settlement fails |
Percentage value up to 2 decimal places. |
||
18. |
Top 10 participants with the highest rates of settlement fails during the period covered by the report (based on value (EUR) of settlement instructions) |
For each participant identified by LEI: |
|
Participant LEI |
ISO 17442 Legal Entity Identifier (LEI) 20 alphanumerical character code |
||
Total value (EUR) of settlement instructions per participant |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character |
||
Value (EUR) of settlement fails per participant |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character |
||
Percentage of settlement fails |
Percentage value up to 2 decimal places |
||
Total number of settlement instructions per participant |
Up to 20 numerical characters reported as whole numbers without decimals. |
||
Number of settlement fails per participant |
Up to 20 numerical characters reported as whole numbers without decimals. |
||
Rate of settlement fails |
Percentage value up to 2 decimal places. |
||
19. |
Number of settlement instructions per currency in which the settlement instructions are denominated during the period covered by the report |
For each ISO 4217 3 character Currency Code the volume will be expressed using up to 20 numerical characters reported as whole numbers without decimals. |
|
20. |
Number of settlement fails per currency in which the settlement instructions are denominated during the period covered by the report |
For each ISO 4217 3 character Currency Code the volume will be expressed using up to 20 numerical characters reported as whole numbers without decimals. |
|
21. |
Rate of settlement fails per currency in which the settlement instructions are denominated, based on volume (number of settlement fails/number of settlement instructions per currency, during the period covered by the report) |
For each ISO 4217 3 character Currency Code the rate shall be expressed as a percentage value up to 2 decimal places. |
|
22. |
Value of settlement instructions per currency in which the settlement instructions are denominated during the period covered by the report |
For each ISO 4217 3 character Currency Code the value shall be expressed using up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character |
|
23. |
Value of settlement fails per currency in which the settlement instructions are denominated during the period covered by the report |
For each ISO 4217 3 character Currency Code the value shall be expressed using up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character |
|
24. |
Rate of settlement fails per currency in which the settlement instructions are denominated, based on value (value of settlement fails/value of settlement instructions per currency, during the period covered by the report) |
For each ISO 4217 3 character Currency Code the rate shall be expressed as a percentage value up to 2 decimal places. |
|
25. |
Number of settlement instructions for each type of financial instruments during the period covered by the report |
For each type of financial instruments: Up to 20 numerical characters reported as whole numbers without decimals. |
|
26. |
Number of settlement fails (covering both settlement fails for lack of securities and lack of cash) for each type of financial instruments during the period covered by the report |
For each type of financial instruments: Up to 20 numerical characters reported as whole numbers without decimals. |
|
27. |
Rate of settlement fails for each type of financial instruments, based on volume (number of settlement fails/number of settlement instructions per each type of financial instruments, during the period covered by the report) |
For each type of financial instruments the rate shall be expressed as a percentage value up to 2 decimal places. |
|
28. |
Value (EUR) of settlement instructions for each type of financial instruments |
For each type of financial instruments the value shall be expressed using up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character. |
|
29. |
Value (EUR) of settlement fails (covering both settlement fails for lack of securities and lack of cash) for each type of financial instruments |
For each type of financial instruments the value shall be expressed using up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character. |
|
30. |
Rate of settlement fails for each type of financial instrument, based on value (value of settlement fails/value of settlement instructions for each type of financial instrument, during the period covered by the report) |
For each type of financial instruments the rate shall be expressed as a percentage value up to 2 decimal places. |
|
31. |
Number of settlement instructions for each type of transactions during the period covered by the report |
For each type of transactions the volume shall be expressed using up to 20 numerical characters reported as whole numbers without decimals. |
|
32. |
Number of settlement fails (covering both settlement fails for lack of securities and lack of cash) for each type of transactions during the period covered by the report |
For each type of transactions the volume shall be expressed using up to 20 numerical characters reported as whole numbers without decimals. |
|
33. |
Rate of settlement fails for each type of transactions, based on volume (number of settlement fails/number of settlement instructions per each type of transactions, during the period covered by the report) |
For each type of transactions the rate shall be expressed as a percentage value up to 2 decimal places. |
|
34. |
Value (EUR) of settlement instructions for each type of transactions |
For each type of transactions the value shall be expressed using up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character. |
|
35. |
Value (EUR) of settlement fails (covering both settlement fails for lack of securities and lack of cash) for each type of transactions |
For each type of transactions the value shall be expressed using up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character. |
|
36. |
Rate of settlement fails for each type of transactions, based on value (value of settlement fails/value of settlement instructions for each type of transactions, during the period covered by the report) |
For each type of transactions the rate shall be expressed as a percentage value up to 2 decimal places. |
|
37. |
Top 20 ISINs that are the object of settlement fails, based on the volume of settlement fails; |
ISIN code |
|
38. |
Top 20 ISINs that are the object of settlement fails based on the value (EUR) of settlement fails. |
ISIN Code |
|
39. |
Total number of penalties referred to in Article 7(2) of Regulation (EU) No 909/2014, imposed by the CSD |
Up to 20 numerical characters reported as whole numbers without decimals. |
|
40. |
Total value (EUR) of penalties referred to in Article 7(2) of Regulation (EU) No 909/2014, imposed by the CSD |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character. |
|
41. |
Average duration of settlement fails as number of days (difference between actual settlement date and intended settlement date, weighted for the value of the settlement fail) |
Number of days reported as a number with one decimal. |
|
42. |
Main reasons for settlement fails |
Free text |
|
43. |
Measures to improve settlement efficiency |
Free text |
Table 2
Daily data on settlement fails to be reported by CSDs to the competent authorities and relevant authorities on a monthly basis
Date (for each reporting day in the month) |
|||||||||||||||
Type of financial instruments |
Type of transaction |
Internal vs Cross-system |
Type of instruction |
Failure to deliver securities |
Failure to deliver cash |
||||||||||
Settlement fails |
Total Instructions |
Rate of fails |
Settlement fails |
Total Instructions |
Rate of fails |
||||||||||
Volume |
Value (EUR) |
Volume |
Value (EUR) |
Volume |
Value (EUR) |
Volume |
Value (EUR) |
Volume |
Value (EUR) |
Volume |
Value (EUR) |
||||
Transferable securities referred to in point (a) of Article 4(1)(44) of Directive 2014/65/EU |
Purchase or sale of financial instruments |
Intra-CSD |
DVP (1) |
|
|
|
|
|
|
|
|
|
|
|
|
DWP (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Collateral management operations |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Securities lending and securities borrowing |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Repurchase transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Other transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sovereign debt referred to in Article 4(1)(61) of Directive 2014/65/EU |
Purchase or sale of financial instruments |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Collateral management operations |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Securities lending and securities borrowing |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Repurchase transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Other transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Transferable securities referred to in point (b) of Article 4(1)(44) of Directive 2014/65/EU other than sovereign debt referred to in Article 4(1)(61) of Directive 2014/65/EU |
Purchase or sale of financial instruments |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Collateral management operations |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Securities lending and securities borrowing |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Repurchase transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Other transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Transferable securities referred to in point (c) of Article 4(1)(44) of Directive 2014/65/EU |
Purchase or sale of financial instruments |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Collateral management operations |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Securities lending and securities borrowing |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Repurchase transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Other transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Exchange-traded funds as defined in point (46) of Article 4(1) of Directive 2014/65/EU |
Purchase or sale of financial instruments |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Collateral management operations |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Securities lending and securities borrowing |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Repurchase transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Other transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Units in collective investment undertakings, other than ETFs |
Purchase or sale of financial instruments |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Collateral management operations |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Securities lending and securities borrowing |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Repurchase transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Other transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Money market instruments other than Sovereign debt referred to in Article 4(1)(61) of Directive 2014/65/EU |
Purchase or sale of financial instruments |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Collateral management operations |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Securities lending and securities borrowing |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Repurchase transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Other transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Emission allowances |
Purchase or sale of financial instruments |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Collateral management operations |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Securities lending and securities borrowing |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cross-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
||
DWP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
PFOD |
|
|
|
|
|
|
|
|
|
|
|
|
|||
FoP |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Repurchase transactions |
Intra-CSD |
DVP |
|
|
|
|
|
|
|
|
|
|
|
|
|
DWP |
|
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PFOD |
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FoP |
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Cross-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Other transactions |
Intra-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Cross-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Other financial instruments |
Purchase or sale of financial instruments |
Intra-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Cross-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Collateral management operations |
Intra-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Cross-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Securities lending and securities borrowing |
Intra-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Cross-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Repurchase transactions |
Intra-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Cross-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Other transactions |
Intra-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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Cross-CSD |
DVP |
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DWP |
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PFOD |
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FoP |
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(1)
Covers DVP and RVP settlement instructions.
(2)
Covers DWP and RWP settlement instructions.
(3)
Covers DPFOD and CPFOD settlement instructions.
(4)
Covers DFP and RFP settlement instructions. |
ANNEX II
Information on settlement fails to be reported by CSDs to the competent authorities and relevant authorities on an annual basis
Table 1
No |
Details to be reported |
Format |
1. |
Country code for the jurisdiction in which the CSD is established |
ISO 3166 2 character country code |
2. |
Securities settlement system operated by the CSD |
Free text |
3. |
Reporting timestamp (CSD to competent authority/relevant authority) |
ISO 8601 date in the UTC time format YYYY-MM-DDThh:mm:ssZ |
4. |
Reporting period: beginning and end dates of the period covered by the report |
ISO 8601 date in the format YYYY-MM-DD-YYYY-MM-DD |
5. |
CSD Legal Entity Identifier |
ISO 17442 Legal Entity Identifier (LEI) 20 alphanumerical character code |
6. |
Corporate name of the CSD |
Free text |
7. |
Name of the person responsible for the report sent by the CSD |
Free text |
8. |
Function of the person responsible for the report sent by the CSD |
Free text |
9. |
Phone number of the person responsible for the report sent by the CSD |
Only numerical characters may be used. The phone number must be provided with the country code and the local area code. No special characters may be used. |
10. |
Email address of the person responsible for the report sent by the CSD |
Email addresses must be supplied using the standard email address convention. |
11. |
Measures to improve settlement efficiency |
Free text |
12. |
Main reasons for settlement fails (annual summary of the reasons for settlement fails included in the monthly reports) |
Free text |
13. |
Annual volume of settlement instructions |
Up to 20 numerical characters reported as whole numbers without decimals. |
14. |
Annual volume of settlement fails (covering both settlement fails for lack of securities and lack of cash) |
Up to 20 numerical characters reported as whole numbers without decimals. |
15. |
Annual rate of settlement fails based on volume (annual number of settlement fails/annual number of settlement instructions) (covering both settlement fails for lack of securities and lack of cash) |
Percentage value up to 2 decimal places |
16. |
Annual value (EUR) of settlement instructions |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character |
17. |
Annual value (EUR) of settlement fails (covering both settlement fails for lack of securities and lack of cash) |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character |
18. |
Annual rate of settlement fails based on value (annual value of settlement fails/annual value of settlement instructions) (covering both settlement fails for lack of securities and lack of cash) |
Percentage value up to 2 decimal places |
19. |
Eligible for derogation under Article 12 of the delegated regulation on settlement discipline, including the justification |
YES/NO Free text |
ANNEX III
Report on settlement fails to be made public on an annual basis
Table 1
No. |
Details to be published |
Format |
1. |
Reporting period |
ISO 8601 date in the format YYYY-MM-DD-YYYY-MM-DD |
2. |
CSD Legal Entity Identifier |
ISO 17442 Legal Entity Identifier (LEI) 20 alphanumerical character code |
3. |
Securities settlement system operated by the CSD |
Free text |
4. |
Number of settlement instructions during the period covered by the report |
Up to 20 numerical characters reported as whole numbers without decimals. |
5. |
Value (EUR) of settlement instructions during the period covered by the report |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character. |
Data on failure to deliver securities |
||
6. |
Number of settlement fails due to failure to deliver securities |
Up to 20 numerical characters reported as whole numbers without decimals. |
7. |
Value (EUR) of settlement fails due to failure to deliver securities |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character. |
8. |
Rate of settlement fails based on volume of settlement instructions |
Percentage value up to 2 decimal places. |
9. |
Rate of settlement fails based on value of settlement instructions |
Percentage value up to 2 decimal places. |
Data on failure to deliver cash |
||
10. |
Number of settlement fails due to failure to deliver cash |
Up to 20 numerical characters reported as whole numbers without decimals. |
11. |
Value (EUR) of settlement fails due to failure to deliver cash |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character. |
12. |
Rate of settlement fails based on volume of settlement instructions |
Percentage value up to 2 decimal places. |
13. |
Rate of settlement fails based on value (EUR) of settlement instructions |
Percentage value up to 2 decimal places |
Data covering both settlement fails for lack of securities and lack of cash |
||
14. |
Total number of settlement fails (covering both settlement fails for lack of securities and lack of cash) |
Up to 20 numerical characters reported as whole numbers without decimals. |
15. |
Total value (EUR) of settlement fails (covering both settlement fails for lack of securities and lack of cash) |
Up to 20 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character. |
16. |
Rate of settlement fails based on volume of settlement instructions |
Percentage value up to 2 decimals places |
17. |
Rate of settlement fails based on value of settlement instructions |
Up to 5 numerical characters including decimals. At least one character before and one character after the decimal mark shall be populated. The decimal mark is not counted as a numerical character. |
18. |
Measures to improve settlement efficiency |
Free text |
( 1 ) Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).
( 2 ) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
( 3 ) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).
( 4 ) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84).