CSDR penalties schedule 2026

The processing schedule for penalties according to the EU Central Securities Depositories Regulation (CSDR) is listed below.

The standard calendar Penalty Business Days (PBDs)^₁ apply to TARGET2-Securities (T2S) as well as to Clearstream Banking internal and Bridge settlement fails related penalties.

Payment month	Client appeals period end date (10^th PBD)	Monthly penalties reporting date (14^th PBD)	Penalties payment date (18^th PBD)
January	15 January	21 January	27 January
February	13 February	19 February	25 February
March	13 March	19 March	25 March
April	14 April	20 April	24 April
May	14 May	20 May	26 May
June	12 June	18 June	24 June
July	14 July	20 July	24 July
August	14 August	20 August	26 August
September	14 September	18 September	24 September
October	14 October	20 October	26 October
November	13 November	19 November	25 November
December	14 December	18 December	24 December

Note: For non-T2S domestic market settlement fails, the dates as to be communicated by each market apply.

For all markets, independent from the local CSDs’ individual approaches, Clearstream Banking will generate the Clearstream Banking internal payments free of delivery (PFODs) for its clients with trade date 16th PBD and intended settlement date 18th PBD.

For more detailed information, please consult the “CSDR Settlement Discipline Regime” section of the respective Client Handbook.

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1. PBDs apply to penalties appeals, monthly reporting and payment processing by a CSD. According to the ECSDA settlement fails penalties framework, “a PBD is any day of the year except for 1 January and 25 December and Saturdays, Sundays”.