CSDR penalties schedule 2027
Reference
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 internal and Bridge settlement fails related penalties.
Payment month | Client appeals period end date (10th PBD) | Monthly penalties reporting date (14th PBD) | Penalties payment date (18th PBD) |
January | 15 January | 21 January | 27 January |
February | 12 February | 18 February | 24 February |
March | 12 March | 18 March | 24 March |
April | 14 April | 20 April | 26 April |
May | 14 May | 20 May | 26 May |
June | 14 June | 18 June | 24 June |
July | 14 July | 20 July | 26 July |
August | 13 August | 19 August | 25 August |
September | 14 September | 20 September | 24 September |
October | 14 October | 20 October | 26 October |
November | 12 November | 18 November | 24 November |
December | 14 December | 20 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 will generate the Clearstream 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”.
