CSDR Settlement Discipline Regime - Reminder: Your action required - subscription to penalties reporting

18.01.2022

The objectives of the Regulation (EU) N° 2018/1229 supplementing Regulation (EU) N° 909/2014 with regard to Regulatory Technical Standards on settlement discipline are multiple: to prevent and address settlement fails, to monitor settlement fails, to identify all transactions that remain unsettled after the intended settlement date, to calculate penalties resulting from late matching and/or late settlement, to report such penalties, to charge, collect and distribute cash penalties for settlement fails in coherence with the Commission Delegated Regulation (EU) 2017/389. 

In this context, Clearstream Banking1 customers are required to subscribe to receive daily and monthly MT537 PENA messages or query penalties via the Xact Web Portal in order to manage their cash penalties and payment obligations from 1 February 2022.

The subscription can be created in Xact Web Portal:

  1. Click on Reporting & Monitoring, Manage Report Subscriptions in the main menu of Xact Web Portal. The screen will open with the Query view.
  2. Click on "Create".
  3. The report wizard will open.
  4. Complete the fields as required. Fields with an * are mandatory.
  5. Click on "Submit".

Note: Access to the Xact Web Portal is also required for customers to be able to raise penalty “appeals” to Clearstream Banking.

Further information

For further information, please contact the Clearstream Banking Connectivity Helpdesk or your Relationship Officer or consult the “Settlement Discipline Cash Penalties: Functional Specifications” on the Clearstream website.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.