Xact Web Portal: New functionality for Cash Penalties (Settlement Discipline Regime)
Following Regulation (EU) N° 909/2014 on improving securities settlement in the European Union and on Central Securities Depositories (CSDR) in order to foster settlement discipline and improve settlement efficiency across the EU, Clearstream Banking will enable customers to manage their cash penalties in Xact Web Portal, from
28 June 2021
Background
The Commission Delegated Regulation (EU) N° 2018/1229 of 25 May 2018 with regards to regulatory technical standards on settlement discipline (Settlement Discipline Regime or SDR) specifies requirements for the prevention of settlement fails and measures to address these settlement fails once occurred.
Xact Web Portal has been enhanced to enable customers to query and monitor the cash penalties related information. A new domain “Penalties” under the service “Settlement” will be available in Xact Web Portal to allow users to:
- Query a (set of) cash penalties (Sub-domain “Daily Penalties”);
- Calculate net amounts of cash penalties (Sub-domain “Monthly Aggregates”);
- Create and monitor appeal request (Sub-domain “Appeals”).
Daily Penalties
Customers can use “Daily Penalties” to query individual penalties or a set thereof.
Users have two main query options to search Daily Penalties:
- Search by Cash Penalty;
- Search by Settlement Instruction.
The query results will display a list of the cash penalties
The detail view contains the following sections:
- Penalty type and identification
- Penalty details
- Calculation details
- Related transaction
- Lifecycle
The user can create an appeal request from any cash penalty displayed in the Detailed View by selecting “Action”, “Create Appeal”.
Important note: Appeal requests can only be submitted up until the 10th business day.
Monthly Aggregates
Customers can use the new “Monthly Aggregates” sub-domain to calculate, for a given period, the net amounts of cash penalties per Safekeeping Account, Currency, Counterparty CSD, and Depository of the CSD.
Upon selecting the desired search criteria and executing the query, the list of monthly aggregates will be displayed as net amounts, sorted by:
- Month,
- Safekeeping Account,
- Currency,
- Counterparty CSD, and
- Depository of the CSD.
Expanding any line will display the entire list of individual amounts:
Appeals
Customers can use the new “Appeals” sub-domain to query and monitor the status of their appeal requests.
Users have two main options to query appeals:
- Search by Appeal;
- Search by Cash Penalty.
The query results display a list of appeals
The detail view contains the following sections:
- Appeal type and identification
- Penalty type and identification
- Penalty details
- Calculation details
- Lifecycle
Further information
The Xact Web Portal User Guide will be updated in due course.
For further information, please contact the Clearstream Connectivity Helpdesk or your Relationship Officer.
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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.