Hungary: SDR daily penalty system limitation for domestic transactions – Further information
22 June 2022
daily penalties for the months of February and March 2022, calculated with delay by the Hungarian CSD KELER and due on 20 July 2022, are reported via MT537 PENA, and available in Xact Web Portal. Daily penalties for the month of April 2022 are still not available.
Due to some system limitations, the daily penalties for Hungarian domestic transactions from 2 May until 13 June are still only visible in Xact Web Portal. The MT537 reports on daily penalties from 2 May 2022 until 13 June 2022 for these instructions cannot be sent to customers until further notice.
Impact on customers
Daily penalty MT537 messages for March and February 2022 penalties are sent to customers, upon receipt from the local depository, and according to their report schedule. The penalties will be reported with actual Date of Calculation (DACO) in February and March 2022, as appropriate. Customers may also check their domestic market Hungarian penalties in Xact Web Portal.
Appeal requests for those penalties from February and March 2022 cannot be submitted via standard appeal process. Customers are exceptionally requested to submit appeal requests for those penalties via MT599 to CEDELULLXXX, titled “ATTN: Settlement CSDR/ PSG – Penalties Appeal request” (for more details on the appeal process via MT599, customers should refer to the CBL Customer Handbook)
Further to the announcement from the Hungarian CSD KELER Ltd., the appeal deadline for the February, March and April 2022 penalties is postponed to 8 July 2022.
Clearstream Banking is working with the market to get the situation resolved and will inform customers once it knows when the missing daily MT537 message for April, May and June 2022 penalties will be sent.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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 (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.