EU CSDR Settlement Discipline Regime: Penalties dry-run - CBF


As previously communicated in Announcement C20018, Clearstream Banking1 will participate to T2S dry-run from 14 September 2021 to 31 January 2022.


From 14 September 2021, customers can schedule the new MT537 Statement of Cash Penalty report directly in Xact Web Portal.

Two new reports are available:

  • Daily Statement of Cash Penalties: This includes details of the calculation; 
  • Monthly Aggregated Report: this includes the global net amount of cash penalties to be paid or received by the customer.

Customers who do not have access to Xact Web Portal can send a SWIFT MT599 to the attention of PRGconnect asking for the report to be scheduled. In the message, the following information must be specified:

  • Account number(s);
  • Receiving BIC;
  • Report Type and its frequency:
    • Daily Statement of Cash Penalties:
      • 08:30
      • 09:30
      • 10:30
      • 11:30
      • 12:00
      • 13:00
      • 13:30
      • 14:30
      • 15:30
      • 16:00
      • 16:30
      • 17:00
      • 18:00
    •  Monthly Aggregated Report: Yes / No

In addition, the Xact Web Portal will be enhanced to enable customers to query and monitor the cash penalties related information.

Scope of reported cash penalties

Cash penalties on


(Counterparty in CBF)


(Counterparty in T2S-In CSD)


(counterparty in CBF or EB)

5 July - 14 September 2021




15 September 2021 - 31 January 2022




a. CBF will activate dry-run functionalities from 5 July 2021.

The dry-run will be in line with the T2S schedule, whereas cash penalties will be sent as received from T2S.


From the date when the cash penalty was reported and, latest, until the 10th  PBD (penalties business day) of the next month (the "appeal" period), Clearstream Banking customers may challenge, for exceptional reasons, the application or calculation of a cash penalty, exclusively by using Xact Web Portal to address appeals to Clearstream Banking. Appeals sent via other communication media will not be considered.

Note: A maximum of 3 appeals per Xact Web Portal Organisational Unit can be sent during the dry-run.

During the dry-run testing, only customer appeals requesting a) to "amend" the underlying price used to calculate penalties by Clearstream, or b) to completely remove penalties, will be accepted and trigger the recalculation or removal of a penalty. Other appeal types will be rejected.

Important note: Customers that have not migrated to Xact Web Portal are strongly recommended to do so in order to be able to receive penalties information and to address appeals to Clearstream Banking.

Collection and distribution of net amounts

Clearstream Banking will not collect and distribute cash penalty fees during the dry-run. After the end of the dry-run, and activation of the settlement discipline on 1 February 2022, cash penalties calculated and applied during the dry-run will not be collected or distributed either.

Further information

Detailed technical specifications about the calculation, application and reporting of cash penalties are available here.

Detailed information about Xact Web Portal is available here.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.


1. Clearstream Banking refers to 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.