Settlement Discipline Regime

Q&A Document

Client information on KELER CCP compliance under SDR

CSDR (909/2014/EU Regulation) places a particular emphasis on ensuring and maintaining the settlement discipline of securities transactions. In order to reach its main goal the Regulation not only sets requirements for central securities depositories (CSDs), but for central counterparties (CCPs) as well. CSDR is complemented by various Implementing Technical Standards (ITS) and Regulatory Technical Standards (RTS), in particular 2017/389/EU Regulation contains the detailed rules of the cash penalty requirements for settlement fails, while the 2018/1229/EU Regulation sets requirements for the buy-in mechanism. These three regulations are commonly referred to as the settlement discipline regime (SDR).

Hereinafter in this Questions&Answers KELER CCP would like to provide information about the most important identified changes in its rules and regulations to be made, which have impact on our Clearing Members as well.

This Questions&Answers document always contains the most up-to-date SDR related information, in case any new information/clarification becomes available by the EU authorities, KELER CCP will update it and will notify its Clearing Members accordingly.