This letter, sent to the European Commission, Parliament and Council, updates policy makers on the status of applications received by national regulators and highlights issues for attention raised during the project’s first year
The solution aims to provide near real-time trade matching and settlement status updates allowing operations teams to quickly identify trades that look set to fail
While the introduction of cash penalties under the Central Securities Depositories Regulation has reduced settlement fails somewhat, particularly for equities, the report affirms that inefficiencies remain, prompting higher costs and increased risk
The platform is designed to support firms’ post-trade processing requirements including fails management, financial transaction taxes and Central Securities Depositories Regulation penalty management
By using Xceptor's data automation platform and Delta Capita's expertise, the companies say their clients can reduce manual errors and improve compliance with T+1 settlement requirements
The proposed law aims to reduce the financial and regulatory burden on central securities depositories and improve their ability to operate across borders, while also strengthening financial stability
The paper, commissioned by the SWIFT Institute, investigates how prepared the industry is for T+1, the progress that has been made so far and what industry opinion is on implementing a shortened settlement cycle