How convenient if a price was just a price. As the settlement fail penalties under the CSDR settlement discipline regime come into play in February, the application of market data must be much more consistent between market participants than it has ever been before. At PostTrade 360° Amsterdam, SIX’s Heiko Stuber explained what is in it all.

Heiko Stuber is Senior Product Manager, Tax, Regulation & Funds, Financial Information, SIX.

It is the Central securities depositories (CSDs) that are tasked with calculating and managing the fines when a trading party fails to fulfil its timely delivery of a security to settle a trade. One of the concerns for the CSDs is that market participants will come to them with questions, or questioning, of what data is used for the calculations. Unquestionable benchmarks and processes will be crucial on many categories of data, including foreign exchange rates to be applied.

PostTrade 360 Nordic 2024

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