The information is published on the Clearstream website. A member login is required for some documents: www.clearstream.com/clearstream-en/about-clearstream/regulation-1-/
central-securities-depository-regulation-csdr-/customer-readiness/csdr-customer-readiness-1275200
Yes, please refer to the EACH framework: https://www.eachccp.eu/wp-content/uploads/2020/07/EACH-CSDR-Settlement-Discipline-Framework-Updated-Version-20200708.pdf
The documents are available on the Eurex Clearing website:
CBL, CBF, SIS (not CSDR relevant) and Euroclear Bank.
Correct, for GC-Pooling transactions; treatment of synthetic basket ISINs still in clarification via ESMA.
The document refers to a CBL (ICSD) special product offering of automatic shaping, what would be mandatory for CBL customer. This is not a CSDR requirement. CSDR requires partial settlement before a Buy-in process.
No, CSDR related changes to penalty/buy-in process will be implemented before the official lunch on 1 Febuary 2022, but some SWIFT message changes were already implemented by the CSDs and also reflected at Eurex Clearing.
Eurex Clearing started the implementation of RTS Art. 19 to avoid a potential late delivery.
Start of testing/simulation was 17 November 2021, details are provided in the Simulation Guide.
CSDs like Clearstream will raise a fee for the penalty calculation/reporting. Please check the CSDR readiness sites of your relevant CSDs.
Eurex Clearing will not pass own CSD account related CSDR costs to the members and will not raise own fees for the administration of CSDR penalty process.
Currently (before CSDR) Eurex Clearing applies a late delivery fine, if the late delivery is an equity and related to the EU Short Selling Regulation SSR. The fine is applied only to the net sell obligation of a CM (summing up all late buy and sell trades).
Eurex Clearing will strictly rely on the CSD Penalty Report.
No, Eurex Clearing will strictly rely on the CSD Penalty Report as penalty calculation is soley CSD responsibility.
We as Eurex Clearing have aligned our requests for clarification via EACH to ESMA (e.g. the treatment of triparty transactions).
The responsibility for the CSDR penalty calculation is soley with the CSDs. Appeals have to be raised via the settlement account holder at a CSD in the CSDs appeal process.
The calculation of CSDR related penalties is soley responsibility of the CSDs. All scope and details of the calculation is with the CSDs. Eurex Clearing has only to process the penalty booking for their cleared business (RTS Art. 19) of CSD reported penalties.
Eurex Clearing will provide XML penalty reports via CRE, derived out of the CSD's MT537 penalty message, containing enriched data instruction and trade (dialy only) data which will allow CMs to do own breakdowns.
Please refer to the Eurex Clearing CSDR Release Notes and Report Reference Manual for details of reports.
No changes are intended by Eurex Clearing.
Yes, Eurex Clearing's Clearing Conditions will be updated.
EACH agreement (EACH Framework) is that CCPs send Buy-in notification not before 8:30 on day following extension period (=Buy-in auction day). With this notification ends the late settlement possibility.
We will separate out the different extension periods within the net.
In case of any questions or your require further information, please contact us at client.services@eurex.com.