Skip Ribbon Commands
Skip to main content
Navigate Up


CSDR settlement discipline modifications are in effect as of 1 February 2022

Modifications in connection with the alignment of the KDPW Group with the CSDR settlement discipline requirements (Phase II of the project) have been implemented on 1 February 2022 in the 2022 winter implementation window:
  • a new system of cash penalties for late settlement, including mechanisms for the redistribution of cash penalties to counterparties by KDPW and KDPW_CCP;
  • mechanisms for monitoring of participants’ timely settlement and assessment of settlement efficiency and mechanisms for supervisory reporting of settlement discipline;
  • modifications to the existing hold/release mechanism; and additionally
  • changes to the processing of settlement orders relating to post-trade settlements; the changes follow from discussions in working groups aiming to improve the processing of instructions delivered by participants’ clients, in particular allowing instructions not to be marked with a specific code related to post-trade settlement (market code XPXX in the KDPW system).

Due to the ongoing authorisation process, only the changes concerning the collection and redistribution of cash penalties by KDPW_CCP on the basis of KDPW data have been implemented in the KDPW_CCP system as of 1 February 2022, including new operation codes for buy-ins in payment systems.

System of cash penalties for late settlement
Details concerning the calculation of cash penalties under CSDR settlement discipline, including a description of requirements, regulations and market practice, fees, and the complaint template are available on the KDPW website under the tab CSDR - system of cash penalties (link).
All materials and communications including memos from Settlement Discipline Working Group meetings are available at:
Last modified: 03-02-2022 Go up