Taskize, a UK-based fintech inter-company workflow provider, has unveiled a new service for the in-coming Central Securities Depositories Regulation (CSDR) settlement discipline regime, with Euroclear already on-board as a partner.
The CSDR settlement discipline framework, which enters into force in September 2020, aims to improve transaction settlement rates but has caused concern among industry participants by threatening cash penalties for settlement fails—a first for the securities finance market.
In a statement on the product launch, Taskize said that there needs to be a solution for when settlements fail and that different parties must work together, especially during the extension, buy-in and pass-on processes.
The Taskize solution promises to enable financial industry participants to prepare for the manual processes required for when CSDR comes into force and allow users more time to improve their straight-through processing.
The new CSDR solution is a standard part of the service, available to all subscribers, Taskize confirmed.
Euroclear, which owns a stake in Taskize, has already committed to extending its existing relationship with the fintech firm, which began in 2016, in order to also offer the CSDR solution to its clients.
Jo Van de Velde, managing director and head of group strategy and product expansion at Euroclear, commented: “Taskize has been the preferred client service channel for Euroclear for almost three years and extending its use for CSDR settlement discipline will bring even more value to our clients and the wider market, offering a service to address issues related to the penalty process and reporting buy-in activity.”
Taskize is an open platform serving a community of over 200 financial firms in 50 countries, comprising buy-side, sell-side and infrastructure providers including LCH and DTCC.
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