Access Fintech partners with Clearstream to solve CSDR penalty challenges
16 June 2020 London
Image: frankie's/Shutterstock.com
Access Fintech has partnered with Clearstream the Deutsche Boerse owned international central securities depository (CSD) to allow mutual clients to benefit from more efficient management of potential penalties from failed trades as defined under the Central Securities Depositories Regulation (CSDR).
CSDR aims to improve settlement rates in securities markets by imposing punitive measures on firms that fail to settle trades and is due to come into effect in February 2021.
Access Fintech offers a CSDR solution that builds on the foundations of its established Settlements Product and aims to allow clients to manage the entire lifecycle of in-scope transactions.
Access Fintech says the workflow collaboration will explore giving mutual clients the ability for to manage the penalties process through its infrastructure by minimising touchpoints, maximising efficiencies ensuring a robust audit history against impacted trades and bringing the network closer together.
Pardeep Cassells, head of financial products at Access Fintech tells SLT: “Clearstream has a critical role to play in the CSDR lifecycle. Their communication and consumption of related information will be a vital part of the process for all direct and indirect participants.
“We want to help the industry work together and manage the penalty challenge. We do this by making information accessible, used efficiently, and enabling the transparent flow of data.”
Elsewhere, Access Fintech also recently enhanced its CSDR solution's attractiveness by partnering with Deutsche Boerse’s buy-in agent, Eurex Securities Transactions Services (Eurex STS), to create integration between their complementary regulatory services.
In May, the two firms confirmed that their mutual clients will be able to manage buy-ins via Eurex STS through the Access Fintech infrastructure, thereby minimising touchpoints, maximising efficiencies and ensuring a robust audit history against impacted trades, the firms explained.
CSDR aims to improve settlement rates in securities markets by imposing punitive measures on firms that fail to settle trades and is due to come into effect in February 2021.
Access Fintech offers a CSDR solution that builds on the foundations of its established Settlements Product and aims to allow clients to manage the entire lifecycle of in-scope transactions.
Access Fintech says the workflow collaboration will explore giving mutual clients the ability for to manage the penalties process through its infrastructure by minimising touchpoints, maximising efficiencies ensuring a robust audit history against impacted trades and bringing the network closer together.
Pardeep Cassells, head of financial products at Access Fintech tells SLT: “Clearstream has a critical role to play in the CSDR lifecycle. Their communication and consumption of related information will be a vital part of the process for all direct and indirect participants.
“We want to help the industry work together and manage the penalty challenge. We do this by making information accessible, used efficiently, and enabling the transparent flow of data.”
Elsewhere, Access Fintech also recently enhanced its CSDR solution's attractiveness by partnering with Deutsche Boerse’s buy-in agent, Eurex Securities Transactions Services (Eurex STS), to create integration between their complementary regulatory services.
In May, the two firms confirmed that their mutual clients will be able to manage buy-ins via Eurex STS through the Access Fintech infrastructure, thereby minimising touchpoints, maximising efficiencies and ensuring a robust audit history against impacted trades, the firms explained.
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