Euroclear to use Taskize for CSDR Settlement Discipline Regime
09 February 2022 United Kingdom
Image: Tierney
Euroclear has selected a Taskize solution to appeal penalties on both its international central securities depository (ICSD) and its domestic CSDs, following the implementation of the central securities depositories regulation (CSDR) Settlement Discipline Regime on 1 February 2022.
The Settlement Discipline Regime of CSDR requires impacted European CSDs to automatically apply financial penalties to market participants that fail to complete transactions on the contractual settlement date and subsequently report those failed trades.
To meet standards of the CSDR, Taskize’s Bubble has been specifically built around a Euroclear penalty appeal template – allowing Euroclear and their members to efficiently process penalty appeals.
By using Taskize, Euroclear members benefit from a single, streamlined digital channel to manage the penalties and appeals process, in addition to achieving reduced resolution times for daily operational issues.
The platform also enables market participants to report buy-in trades, as and when this element of the Settlement Discipline Regime is introduced.
Stéphane Bernard, chief operating officer at Euroclear bank, comments: “Taskize is our preferred client service channel and has been successfully deployed globally across Euroclear. The ability to extend its use to support the specific workflows for appealing penalties under the new CSDR Settlement Discipline Regime means we can bring further efficiencies to our members who can join the network free of charge as part of our sponsoring licence.”
Philip Slavin, CEO and co-founder of Taskize, says: “Extending Taskize to support custom workflows is part of our wider strategy, so we are thrilled that Euroclear has used this capability to build out a specific penalty appeal process to enable their members to manage appeals more efficiently under CSDR.”
The Settlement Discipline Regime of CSDR requires impacted European CSDs to automatically apply financial penalties to market participants that fail to complete transactions on the contractual settlement date and subsequently report those failed trades.
To meet standards of the CSDR, Taskize’s Bubble has been specifically built around a Euroclear penalty appeal template – allowing Euroclear and their members to efficiently process penalty appeals.
By using Taskize, Euroclear members benefit from a single, streamlined digital channel to manage the penalties and appeals process, in addition to achieving reduced resolution times for daily operational issues.
The platform also enables market participants to report buy-in trades, as and when this element of the Settlement Discipline Regime is introduced.
Stéphane Bernard, chief operating officer at Euroclear bank, comments: “Taskize is our preferred client service channel and has been successfully deployed globally across Euroclear. The ability to extend its use to support the specific workflows for appealing penalties under the new CSDR Settlement Discipline Regime means we can bring further efficiencies to our members who can join the network free of charge as part of our sponsoring licence.”
Philip Slavin, CEO and co-founder of Taskize, says: “Extending Taskize to support custom workflows is part of our wider strategy, so we are thrilled that Euroclear has used this capability to build out a specific penalty appeal process to enable their members to manage appeals more efficiently under CSDR.”
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