The Central Securities Depositories Regulation (CSDR) requires the creation of a new Settlement Discipline Regime (SDR) that prevents and addresses settlement fails in Securities Settlement Systems (SSSs). This new regime needs to be smoothly implemented within 24 months of the entry of the relevant ESMA technical standards into the Official Journal of the EU, which is expected in Q2 this year.
Euroclear UK & Ireland (EUI) in its capacity as the Central Securities Depository (CSD) and operator of the SSSs for the UK and Ireland is committed to working closely with trading venues, central counterparties, and participants in order to navigate the complex, interconnected features of the regime.