The work on market harmonisation has continued with the publication of discussion papers on target account model, participant structure and the issuer agent model. The proposals sparked numerous presentations and bilateral meetings to discuss content and challenges. We also kicked off Harmonisation Forum, a discussion forum for the market on topics of concern relating to the harmonisation journey. The first topic was the issuer agent model where it was concluded there is consensus to change the model to replicate the European standard of response handling. The implementation is related to timing and need for ISO 20022 communication. We are pleased to experience increased engagement in market on the topic of harmonisation and look forward to continuing committed discussions during the fall.
Building on the launch of a new settlement fails penalties solution in 2021, the close collaboration with our market participants testing the functionalities led to a successful implementation in February 2022. We can now, as a market look back on a successful conclusion of our CSDR implementation journey. This together with the extension of the last settlement batch of the day, which give participants additional time to process their transactions, have resulted in improvement of settlement efficiency in the Swedish market.
We continue to monitor with concern the conflict in Ukraine and the general economic uncertainties globally. While we hope for a return of more stable conditions, we will continue to focus on providing secure and robust service levels to our clients and the market as a whole.
I wish you an excellent summer and look forward to continued exchange thereafter.
Roger Storm, CEO Euroclear Sweden