CSDR Testing with the Bulgarian National Bank

UniCredit Bulbank AD
The Bulgarian National Bank (BNB) has announced CSDR testing with the CSD members
Fri, 14/01/2022

BNB has informed participants in ESROT (The Electronic System for Registration and Servicing of Trades in Government Securities) that CSDR-related testing is planned in the period 17 - 21 January 2022.

The tests with ESROT participants shall include the following new CSD system functionalities related to settlement discipline:

  • Recycling by BNB of failed settlement instructions within 4 business days

  • Bilateral cancellation of matched settlement instructions whose settlement has failed within 4 business days

  • Accrual and debiting of penalty interest for failed settlement from the defaulting ESROT participant

 Additional details will be announced by BNB in due course.

Impact on investors: CSDR testing with BNB shall allow for better readiness of CSD members in view of the CSDR requirements coming into force as of 1 February 2022.