With the aim to harmonize with the provisions of Regulatory Technical Standard on Settlement Discipline (hereinafter: RTS), Central Depository & Clearing Company Inc. (hereinafter: SKDD) formed a project team during 2019 which actively participates to the workshops organized by European Central Securities Depositories Association. Its aim is to work on a framework focused on cash penalties prescribed by the RTS. In line with that, SKDD plans the following:
- Start with the public announcements on all required amendments to its system (all market participants will need to comply with) as of beginning of 2020
- SKDD system test with market participants in May 2020
- Go live of all system amendments by 13 September 2020
Given the magnitude and the relevance of the Settlement Discipline project, SKDD will form the working group during November 2019 to work on all the open issues of this project and on the impacts it will have on market participants and on the market in general.
Impact on investors: SKDD confirmed the expected workflow within the process of harmonizing its operations with RTS on Settlement Discipline.
Related Newsflashes: SKDD’s CSDR status report