KELER, the Hungarian CSD, published information on the CSDR penalty regime testing requirements and timeline. According to the plans, the mandatory market test for KELER participants will be launched on 17 January 2022, lasting till 31 January 2022.
During the testing period participants will need to submit at least 1 settlement instruction in order to test both type of penalties.
Dry run test with the CSD will also be possible as of 24 January 2022. Transactions subject to penalties will be reported in the period up to 1 February, however, fines will not be calculated, collected, or allocated during this period.
Impact on investors: Penalty mechanism will be implemented as of 1 February 2022 on the Hungarian market, KELER requires market tests as a preparatory step for implementation