Euroclear has selected a Taskize solution to appeal penalties on both its international central securities depository (ICSD) and domestic CSDs, following the implementation of the Central Securities Depositories Regulation’s (CSDR) Settlement Discipline Regime (SDR) on 1 February 2022.
The SDR requires impacted European CSDs to automatically apply financial penalties to market participants who fail to complete transactions on the Contractual Settlement Date and subsequently report those failed trades.
The process uses the Taskize Bubble which has been specifically built around a penalty appeal template – allowing Euroclear and their members to efficiently process penalty appeals.
They will have a single, streamlined digital channel to manage the penalties and appeals process as well as the ability to achieve significantly reduced resolution times for daily operational issues
Taskize accelerates the query resolution process and reduces the impact of settlement fails, and subsequent penalties.
The platform also enables market participants to report buy-in trades, as and when this element of the Settlement Discipline Regime is introduced.
“Taskize is our preferred client service channel and has been successfully deployed globally across Euroclear, “ said Stéphane Bernard, Chief Operating Officer at Euroclear bank.
He added, “The ability to extend its use to support the specific workflows for appealing penalties under the new CSDR Settlement Discipline Regime means we can bring further efficiencies to our members who can join the network free of charge as part of our sponsoring licence.”
Philip Slavin, CEO and co-founder of Taskize, said, “Extending Taskize to support custom workflows is part of our wider strategy.
With over 400 firms on our network, any CSD can use Taskize, along with the new Penalty Appeal workflow and our integration with email to improve the service they offer their members.”
©Markets Media Europe 2022
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