What are some of the challenges of SDR compliance?

In order to calculate the penalty fees CSDs require consistent pricing & reference data defined in the regulation in alignment with ECSDA CSDR Penalties Framework.

What is the CSDR proposition by SIX?

The SIX proposition is based on producing a single view of the market value/reference price from a common understanding of the market value by determining closing prices by liquidity, turnover or pre-determined methodology approved by the National Authority of the CSD.

How frequently are the data updates provided?

Data is updated daily to ensure accuracy and regulatory compliance.

Is this service compatible with my existing systems?

Yes, SIX data is accessible through all SIX delivery channels, ensuring seamless integration.

What is CSDR and how does SIX support it?

Central Securities Depositories Regulation (CSDR (EU) 2018/1229) is an EU regulation that aims to increase the safety and efficiency of securities settlement in the EU. SIX provides reference and pricing data to support Setllement Discipline Regime (SDR), calculation of penalty fees and market value determination.

Who does CSDR apply to?

Under the RTS for Settlement Discipline, CSDs have the obligation to provide settlement fails reports to the relevant authority on a daily basis calculating penalty fees for failed settlement. Market participants e.g. Custodians, Investment Firms & Banks need to validate the cash penalties received from CSDs.

CSDR Reporting Services

Achieve CSDR Compliance with Confidence

CSDR-SDR or Settlement Discipline Regime introduces strict requirements for calculating cash penalties and reporting settlement fails. SIX simplifies compliance by delivering high-quality reference data across 1.5 million financial instruments—covering penalty rates, liquidity indicators, SME growth market status, and more.

To meet growing demand, especially from custodians, SIX also supports internalised settlement reporting with “in-scope” markers and issuer CSD data with corresponding LEIs.

Consult Our Regulatory Experts

Ensure reporting accuracy with standardized reference and pricing data by SIX.

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Benefits

Ensure CSDR Compliance with Reliable and Efficient Data

Data Reliability

Meet reporting and penalty calculation requirements with accurate reference and pricing data.

Operational Efficiency

Simplify penalty calculations by applying ISIN-level fees with consistent and detailed criteria.

Seamless Integration

Access a high-performance interface that optimizes CSDR-SDR data processing.

About This Product

Simplify Cash Penalty Calculations and Settlement Fail Reporting with SIX

To facilitate CSDR compliance, SIX provides a single, centralized source of reference and pricing data. Our service enables financial institutions to optimize penalty calculations and maintain consistency in regulatory reporting.

Regulatory Reference Data

Identification of EU-registered and recognized third-country CSDs (ESMA)
Classification of in-scope instruments under Settlement Discipline Regime (SDR) (ESMA)
Foreign exchange rates from the European Central Bank (ECB)

Market Value Determination

Most Relevant Market (MRM) identification (ESMA)
Closing price of the MRM
Closing price from the market with the highest turnover

Instrument Classification & Penalty Rate Calculation

Instrument type classification
CFI (Classification of Financial Instruments) code
Liquidity indicators for regulatory assessment
SME growth market indicator
Penalty rates and discount rates

SIX ensures that all asset types are covered within a single, standardized data source, providing efficiency and accuracy for post-trade compliance.

Female professional with a concerned face, illustrating regulatory complexity that is solved by SIX CSDR Data Service reference and pricing data, facilitating penalty calculation and settlement fail reporting with comprehensive regulatory data, including MRM identification and penalty rates.

Access the Detailed Factsheet

Access detailed information on data structure and its application in CSDR compliance.

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Aerial view of a dam, symbolizing the two sides of the CSDR coin: data quality for cash penalty calculation and reconciliation for settlement reporting, highlighted in the "Two Sides of the CSDR Coin" webinar.

Exclusive Content - CSDR Webinar

Discover best practices for ensuring regulatory compliance with our webinar.

Join us to explore both sides of the CSDR coin - data quality for penalty calculation and reconciliation for compliant settlement reporting. You'll gain practical insights.

Access the Webinar

CSDR Data Service: Your Questions Answered

How to Access CSDR Data

Do You Have Any Questions about Our CSDR Data Service?

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