CSDR Art.7 · Settlement Discipline · EU 2018/1229 · CSDR Refit

CSDR Settlement Fails Cash Penalty Calculator

Calculate daily and cumulative cash penalties for settlement fails under the CSDR and CSDR Refit settlement discipline regime. Covers all instrument types under Commission Delegated Regulation (EU) 2018/1229, mandatory buy-in trigger logic, break-even analysis against bid-offer spreads, and portfolio-level exposure estimates.

CSDR Art.7 EU 2018/1229 CSDR Refit 2025 UK Onshored Buy-In Logic Zero PII

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Panel 01 Settlement Fail Details
Penalty rate: 1.0 bp/day · buy-in >4 days
CSDR Art.7(2): use closing price on the intended settlement date
Number of shares, units, or bond nominal failed to settle
Business days since the intended settlement date (T+2 or T+1 under Refit)
Estimated additional settlement fail days if no action taken
Used to calculate break-even day at which penalty cost exceeds spread revenue
CSDR Penalty Rates Reference Table
Instrument Rate (bp/day) Buy-In Threshold Regulatory Basis
Liquid Equity (most-liquid market) 1.0 bp >4 business days Art.12(1)(a) Del.Reg. 2018/1229
Other Equity & ETFs 0.5 bp >7 business days Art.12(1)(b) Del.Reg. 2018/1229
Sovereign Bond / Government Debt 0.1 bp >15 business days Art.12(1)(c) Del.Reg. 2018/1229
Corporate Bond / Other Debt 0.2 bp >7 business days Art.12(1)(d) Del.Reg. 2018/1229
SME Growth Market Shares 0.25 bp >15 business days Art.12(1)(e) Del.Reg. 2018/1229
All Other Instruments 0.5 bp >7 business days Art.12(1)(f) Del.Reg. 2018/1229
Panel 02 Portfolio View (Optional)
3
15101520
Estimate of concurrent settlement fails across the portfolio
Used to estimate aggregate daily penalty exposure across the portfolio
CSDR Penalty Assessment
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Single-Fail Penalty Metrics
Break-Even Analysis vs Bid-Offer Spread
Buy-In Trigger & Compliance Flags
Portfolio-Level Exposure Estimate
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Regulatory Citations

[1]Regulation (EU) No 909/2014 (CSDR) Article 7 — Settlement Discipline. Requires central securities depositories and their participants to adopt measures to prevent and address settlement fails, including mandatory cash penalties accruing daily on the transaction value of the failed instruction.
[2]Commission Delegated Regulation (EU) 2018/1229 — RTS on settlement discipline supplementing CSDR. Article 12 specifies penalty rates by instrument type: 1.0 bp/day (liquid equities), 0.5 bp/day (other equities, ETFs, other instruments), 0.1 bp/day (sovereign bonds), 0.2 bp/day (corporate bonds), 0.25 bp/day (SME growth market shares). In force from February 2022.
[3]ESMA Final Report ESMA70-156-4842 (October 2025) — Amendments to the RTS on settlement discipline under CSDR Refit (Regulation (EU) 2023/2845). Proposes technical amendments to buy-in timelines and penalty calculation methodology; core penalty rates remain unchanged pending Level 1 adoption.
[4]UK CSDR (Onshored) — The Central Securities Depositories Regulations 2017 (SI 2017/1200) as amended. UK post-Brexit implementation retains the same settlement discipline penalty structure including instrument-type penalty rates, applied by UK CSDs and enforced by the FCA and Bank of England.