Enter one trade record once, with its UTC offset. The page derives each panel input from that record and shows the converted values, so a reader can see exactly what each panel was fed. The timing panel classifies each post-trade step against a target cycle cutoff and a baseline cycle cutoff. The allocation panel checks each allocation and confirmation event against the 23:00 CET trade-date rule in machine-readable form. The funding panel sequences declared FX legs by cutoff for one declared settle date. Nothing here settles, nets, moves or instructs anything, and no live cutoff feed is read.
Enter the trade once. Times in the declared local zone are converted with the UTC offset you declare. The same instant is shown in local time, in UTC and in CET in the results, so the three panels can be compared.
Run the check to see the three panels, the derived panel inputs and the converted times.
Scope: EU and EEA settlement under the Central Securities Depositories Regulation, for the deadlines in force on the dates cited below. This page is a calculation check, not legal or regulatory advice, and not a determination of regulatory compliance.
Every cutoff on this page is a caller input. No market or venue cutoff table is shipped, and no declared cutoff is checked against any live feed. The settle date is caller-declared: it is not computed from the trade date and the cycle, because no business-day or holiday calendar is shipped. The funding panel compares declared UTC times on one declared settle date only, with no timezone conversion, date rollover, holiday calendar or daylight saving adjustment of its own. The allocation panel reads event timestamps as CET, as the underlying kernel does. The timing panel computes no settlement penalty, and the funding panel makes no payment-versus-payment determination and performs no settlement action.
Sources: Commission Delegated Regulation (EU) 2026/1536, OJ L, 2026/1536, 14.10.2026, Article 1, point (1)(b), replacing Article 2(2) of Delegated Regulation (EU) 2018/1229: "Professional clients shall ensure that the investment firm receives the written allocations and written confirmations referred to in paragraph 1 as soon as possible and by no later than 23:00 CET on the business day on which the transaction has taken place." Article 1, point (1)(a)(ii), replacing Article 2(1), requires written allocations and confirmations "using an electronic standardised communication method structured so that software applications can easily identify, recognise and extract specific data". Article 1, point (2), replacing Article 3, applies the same 23:00 CET deadline to retail clients, except where the client holds the relevant financial instruments and cash at the same investment firm. Delegated Regulation (EU) 2026/1536, Article 2: "It shall start to apply from 7 December 2026." The delayed tranches in that article, 1 July 2027 and 11 October 2027, do not include Article 1, points (1) or (2), so the allocation and confirmation amendments apply from 7 December 2026. Entry into force is the twentieth day after publication in the Official Journal. Commission document C(2026) 4640 of 6 July 2026, per EUR-Lex metadata; the number is not printed in the OJ text itself. Correction to the earlier report: the deadline was wrongly attributed there to an ESMA Final Report dated 16 October 2026. That item, ESMA74-2119945926-3749, is the revised guidelines on standardised procedures and messaging protocols. The RTS report is ESMA 13 October 2025, ESMA74-2119945926-3430. Regulation (EU) 2025/2075, OJ L, 2025/2075, 14.10.2025, Article 1, point (1), replacing Article 5(2) of Regulation (EU) No 909/2014: "the intended settlement date shall be no later than on the first business day after the trading takes place", with listed exceptions for privately negotiated venue trades, bilaterally executed venue-reported trades, first book-entry recordings, and documented single-transaction securities financing transactions. Article 2 of Regulation (EU) 2025/2075: "It shall apply from 11 October 2027." The settlement-discipline RTS Final Report is ESMA 13 October 2025, ESMA74-2119945926-3430. The 16 October 2026 ESMA Final Report, ESMA74-2119945926-3749, is the revised guidelines on standardised procedures and messaging protocols, not the RTS report, and it is not cited for any deadline on this page.