Preparing for The Central Securities Depositories Regulation (CSDR)

The Central Securities Depositories Regulation (CSDR) is an EU regulation which aims to increase the safety and efficiency of securities settlement and settlement infrastructure in Europe. CSDR was introduced in 2014 in response to the global financial crisis and intends to harmonise the timing and standards of securities settlements, alongside other EU regulations such as the European Market Infrastructure Regulation (EMIR) and the Markets in Financial Instrument Directive (MiFID II).

CSDR has phased activation dates for various requirements. The upcoming go-live date is 1 February 2022 for the Settlement Discipline Regime in Articles 6 and 7.

Settlement Discipline Regime

The CSDR Settlement Discipline Regime will go-live from 1 February 2022, introducing a set of common requirements and business standards for authorised Central Security Depositories (CSDs) and market participants in relation to securities settlement.

The requirements in the Settlement Discipline Regime are broadly characterised into two themes:

  • Measures to prevent settlement failure (CSDR Article 6)
  • Measures to address settlement fails (CSDR Article 7)

These measures include timing requirements for allocation and confirmation messaging, cash penalties for late matching and settlement fails, and mandatory buy-ins for certain transaction types. 

CSDR Impact and Barclays approach to CSDR

The CSDR Settlement Discipline Regime will impact all parties in the settlement chain involved in transactions in European securities, including trading parties who are not located in the European Economic Area (EEA).

Barclays has mobilised an enterprise-wide programme, with Senior Manager oversight, to prepare our businesses for the CSDR Settlement Discipline Regime.

In addition to building the relevant processes to comply with regulation, Barclays is committed to reducing settlement fails ahead of the 1 February 2022 activation date, and will be utilising the Synergy platform by third-party provider AccessFintech to improve the efficiency of settlement processes.

Although there is regulatory uncertainty with regards to the scope and implementation of certain elements of the Settlement Discipline Regime, Barclays are actively working towards the regulation going live (as it is currently written) on 1 February 2022. 

We strongly encourage our clients to stay up-to-date on the latest regulatory guidance and to consider how their business activities and processes may be impacted by the CSDR Settlement Discipline Regime. 


To learn more about CSDR and Barclays approach to the CSDR Settlement Discipline Regime, please see our FAQs below.

We will continuously make updates to these FAQs so we encourage clients to regularly check these for the most up-to-date information. 

Contact us

Please reach out to our dedicated team at CSDRProgramme@barclays.com if you have any questions or would like to discuss specific aspects of the CSDR Settlement Discipline Regime.


The following briefing provides an overview of some of the new rules relating to Central Securities Depositories Regulation (CSDR) Regulation.

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