Euroclear to Support New Penalty Appeals Process Using Taskize for CSDR Settlement Discipline Regime

Euroclear is using Taskize, the leading provider of inter-company workflow to the financial services industry, as the preferred channel for its 2,000+ members to appeal penalties at both the ICSD and its domestic CSDs following the implementation of the CSDR Settlement Discipline Regime on February 1st 2022.

The Settlement Discipline Regime of CSDR 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.

Taskize has been Euroclear’s preferred client service channel for over 5 years, with specific uses now added to support new CSDR requirements. By using Taskize, Euroclear members benefit from a single, streamlined digital channel to manage the penalties and appeals process, in addition to achieving radically reduced resolution times for daily operational issues. The process uses a Taskize BubbleTM that has been specifically built around a penalty appeal template – allowing Euroclear and their members to efficiently process penalty appeals.

Taskize is proven to speed up the query resolution process and reduce 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.

Stéphane Bernard, Chief Operating Officer at Euroclear bank, commented: “Taskize is our preferred client service channel and has been successfully deployed globally across Euroclear. 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, so we are thrilled that Euroclear has used this capability to build out a specific Penalty Appeal process to enable their members to manage appeals more efficiently under CSDR. 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.”

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