CSDR Solutions

What is CSDR?

The Central Securities Depositories Regulation (CSDR) is a European Union law that aims to improve settlement efficiency in the EU. This includes new rules on Settlement Discipline, including mandating the use of bond closing prices from the EU trading venues with the highest turnover for the calculation of settlement fail cash penalties¹ and cash compensation², in relation to bonds that are admitted to trading on a trading venue. This is expected to become effective from 1st February 2022.

Who is in scope?

The scope of the CSDR settlement fails cash penalties covers all EU CSDs. Cash compensation applies to clearing members, trading venue members, and trading parties.

How can MTS Data help?

MTS provides official closing prices for its MTS Cash and MTS BondVision EU trading venues.

According to the latest European CSD Association (ECSDA) guidelines³, the MTS Cash and MTS BondVision EU trading venues are among the recognised sources identified in the ESMA FIRDS Register.

MTS BondVision and MTS Cash Markets – Countries covered

Please click here to view the MIC list and to find the regulatory status go to https://www.mtsmarkets.com/resources/regulatory-structure

MTS Cash Order Book snapshots:

Sourced from the MTS Cash EU trading venues
Hourly MTS Cash bid and ask snapshots, including closing prices

MTS Reference Prices:

Calculated prices sourced from the MTS Cash interdealer order book (one single price and yield per instrument)
MTS Reference Prices are the open and closing prices calculated each day at 11:00(CET/CEST) as open fixing and at 16:00(CET/CEST) as a closing fixing exclusively from MTS Cash

MTS BondVision Composite Prices:

Hourly snapshots of our BV Composite prices, including closing price
Sourced from the MTS BondVision EU trading venue

MTS trading venues

Delivery methods:

FTP or SFTP

^{1. Commission Delegated Regulation (EU) 2017/389 Article 7(b)}

^{2. Commission Delegated Regulation (EU) 2018/1229 Article 32(3)(b)}

^3.^{ECSDA is European Central Securities Depository Association, ECSDA guidelines updated on 09/03/2021}