The landmark figure is part of an industry effort to significantly improve securities settlement efficiency rates ahead of the Settle Discipline Regime (SDR).
With a wave of sub-custody exits in the Nordics, SEB is the last remaining local provider operating in the region. GC speak to Ann Magnusson, head of investor services, and Christine Strandberg, regulatory manager, on how it is facing up to the challenges of regulation, technology and increased competition from global custodians.
Market participants will be conscious of European settlement rates with incoming regulation on the horizon which penalises fails.
The trade bodies said many firms will be unable to make the necessary changes to their operations to meet the rules under the current timeline.
As the consultation period for Europe’s Settlement Discipline Regime concludes, industry associations again step up calls for the removal of mandatory buy-ins.
For asset managers that seek to use a third-party vendor to manage their CSDR compliance, time is running out to finalise those relationships.
The majority of industry bodies and market participants will most likely focus their feedback on the settlement penalties and the buy-in components of CSDR.
Seventh and final CSDR license for Euroclear Group as UK and Ireland is approved by Bank of England.