The landmark figure is part of an industry effort to significantly improve securities settlement efficiency rates ahead of the Settle Discipline Regime (SDR).
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.
Panellists at the Network Forum Autumn Meeting echoed fears that plans comply with the rules have been put on hold since the announcement of its delay.
The new service is powered by Elastic, where the bank will use its machine learning and anomaly detection features.
The proposal came in response to a request from the European Commission to further postpone the Settlement Discipline Regime.