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.
Global Custodian understands advanced discussions are underway among EU regulators to propose a delay, though confirmation of this could still be months away.
Lobbyists likely to use UK decision to not implement the settlement discipline regime as further leverage in calls for a delay.
The association has urged the regulator to take ‘a holistic approach’ to postponing the Settlement Discipline Regime (SDR) by at least a year.
The endorsement comes two months after the ESMA stated it would postpone enforcing CSDR's settlement discipline regime following an industry-wide lobby.
The consensus among both buy- and sell-side firms is that the mandatory buy-in regime will have significant negative implications on Europe’s capital markets.
The toolkit sets out a range of operational, trading and risk processes that need to be reviewed and enhanced ahead of the incoming settlement discipline regime.