Corfinancial, a provider of software to the financial services sector, has launched SureVu Penalty Fees Processing and Management, a software solution to help buy-side firms manage failed trades under forthcoming changes to the Central Securities Depositories Regulation (CSDR).
CSDR will require trading venues and investment firms established in the EU to improve settlement discipline by 1 February 2022 — under CSDR’s Settlement Discipline Regime (SDR), if a settlement failure occurs, depositories must impose cash penalties on failing participants.
SureVu supports the complex processes associated with penalty fees management, with a set of management information dashboards that summarise data and priorities. Utilising SureVu users will be able to lodge and manage appeals against fees that are in dispute.
By adopting these new features, corfinancial’s clients will be ready for CSDR’s go live on 1 February 2022, the software provider says.
Bruce Hobson, CEO at corfinancial, comments: “Now that the European Commission has postponed the implementation of the CSDR mandatory buy-in provisions following months of speculation, there are no further reasons to delay the deployment of a solution that supports failing trades. The postponement has created an opportunity for the industry to move forward and the time for action has come.”
He adds: “A comprehensive solution like SureVu will ease the many additional operational burdens that are causing such industry-wide consternation. We suspect that these concerns essentially stem from the fact that many firms are still a long way away from having a tried and tested solution that is simple and quick to deploy.”
