Sweden: Euroclear Sweden to introduce penalty fees
Effective
1 April 2015
Euroclear Sweden will add a fee for late settlement in the equity market.
The late settlement fee will be transaction based and applicable to all settlement transactions registered in the equity market involving Central Counterparties (CCP): currently X-clear (CLRXCHZZXXX) and EuroCCP N.V (EMCFNL2AXXX). These penalty fees will be equally applicable to any future CCPs who will become members of the Swedish settlement system.
Both clearing members and CCPs are subject to the late settlement fee for failure to deliver on transactions where one counterparty is a CCP. Thus the fee is debited to either the CCP or clearing member depending on who fails to deliver.
Euroclear Sweden will apply the penalty fee of SEK 500.00 per failed matched delivery per intended settlement day.
We continue to monitor the situation in the Swedish market and will provide further information as it becomes available.
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