Statistikk › Intraday og markedsmikrostruktur › Fail penalties
A failed European share settlement costs one basis point a day and a failed government bond one tenth of that
| Instrument | Daily penalty rate |
|---|---|
| Liquid shares | 1.0 basis point |
| Illiquid shares | 0.5 basis points |
| Growth market instruments | 0.25 basis points |
| Sovereign, central bank and development bank debt | 0.10 basis points |
| Other debt | 0.20 basis points |
| Growth market debt | 0.15 basis points |
| All other instruments, which is where funds sit | 0.5 basis points |
| Failure for lack of cash | the issuing central bank's overnight credit rate, floored at zero |
From the annex to the delegated regulation. The rate is applied to a reference price and recomputed for every failing business day, using the closing price of the most relevant market by liquidity, then the highest turnover European venue, then an approved methodology. No amending act to these rates was found, so on the evidence available they are unchanged since the regime began applying.
The rates have not changed since the regime began applying on 1 February 2022. Eighty to ninety percent of individual penalties are below five euro, and the law states they may not be configured as a revenue source for the depository.
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