Stats › Intraday and market microstructure › Settlement fails
European settlement fails run about 7% of instructions and the penalty regime has not clearly fixed it
| Instrument | Daily penalty rate | Instrument | Daily penalty rate |
|---|---|---|---|
| Liquid shares | 1.0 basis point | Sovereign debt | 0.10 basis points |
| Illiquid shares | 0.5 basis points | Other debt | 0.20 basis points |
| Shares on a growth market | 0.25 basis points | Growth market debt | 0.15 basis points |
| All other instruments | 0.5 basis points | Failure to deliver cash | Overnight central bank rate, floored at zero |
Penalty rates from the annex to the delegated regulation, charged daily on the value of the failed instruction until settlement. In force since 1 February 2022. These are statutory rates and carry no significance statistic.
Across the European Economic Area, 7.14 per cent of settlement instructions failed by number in the year to February 2024. Cash penalties have been charged since February 2022, and the supervisor states a strict correlation with lower fail rates may not have been established.
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