Settlement failure – defined by the Central Securities Depository Regulation (CSDR) as the ‘non-occurrence of settlement, or partial settlement of a securities transaction on the intended settlement date, due to a lack of securities or cash and regardless of the underlying cause’ – is a big issue for investors and intermediaries.
A report published by Firebrand Research in February estimated that more than $96 billion was spent on resolving failures across the global equities market in 2023 and that the figure for 2025 could surpass the $157 billion spent on dealing with exceptions during 2021.
The cost of settlement fails cannot be swept under the rug any longer
Daniel Carpenter, Meritsoft
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