On 24 May 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on the Central Securities Depositories Regulation (CSDR) by inserting a new section on internalised settlement reporting requirements (pages 26 and 27) covering:

  • matching: the first Q&A in this new section clarifies that, in the case of internalised settlement instructions that require matching, a settlement internaliser should only include matched internalised settlement instructions in the reports;
  • working days: the second Q&A confirms that a settlement internaliser should take into account the working days in the country where it is established and, if applicable, any additional days where the settlement internaliser is open for business; and
  • late instructions: the last Q&A clarifies that internalised settlement instructions received after the end of the quarter, for settlement in a previous quarter, should be included in the report for the quarter during which the instructions are submitted, and that previously submitted reports should not be updated in such cases.