{"id":5908,"date":"2025-10-14T13:55:22","date_gmt":"2025-10-14T11:55:22","guid":{"rendered":"https:\/\/www.l-p-a.com\/?p=5908"},"modified":"2025-10-14T14:01:35","modified_gmt":"2025-10-14T12:01:35","slug":"esma-finalbericht-settlement-discipline-rts-t1","status":"publish","type":"post","link":"https:\/\/www.l-p-a.com\/de\/2025\/10\/14\/esma-finalbericht-settlement-discipline-rts-t1\/","title":{"rendered":"ESMA schl\u00e4gt wichtige \u00c4nderungen am Abwicklungsrahmen zur Unterst\u00fctzung des T+1-\u00dcbergangs vor"},"content":{"rendered":"\n<p><strong>13. Oktober 2025<\/strong> &#8211; Die Europ\u00e4ische Wertpapier- und Marktaufsichtsbeh\u00f6rde (ESMA) hat ihren Abschlussbericht mit Empfehlungen f\u00fcr umfassende \u00c4nderungen an den Regulatory Technical Standards (RTS) zur Abwicklungsdisziplin ver\u00f6ffentlicht.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Ziel der vorgeschlagenen Anpassungen ist es, die Abwicklungseffizienz in der EU zu erh\u00f6hen, den \u00dcbergang auf einen verk\u00fcrzten Abwicklungszyklus (T+1) bis zum 11. Oktober 2027 zu unterst\u00fctzen und den administrativen Aufwand f\u00fcr Zentralverwahrer (CSDs) sowie Marktteilnehmer zu verringern.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Zu den zentralen Ma\u00dfnahmen geh\u00f6ren:<\/strong><br><strong>\u2022<\/strong> Gleicht\u00e4gige (Handelstag-)Fristen f\u00fcr Handelsallokationen und Abwicklungsanweisungen,<br><strong>\u2022<\/strong> Maschinenlesbare Formate f\u00fcr Allokationen und Best\u00e4tigungen,<br><strong>\u2022<\/strong> Die verpflichtende Umsetzung zentraler Funktionalit\u00e4ten wie Hold and Release, Auto-Partial Settlement und Auto-Collateralisation,<br><strong>\u2022<\/strong> Aktualisierte Vorgaben f\u00fcr die \u00dcberwachung und Berichterstattung von Abwicklungsfehlern,<br><strong>\u2022<\/strong> Ein stufenweiser Implementierungsplan mit Beginn im Dezember 2026 und Abschluss bis 11. Oktober 2027, um einen reibungslosen \u00dcbergang zu gew\u00e4hrleisten.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Die ESMA empfiehlt Marktinfrastrukturen, Finanzintermedi\u00e4ren und ihren Kunden, diese regulatorischen \u00c4nderungen als zentrales Element ihrer T+1-Transformationsstrategie zu betrachten.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Die vorgeschlagenen \u00c4nderungen wurden der Europ\u00e4ischen Kommission zur Pr\u00fcfung vorgelegt, die innerhalb von drei Monaten \u00fcber deren Annahme entscheiden wird.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Quelle: European Securities and Markets Authority (ESMA), Final Report on Settlement Discipline RTS Amendments, 13. Oktober 2025.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>13. Oktober 2025 &#8211; Die Europ\u00e4ische Wertpapier- und Marktaufsichtsbeh\u00f6rde (ESMA) hat ihren Abschlussbericht mit Empfehlungen f\u00fcr umfassende \u00c4nderungen an den Regulatory Technical Standards (RTS) zur Abwicklungsdisziplin ver\u00f6ffentlicht. Ziel der vorgeschlagenen Anpassungen ist es, die Abwicklungseffizienz in der EU zu erh\u00f6hen, den \u00dcbergang auf einen verk\u00fcrzten Abwicklungszyklus (T+1) bis zum 11. Oktober 2027 zu unterst\u00fctzen und [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33,43],"tags":[],"class_list":["post-5908","post","type-post","status-publish","format-standard","hentry","category-asset-management-de","category-regulierung"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ESMA Final Report: Updates to Settlement Discipline RTS<\/title>\n<meta name=\"description\" content=\"ESMA schl\u00e4gt RTS-\u00c4nderungen vor, um die Abwicklungseffizienz zu verbessern und den \u00dcbergang zu T+1 zu erleichtern.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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