Are Your SSIs in Place?
中文标题
您的SSI是否已就位？
Core conclusion · Tlines extraction
Citi argues that incomplete or inaccurate Standing Settlement Instructions are a major, under-invested cause of settlement fails ahead of Europe's T+1 move on 11 October 2027. Poor SSIs drove 21% of T2S fails in 2024, with T2S participants paying about EUR 70.43 million in monthly penalties. SSI processes remain largely manual, and 67% of European firms still run their own SSI databases, though 28% have automated them.
- Institution
- Citi
- Published
- 09/29/2026
- Research topic
- Not explicitly stated
- Time horizon
- 2027 · 2030 · 2026
Key arguments
- Poor SSI data, not just inventory shortages, is a major driver of settlement fails and CSDR penalties.
- SSI management remains manual and bilaterally fragmented, and standardization is elusive.
- Europe's move to T+1 on 11 October 2027 will require accurate SSIs on a T+0 basis.
Key numbers
- Share of T2S settlement fails attributed to poor SSIs in 2024
- 21%
- Average monthly CSDR penalties paid by T2S organizations
- EUR 70.43 million
- European firms maintaining their own SSI databases
- 67%
- EU financial institutions that have automated their SSIs
- 28%
Main risks
- If SSIs remain inaccurate, settlement fails and CSDR cash penalties may trend upwards after T+1.
- Europe's 32+ CSDs add complexity around PSET and PSAFE, complicating settlement chains.
- Smaller firms with lower trading volumes risk being unprepared for T+1.
Corresponding source evidence
10 Without proper identification standards, SSIs will continue to be a weak link in the settlement chain, notes Pitts .
According to the ValueExchange, 24% of firms expect T+1 will significantly impact their customer onboardings and SSI set ups, as just in time onboardings at brokers and asset managers come under the microscope.
5 “If SSIs are not accurate or if details about the Place of Settlement (PSET) are erroneous, there is a risk that instructions will not match, and this could lead to a settlement fail.
Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.
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AI analysis
How this page was produced
Tlines extracted the conclusion, arguments, numbers and risks above from the report published by Citi on 09/29/2026, then structured them for comparison. The publisher's own wording is reachable through the source link on this page and is displayed in full above. Last updated 10/17/2026. Methodology · Source policy · AI usage · Request a correction