FCMC: vi­o­la­tion com­mit­ted in Nasdaq CSD SE Baltic Joint De­posi­tary

Baltic News Network - - News -

Latvia’s Fi­nance and Cap­i­tal Mar­ket Com­mis­sion has recorded a vi­o­la­tion in Nasdaq CSD SE Baltic Joint De­posi­tary, be­cause the in­ci­dent in the data cen­tre made it im­pos­si­ble for Nasdaq CSD SE to per­form its main func­tions for longer than two hours, as con­firmed by the com­mis­sion.

Nasdaq CSD SE could not per­form its main func­tions as the cen­tral de­pos­i­tory in all three se­cu­ri­ties set­tle­ment sys­tems in Latvia, Lithua­nia and Es­to­nia.

Af­ter re­ceiv­ing in­for­ma­tion from Nasdaq CSD SE, FCMC con­cluded that an in­ci­dent took place in the pri­mary data cen­tre in Swe­den at 08:22 on 18 April this year. Be­cause of this in­ci­dent Nasdaq CSD SE could not per­form its func­tions un­til 12:52. This made it im­pos­si­ble for Nasdaq CSD to re­cover within two hours, as re­quired by reg­u­la­tions.

Af­ter eval­u­at­ing in­for­ma­tion pro­vided by Nasdaq CSD SE, FCMC con­cluded that the ac­tual ef­fect the in­ci­dent had on se­cu­ri­ties set­tle­ment sys­tem was small.

At the same time, FCMC also took into ac­count the in­flu­ence this in­ci­dent had on Latvia’s, Es­to­nia’s and Lithua­nia’s fi­nance mar­kets. Be­cause of that, it is im­por­tant to pre­vent such in­ci­dents in the fu­ture.

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