Settlement matching

Roles that need it

• Settlements Analyst
• Custody Operations Analyst
• Middle Office Analyst
• Treasury Operations Analyst

Skills it belongs to

• Settlement and fails management
• Attention to detail

Related concepts

• Standard settlement instructions (SSI)Standard settlement instructions (SSIs) are the account and agent details a firm uses by default to settle trades in a given market and asset type, such as the CSD, the custodian and the cash correspondent. Accurate, shared SSIs are a main lever against settlement fails, and the Central Securities Depositories Regulation (CSDR) requires firms to exchange them.
• Settlement failA settlement fail is a transaction that does not settle on its intended settlement date, because securities or cash are missing or the instructions do not match. Under the Central Securities Depositories Regulation (CSDR), fails in EU CSDs trigger daily cash penalties and reporting, and may lead to a buy-in.
• Trade confirmationA trade confirmation is the document or electronic message in which the parties to a trade agree its economic and legal terms. For uncleared over-the-counter (OTC) derivatives the European Market Infrastructure Regulation (EMIR) requires timely confirmation, by the business day after trade for most financial counterparties, and procedures to resolve unconfirmed trades and disputes.
• Partial settlementPartial settlement is the settlement of part of a matched instruction when the seller does not hold the full quantity of securities, or the buyer the full cash, on the settlement date. The rest stays pending. The Central Securities Depositories Regulation (CSDR) requires CSDs to offer partial settlement to reduce the value of fails and the cash penalties they cause.

Sources

• Commission Delegated Regulation (EU) 2018/1229 (settlement discipline), EUR-Lex (external site) accessed 31 Oct 2026
• CPMI glossary, BIS (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.