Standard settlement instructions (SSI) · Concepts

Roles that need it

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.
Settlement matchingSettlement matching is the comparison of the buyer's and seller's settlement instructions by the settlement system before settlement, field by field (securities, quantity, amount, dates, accounts). Only matched instructions can settle. The Central Securities Depositories Regulation (CSDR) requires CSDs to offer matching tools and tolerances for small cash differences.
Security masterA security master is the central database of reference data on financial instruments: identifiers (such as the International Securities Identification Number, ISIN), issuer, currency, coupon, maturity, asset class and corporate action terms. Downstream systems for trading, settlement, accounting and reporting take their instrument data from it, so errors spread widely.
AllocationAllocation is the split of a block trade executed by an asset manager across the underlying funds or client accounts. Settlement discipline under the Central Securities Depositories Regulation (CSDR) requires professional clients to send written allocations to their investment firm on trade date, so settlement instructions can be confirmed and matched on time.

Updated 31 Oct 2026.