Settling scores: industry pushes back on new penalties in settlement efficiency drive

Esma is asking for feedback on proposals that could see penalties for settlement fails increase by 25 times. But affected parties say adapting to the new system would be a technical upheaval and are calling for more structural reform.

In order to go fast, you first need to perfect the art of going slowly. Legend has it that in preparation for his 1955 recording of Bach’s “Goldberg Variations”, Glenn Gould spent 32 hours playing through every single note at an agonizingly slow tempo. But when his time in the studio came around, Gould took the “Variations” at a blistering pace—his recording lasts less than half the time of most conventional performances of the work.

In Europe, discussions of how and when to reduce settlement

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