Participants' settlement efficiency

[ESMA70-156-4448 CSD Settlement discipline Q&A 9] The settlement fails to be used for this calculation should cover, for each participant, all the participant’s accounts opened/operated by the respective participant in a CSD securities settlement system: the participant’s own accounts and the participant’s client accounts. In addition, for all these accounts of a participant, the calculation should not take into account settlement fails where the settlement fail cannot be attributed to the participant (e.g. when the settlement fail is caused by the participant’s counterparty).