Settlement

Transactions settlement for shares and bonds takes place on T+2.
 
The following different settlement types/procedures apply:
 
Night-time settlement (Delivery versus Delivery - DvD)
The night-time settlement of quantities is applied, without using a settlement bank, resulting in the settlement of a significant number of instructions, facilitating the Participants in completing their obligations on the settlement day (T+2).
 
The settlement algorithm for DvD is netting per Participant the transactions per ISIN and calculates the total value of "allocated" sales, which constitutes the Coverage Limit. It settles matched instructions per Participant, up to the value of the Coverage Limit.
 
Multilateral settlement cycles (Delivery versus Payment - DvP)
The multilateral settlement calculations are performed on a netting basis per Participant, Clearing Account and ISIN and include the introduction and processing of settlement instructions covering the overall settlement procedure as follows:
  • Matching of settlement instructions
  • Settlement of transactions through cash and securities transfer in central bank money via TARGET-2 and in other currencies in commercial bank money through correspondent banks;
  • Execution of Intermediary transactions resulting from the Stock Exchange Securities Market settlement instructions, OTC transactions from DSS and back to back/turn around transaction types.
Multilateral Settlement is effected in three distinct phases:
  • Phase 1. The clearing mechanism is linked to the cash settlement bank, and the Participant's cash accounts are blocked for the amounts required by those Participants having a total long position in the clearing.
  • Phase 2. The multilateral settlement procedure is carried out, the matched settlement instructions participate, the settlement algorithm generates the results of the settled instructions so that the depository is informed about the recording of the quantities in the accounts of the final investors.
  • Phase 3. Upon settlement completion, the cash movements are sent to the cash settlement bank - in an aggregated manner - and are executed.
 
Bilateral Settlement (RTGS)
Participants may settle block trade instruction types (pre-agreed trades), which are bilaterally settled (RTGS).
 
 

 

 

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