d

Settlement Cycle for Equities:

At Day T (i.e Transaction Day)

  • Execution of trades on the floor of the Exchange by Brokers/Dealers .
  • Matched and confirmed trades are transmitted to the CSCS clearing system.
  • CSCS sends net financial obligation (interim settlement report) at end of day to stockbroking firms, custodian and settlement banks by 4pm (GMT+1).

Day T+1

  • Settlement bank escalate any unfunded cash settlement account to CSCS on or before 12:00pm.
  • CSCS sends final net settlement advice to all Settlement Banks before end of day; reporting final and irrevocable settlement obligation.

Day T+2

  • CSCS sends the NIBSS settlement report by end of day reporting final and irrevocable settlement obligation for all settlement banks.
  • Stockbroking firms/custodians must have funded their settlement accounts with the bank on or before 4:00pm.
  • Settlement banks to escalate final unfunded cash settlement account to CSCS before close of business(4.30pm).

Day T+3

  • Securities settlement takes place at CSCS at 8:00am.
  • NIBSS cash settlement takes place at 8.00am. NIBSS sends settlement confirmation to CSCS.

Settlement Cycle for Debt Securities (THE Exchange):

At Day T (i.e Transaction Day)

  • Execution of trades on the floor of the Exchange by Brokers/Dealers.
  • Matched and confirmed trades are transmitted to the CSCS clearing system.
  • CSCS sends net financial obligation (interim settlement report) at end of day to stockbroking firms, custodian and settlement banks by 4pm (GMT+1).

Day T+1

  • Settlement bank escalate any unfunded cash settlement account to CSCS on or before 12:00pm.
  • CSCS sends final net settlement advice to all Settlement Banks before end of day; reporting final and irrevocable settlement obligation.
  • CSCS sends the NIBSS settlement report before end of day, reporting final and irrevocable settlement obligation for all settlement banks.
  • Stockbroking firms/custodians must have funded their settlement accounts with the bank on or before 4:00pm.
  • Settlement banks to escalate final unfunded cash settlement account to CSCS before close of business (4.30pm).

Day T+2

  • Securities settlement takes place at CSCS at 8:00am.
  • NIBSS cash settlement takes place at 8.00am. NIBSS sends settlement confirmation to CSCS.

Settlement Cycle for Debt Securities (OTC):

  • The Exchange transmits pre-matched trades to CSCS clearing system latest by 10.00am on Settlement day (Day T + 2),
  • CSCS validates trade parameters and forward status report to the Exchange for correction where applicable
  • All corrections must be reported to CSCS clearing system within thirty (30) minutes after notification
  • On Settlement day, CSCS will effect the delivery of securities and advice the Exchange accordingly.
  • Primary Dealers Market Makers (PDMMs)/Dealers that subscribe to CSCS online services can view their bond portfolio via the website