Operating rules for Settlement Systems (EXPRESS II) and related activities

Size: px
Start display at page:

Download "Operating rules for Settlement Systems (EXPRESS II) and related activities"

Transcription

1 Monte Titoli Operating rules for Settlement Systems (EXPRESS II) and related activities 9 S e p t e m b e r T h e I t a l i a n t e x t s h a l l p r e v a i l o v e r t h e E n g l i s h v e r s i o n

2 Content PART I - GENERAL PROVISIONS... 4 TITLE I - REGULATORY FRAMEWORK AND DEFINITIONS... 4 Article 1 - Regulatory framework and main principles... 4 Article 2 - Definitions... 4 TITLE II - GENERAL CRITERIA OF THE SETTLEMENT SYSTEMS... 8 Article 3 - Characteristics of the Settlement systems... 8 Article 4 - Participants and methods of participation... 9 Article 5 - Requirements for participation Article 6 - Financial instruments admitted to the Settlement system Article 7 - Requirements for agent banks Article 8 - Participation agreement Article 9 - Cases of exclusion, suspension and penalisation Article 10 - Service information notices Article 11 - Settlement system calendar and timetable Article 12 - Eligible transactions PART II - SETTLEMENT SYSTEM TITLE I - NET SETTLEMENT CHAPTER I - STRUCTURE OF NET SETTLEMENT Article 13 - Phases and limitations Article 14 - Irrevocability and finality of transactions Article 15 - Notification of cash availability CHAPTER II - OVERNIGHT NET SETTLEMENT CYCLE Section I - Netting and clearing Article 16 - Calculation of multilateral balances Article 17 - Database for identifying transactions eligible for settlement Article 18 - Activation of the Securities Lending Services overnight cycle Article 19 - Determination of transactions that cannot be settled Article 20 - Calculation of multilateral balances of transactions eligible for settlement.. 24 Section II - Settlement Article 21 - Settlement of securities and cash Article 22 - Information for participants CHAPTER III - DAYTIME NET SETTLEMENT CYCLE Section I - Netting and clearing Article 23 - Calculation of multilateral balances of securities and verification of caps Article 24 - Securities Lending Services daytime cycle Article 25 - Determination of transactions that cannot be settled Article 26 - Calculation of multilateral cash balances Article 27 - Further determination of transactions that cannot be settled Article 28 - Clearing of transactions eligible for settlement Section II - Settlement Article 29 - Settlement of securities and cash Article 30 - Information on process execution TITLE II - GROSS SETTLEMENT CHAPTER I - STRUCTURE OF GROSS SETTLEMENT Article 31 - Phases and limitations Article 32 - Information on process execution Section I - Transaction acquisition Article 33 - Irrevocability and finality of transactions Section II - Clearing Article 34 - Data processing Express II Rules 9 September

3 Article 35 - Queue-management priority criteria Section III - Settlement Article 36 - Cash settlement in euro Article 37 - Cash settlement in currencies other than the euro Article 38 - Cash settlement through agent banks Article 39 - Securities settlement PART III - RISK-LIMITATION MEASURES Article 40 - Technical measures for Information Technology (IT) security and processing continuity Article 41 - Technical standards for data transmission by the X-TRM service Article 42 - Measures adopted for gross settlement Article 43 - Collateral for the granting of financing PART IV - RELATED ACTIVITIES TO CLEARING SERVICES TITLE I - GENERAL PROVISIONS Art Regulatory framework TITLE II - X-TRM SERVICE Article 45 - Participants, requirements, and methods of participation Article 46 - Financial instruments admitted to the X-TRM service Article 47 - Cases of exclusion and suspension from the X-TRM service Article 48 - Phases of the X-TRM service Article 49 - X-TRM service calendar and timetable Article 50 - Risk-limitation measures TITLE III - FINANCING SERVICES CHAPTER I - CASH FINANCING SERVICE Art Services characteristics Art Participants and methods of participation Art Participants and requirements for participation Art Service information notices CHAPTER II - SECURITIES FINANCING SERVICE Art Service characteristics Art Participants and methods of participation Art Requirements for participation Art Service information notices TITLE IV - FOREIGN SETTLEMENT SERVICE Art Service characteristics Art Participants and methods of participation Art Requirements for participation Art Service information notices Express II Rules 9 September

4 PART I GENERAL PROVISIONS TITLE I REGULATORY FRAMEWORK AND DEFINITIONS Article 1 Regulatory framework and main principles 1. The present rules, governing the organisation and functioning of Settlement systems, have been adopted pursuant to Article 46 of the Bank of Italy - Consob Provision, as amended, issued by the Bank of Italy, in agreement with Consob (the Italian authority responsible for regulating the Italian securities), under Article 69(1) of Italian Legislative Decree no. 58 dated February 24, 1998 ( Testo Unico delle disposizioni in materia di intermediazione finanziaria, Consolidated Law on financial intermediation ). 2. Monte Titoli provides the activities under the present Operating rules without discrimination and by means of procedures defined on a general basis. Article 2 Definitions Express II Rules 9 September

5 1. For the purposes of the present rules, the definitions set out below shall have the following meaning: a) «Buyer»: the participant receiving securities; b) «Agent bank»: the subject appointed to carry out cash settlement, by one or more participants (the so-called Intermediaries Using Agent banks ), who do not hold cash settlement accounts or who do not intend to use them; c) «Collateral»: the financial instruments admitted to the Settlement systems, eligible as guarantee of intra-day financing with the Bank of Italy and/or with Monte Titoli and that can be used through the automatic collateralisation facilities described under letter p); d) «Segregated settlement accounts»: the security accounts that have been opened in the centralised administration system, different from the own or third party account, where participants may segregate the activities or one or more clients in connection with both the centralised administration services and the settlement services provided by Monte Titoli; e) «Technical accounts»: transit accounts used by the Settlement systems for the management of cash, securities and collateral in the process of transactions settlement; f) «Central counterparties»: entities that, in the management of a netting and guarantee system for financial instruments, interpose themselves between direct participants in the system, acting as exclusive counterparties with regard to their transfer orders; g) «Cut-off»: the time limit established for securities and cash coverage of the daytime net settlement cycle and/or of the gross settlement; h) «Validity date»: the last day, indicated by participants or market management companies or central counterparties within the limits established by Monte Titoli, on which a transaction that is matched but on hold may be transmitted by X-TRM service to the Settlement services or on which a transaction that has not been settled on the settlement date pre-determined may be resubmitted to one of the subsequent settlement cycles; i) «Italian Legislative Decree 210/01»: Italian Legislative Decree no. 210 of April 12, 2001, entitled Attuazione della direttiva 98/26/CE sulla definitività degli ordini immessi in un sistema di pagamento o di regolamento titoli [ Enactment of Directive 98/26/EC on settlement finality in payment and securities settlement systems ], published in the Gazzetta Ufficiale (the Italian Official Gazette) no. 130 of June 7, 2001; Express II Rules 9 September

6 j) «Cash availability of the intermediary using an agent bank (herein after IUA)»: the difference between the exposure limit of each IUA ("cap") and its actual utilisation; k) «Operating documents»: documents by which Monte Titoli establishes the operating procedures in further detail, in compliance with those defined in these Operating Rules; l) «Daily cap»: the maximum amount assigned by the agent bank to the IUA for a given settlement date; m) «Ordinary cap»: the maximum current amount assigned by the agent bank to the IUA ; n) «Gross settlement»: the service permitting settlement of individually considered transactions concerning non-derivative financial instruments; o) «Net settlement»: the system permitting settlement of balances originating from the multilateral netting of transactions in non-derivative financial instruments; p) «Automatic collateralisation facilities»: the process that, based on instructions given to Monte Titoli by participants, automatically identifies the securities to be used as collateral; q) «Regulated markets»: the markets listed under Article 63(2) of Italian Legislative Decree 58/98; r) «Monte Titoli»: Monte Titoli S.p.A.; s) «NOR»: the sequential order number assigned to each transaction acquired in gross settlement; t) «Transactions eligible for settlement»: the sub-group of transactions acquired by net settlement that can be settled having sufficient coverage of securities and cash; u) «Participant»: the subject adhering to the Settlement systems in its own name and on its own behalf or in its own name and on third parties' behalf; v) «Indirect participant»: the X-TRM participant that, for the settlement of transactions, use a participant to the Settlement service; w) «X-TRM participant»: the subject adhering to the X-TRM service in its own name and on its own behalf or in the name and on behalf of third parties; Express II Rules 9 September

7 x) «Bank of Italy - Consob Provision»: the provision dated 22 February, 2008, published in the Official Gazette no. 54 of March 4, 2008 as amended issued by the Bank of Italy and Consob, enacting Article 69(1) of Italian Legislative Decree no. 58 dated February 24, 1998; y) «Services Regulation»: the Centralised Administration Services Terms and Conditions, the regulation adopted pursuant to Article 81(2) of Italian Legislative Decree 58/98, by Monte Titoli S.p.A. on June 16, 2004, as amended; z) «Liquidity reserve»: the amounts on the accounts of the participants in the TARGET2 System earmarked for coverage of the debit multilateral balance during the overnight net settlement cycle; aa) «Roll-back»: the iterative calculation procedure that, by identifying and subtracting transactions that cannot be settled due to lack of securities and/or cash, optimises the settlement process; bb) «Multilateral balances»: for each type of security and for cash, the sum of the transfers that a participant must receive from other participants in a net settlement system less the sum of the transfers that the same participant must make to other participants in the same system in relation to any account held; cc) «Lack of coverage»: part of the multilateral balance of securities or cash that cannot be settled due to lack of securities or cash in the participants' accounts; dd) «Settlement services»: the services, managed by Monte Titoli, providing netting, clearing and settlement and gross settlement for non-derivative financial instruments that are admitted to the centralised administration system; ee) «X-TRM service»: the system, managed by Monte Titoli, relating to the acquisition, matching, correction and routing of transactions to Net settlement, Gross settlement or to foreign settlement systems; ff) «Securities Lending Services»: the securities lending services for nonderivative financial instruments managed by Monte Titoli within the scope of activities related and instrumental to centralised administration and governed by the Centralised Administration Services Terms and Conditions as well as the securities financing service on non-derivative financial instruments managed by Monte Titoli, governed by these operating rules; gg) «TARGET2 System»: the European automatic system for gross settlement of payments in real time regulated by the European Central Bank s Guideline of April 26, 2007; Express II Rules 9 September

8 hh) «Market management companies»: the companies which organise and manage the regulated markets pursuant to Article 63 and Article 67 of Italian Legislative Decree no. 58/98 as well as the companies which organise and manage the multilateral trading facilities pursuant to Article 77-bis of Italian Legislative Decree no. 58/98; ii) «Seller»: the participant delivering securities. TITLE II GENERAL CRITERIA OF THE SETTLEMENT SYSTEMS Article 3 Characteristics of the Settlement systems 1. The Settlement systems' purpose is: a) net settlement; b) gross settlement. 2. Transaction entry in the Settlement systems is done through the X- TRM service. Other daily matching and routing systems managed by third parties in compliance with the procedures indicated in Article 41 can route transactions to the Settlement systems through a link with the X-TRM service. 3. Securities are settled on the participants' accounts, opened at Monte Titoli or at central securities depositories with which Monte Titoli has specificconnections in place pursuant to Title V of the Bank of Italy Consob Provision.. 4. Cash settlement in euro takes place on the accounts of the participants or agent banks admitted to the TARGET 2 system. Express II Rules 9 September

9 5. Cash settlement in currencies other than the euro takes place on the participants' or agent banks accounts, opened at Monte Titoli or at banks authorised in Italy or EU banks and with which Monte Titoli has stipulated specific agreements. 6. The net settlement and the gross settlement are two separate systems; although they are interoperable, the two systems involve different and not coordinated moments for the finality of the settlement instructions, due to the intrinsic operation differences. Article 4 Participants and methods of participation 1. The following entities may participate in the Settlement systems: a) Italian, EU and non-eu banks, pursuant to article 1, paragraph 1 of Italian Legislative Decree 385/93; b) Italian investment firms (SIM) and EU and non-eu investment firms; c) Italian asset management companies (SGR) provided by article 1, paragraph 1 lett. h) of Legislative Decree 58/98, with the exception of the provisions of article 36 paragraph 2 of Legislative Decree 58/98; d) Stockbrokers entered in the single national roll provided for in article 201 of Legislative Decree 58/98; e) central banks; f) foreign entities offering services analogous to the centralized administration and settlement services and managing systems analogous to financial instruments guarantee systems, as long as they are subject to supervisory measures equivalent to the ones provided in the Italian jurisdiction; g) entities managing the contracts guarantee systems referred to in art. 68, paragraph 1 of Legislative Decree 58/98; Express II Rules 9 September

10 h) central depositories, companies managing settlement guarantee founds and central counterparties, to the limited extent of the activities indicated in article 69 paragraph 2 and 70 of Legislative Decree 58/98; i) financial intermediaries entered in the list provided for in article 107 of Legislative Decree 385/93, authorized to exercise the activities provided for in article 1, paragraph lett. c) and c)-bis of Legislative Decree as well as, to the limited extent of the activity on derivatives, authorized to the activity provided for in article 1, paragraph 5, lett. a) and b) of Legislative Decree 58/98; j) Poste Italiane S.p.a.; k) Cassa Depositi e Prestiti l) Italian Ministry of Finance; 2. Save as referred to in Article 46(3) of the Banca d Italia - Consob Provision mentioned in paragraph 1 above, participation can be in one s own name and on one s own behalf or in the name and on behalf of third parties, using the corresponding securities accounts opened in the centralised administration system. 3. Subjects participating in Settlement systems also on behalf of third parties use, for this purpose, one or more securities accounts opened, within the centralised administration system, for the third parties on behalf of whom they are acting. 4. In the evaluation of admission of the entities referred to in lett. f), Monte Titoli takes into account, where relevant, of the reciprocity principles established at international level as well as of the operational standards safeguarding Monte Titoli s efficiency and the risk of the system it manages. Article 5 Requirements for participation 1. In order to participate in the Settlement system, the subjects as per Article 4(1) must: Express II Rules 9 September

11 a) have a securities account at Monte Titoli and/or at central securities depositories through which financial instruments can be settled; b) for cash settlement in euro, have accounts in the TARGET2 system, or use an agent bank as per Article 7; c) for cash settlement in currencies other than the euro, have a specific account at Monte Titoli or banks authorised in Italy or EU banks with which Monte Titoli has stipulated a specific agreement, or use an agent bank as per Article 7; d) use the X-TRM service, or use daily matching and routing systems managed by third parties; e) use the protocols and technical standards prepared by Monte Titoli for the dispatch of communications concerning transactions to be settled. 2. In order to participate in net settlement, the subjects as per Article 4(1) must also participate in gross settlement. 3. Participants using an agent bank for cash settlement must, in the event of withdrawal, exclusion or suspension of the latter from the TARGET2 system, arrange for prompt substitution, advising Monte Titoli in a timely manner. Article 6 Financial instruments admitted to the Settlement system 1. Financial instruments admitted to the Settlement system are those held in the participants' accounts, opened at Monte Titoli and/or at central securities depositories with which Monte Titoli has specific connections in place. 2. Admission to the Settlement system of financial instruments not yet entered into Monte Titoli s centralised administration system is conditional to the instruments themselves being entered into said system and on their meeting the admission requirements defined in the Services Terms and Conditions. Express II Rules 9 September

12 Article 7 Requirements for agent banks 1. Participants may use an agent bank only one for both Settlement system specifically appointed for this purpose. The agent bank must be a participant in the Settlement system, if appointed for cash settlement relating to net settlement. 2. In the case of cash settlement through an agent bank, the latter must: a) for cash settlement in euro, have accounts in the TARGET2 system, in compliance with the instructions issued by the Bank of Italy; b) for cash settlement in currencies other than the euro, have a specific account at Monte Titoli or banks authorised in Italy or EU banks with which Monte Titoli has stipulated specific conventions; c) confirm to Monte Titoli its acceptance of its appointment by the participant, by means of a letter, with which the agent bank simultaneously undertakes to notify Monte Titoli of any withdrawal with no less than five days' notice; d) establish exposure limits (caps) for its IUAs; e) advise Monte Titoli, by electronic means, of these caps and of any updating of the latter. 3. The Settlement system manage the procedure for utilisation of these caps, which is based on data contained in a specific file. 4. The above mentioned file contains, for each IUA, the following data, which are transmitted and constantly updated upon the agent bank's initiative: a) ordinary caps; b) daily caps. 5. The Settlement system update the cash availability of the IUA according to the transactions settled during the day. Express II Rules 9 September

13 Article 8 Participation agreement 1. For the purposes of participation in the Settlement system, the subjects as per Article 4(1) stipulate a specific written contract, prepared by Monte Titoli. The subjects as per letters f) and h) of article 4 stipulate specific agreements with Monte Titoli, according to Title V of Bank of Italy Consob Provision. Article 9 Cases of exclusion, suspension and penalisation 1. Monte Titoli excludes from the Settlement system: a) participants undergoing an insolvency procedure; b) participants declared insolvent with an order issued by Consob under Article 72 of Italian Legislative Decree no. 58; c) participants no longer belonging to the categories indicated in Article 4; d) participants that, repeatedly, do not comply with the operational procedures set forth in the present operating rules and/or in the operational documents or that conduct themselves in ways incompatible with the normal and proper operation of the Settlement system. 2. An excluded participant may not enter new transactions in the Settlement system. 3. Monte Titoli suspends from the Settlement system any participant subjected to a payment suspension order issued pursuant to Article 74 of Italian Legislative Decree no. 385/93, or to Article 56(3) of Italian Legislative Decree no. 58/ Monte Titoli suspends from the Settlement system participants, other than the Bank of Italy and the Economy & Finance Ministry, who: Express II Rules 9 September

14 a) do not meet the requirements as per Article 5; b) do not comply with the operational procedures laid down in the present rules and/or in the operational documents or who in any case conduct themselves in ways incompatible with the normal and proper operation of the Settlement systems. 5. A suspended participant may not enter new transactions in the Settlement system. 6. In the cases indicated in the above paragraphs, Monte Titoli immediately informs, in the manner specified in Article 10(2), the daily matching and routing systems managed by third parties, the participants, the market management companies, the central counterparties, the Bank of Italy, and Consob. 7. In order to guarantee the proper use of the settlement process and minimise uncovered positions, Monte Titoli has the right to apply penalties to participants, other than the Economy & Finance Ministry and the Bank of Italy, who caused delays to occur in the closure of the daytime net cash settlement cycle due to their failure to settle balances within the cut-off set forth by Article 10(g), or who originated transactions which remained unsettled as of the end the gross settlement cycle on the intended settlement date, due to a lack of either cash and/or securities. The definition of the penalty system and the related start date will be decided by Monte Titoli - in agreement with Bank of Italy and Consob on the basis of evaluations related to the general functioning of the settlement process and to the participants conduct, periodically reported to the aforesaid authorities. The start of the penalty application system will be communicated to participants and market management companies with due notice. Article 10 Service information notices 1. The Settlement system provide, with frequency depending on the type of data, information notices concerning, among other things: Express II Rules 9 September

15 a) financial instruments admitted to the Settlement system; b) financial instruments which can be used as collateral; c) participants; d) currencies other than the euro in which it is possible to make cash settlements; e) central securities depositories where financial instruments can be settled; f) settlement banks where cash settlement in currencies other than the euro can be executed; g) operating times of the start of net settlement cycles and of each phase of the Settlement system and related cut-offs; h) terms of reference and methods of application of the penalties; i) ultimate validity date established by Monte Titoli for transactions to be settled within gross settlement; j) methods and maximum transactions amounts which allow the splitting mechanisms as per Articles 25(4) and 27(3). k) time limits within which market management companies transmit transactions to be settled for entry in the X-TRM service; l) indication of the market management companies or the central counterparties which use the functions referred to in Article 48, paragraph 2, for transactions they entered or concluded in their systems and indication of the market management companies or the central counterparties that do not use such functionalities; m) time limits to obtain the cash financing illustrated in Part IV, Title III, Chapter I. 2. The information is transmitted to participants, the Bank of Italy and to Consob by means of electronic information notices. 3. Information notices concerning the items indicated in letters d), e), f), g), h) and i) of paragraph 1 are sent to the Bank of Italy and Consob with due advance notice. Express II Rules 9 September

16 Article 11 Settlement system calendar and timetable 1. The Settlement system follow the TARGET2 calendar. 2. Monte Titoli establishes the timetable for net settlement, ensuring that it is compatible with that of the TARGET2system and taking into account the requirements of the other systems involved. 3. Gross settlement follows the TARGET2 timetable. Article 12 Eligible transactions 1. The Settlement system receive transactions to be cleared and settled in the form of transfer orders originated by: a) individual contracts; b) bilateral netting of securities and cash balances; c) securities and cash balances, netted via interposition of a central counterparty. Express II Rules 9 September

17 PART II SETTLEMENT SYSTEM TITLE I NET SETTLEMENT CHAPTER I STRUCTURE OF NET SETTLEMENT Article 13 Phases and limitations 1. Net settlement is structured in: a) a transaction acquisition phase during which information is received concerning matched transactions requiring settlement; b) an overnight cycle consisting of netting, clearing and settlement; c) a daytime cycle consisting of netting, clearing and settlement of transactions not settled as at the end of the overnight cycle. 2. Transactions not settled at the end of the daytime cycle are excluded from the net settlement and sent to gross settlement. Express II Rules 9 September

18 Article 14 Irrevocability and finality of transactions The present paragraph 1enters into force on 8 July 2013 with a subsequent notice:: 1. Transactions to be settled shall not be revoked by a participant to the Settlement system, nor by a third party, from the following time limits: a) if they are not guaranteed by central counterparties and transmitted by market management companies, as of their entry into X-TRM service; b) if they are not guaranteed by central counterparties and transmitted by X-TRM participants, as of their matching in the X-TRM service; c) if they are guaranteed by central counterparties, as of the start of the overnight net settlement cycle, notified in accordance with Article 10(1g), on the settlement date, without prejudice to the rules governing the relative systems of the central counterparties. In accordance with Article 10 (1k), Monte provides notification of the time limit within which market management companies transmit transactions to be settled in the X-TRM service. Starting from this entry, the participants, unless they make use of the functions referred to in Article 48, paragraph 2, are required to settle, without the possibility of exemptions resulting from any underlying relationships with the indirect participant on behalf of which they are settling, with the exception of a declaration of insolvency, including the market insolvency, of the latter. 2. The transactions under paragraph 1 above are final, pursuant to Italian Legislative Decree 210/01, as of the determination of the multilateral balances for securities and cash, referred to in Article 20, to be settled in the overnight net settlement cycle on the settlement date. 3. In the event of evident technical errors, upon request and under the responsibility of the market management companies, Monte Titoli executes the transfer orders transmitted, applying error management procedures in compliance with the provisions of Italian Legislative Decree 210/ In the event of the opening of an insolvency procedure against a participant, or an indirect participant, notified to Monte Titoli by the competent authority, non-final transactions are removed from the system. Final Express II Rules 9 September

19 transactions terminate the net settlement cycle. At the end of the net settlement cycle, Monte Titoli shall not send to the gross settlement the transactions, not settled, of the insolvent participant or the insolvent indirect participant. 5. The net settlement process supplies participants and agent banks with preliminary electronic information on transactions to be settled, including the transactions details and the multilateral securities and cash balance to be settled. 6. The net settlement process retains, for a period of ten years, data concerning irrevocable and final transactions, safeguarding their integrity and confidentiality. Article 15 Notification of cash availability 1. Participants enabled to make cash settlements in the TARGET2 system must notify the same system, following the procedures established by the latter, of the amounts they intend to earmark as a liquidity reserve. 2. Net settlement participants, which are enabled to make cash settlements in the TARGET2 system and have notified Monte Titoli of their intention to use automatic collateralisation facilities, must communicate to Monte Titoli, electronically and before the start of the overnight cycle: - the own securities" already available for use as firm collateralisation; - the own accounts, segregated settlement accounts and, subject to approval of IUAs, the IUAs settlement accounts with credit balances in securities coming from the overnight cycle of net settlement which may be used as self collateralisation. 3. The implementation procedures and the start date of the technical functionality related to IUAs as mentioned in the previous paragraph shall be communicated by Monte Titoli with a specific notice. Express II Rules 9 September

20 CHAPTER II OVERNIGHT NET SETTLEMENT CYCLE Section I Netting and clearing Article 16 Calculation of multilateral balances 1. The net settlement process calculates: a) the multilateral securities balances, by type of securities and for each securities account held by the participant; b) the multilateral cash balances, by currency, for each cash account held by the participant or agent bank and IUA. Article 17 Database for identifying transactions eligible for settlement 1. For the purposes of identifying transactions eligible for settlement in a given settlement day, the procedure makes reference: as regards securities: Express II Rules 9 September

VPO NOK Rules. Rules for the Central Securities Settlement. in Norwegian Kroner

VPO NOK Rules. Rules for the Central Securities Settlement. in Norwegian Kroner Entry into force: 29. April 2015 Version: 1.1 Published 27. April 2015 VPO NOK Rules Rules for the Central Securities Settlement in Norwegian Kroner This document is a translation from the original Norwegian

More information

1. the prior information in writing by the receiving counterparty to the providing counterparty of the risks and consequences inherent:

1. the prior information in writing by the receiving counterparty to the providing counterparty of the risks and consequences inherent: Version 02 Information statement under Article 15 of Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on the transparency of securities financing transactions,

More information

UNOFFICIAL TRANSLATION. Explanatory Memorandum

UNOFFICIAL TRANSLATION. Explanatory Memorandum UNOFFICIAL TRANSLATION Explanatory Memorandum Article 1, paragraphs 491 to 500, of Law No 228 of 24 December 2012, hereinafter referred to the Law, has introduced a tax on financial transactions applying

More information

Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems

Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems Premise Monte Titoli is Italy s central securities depository (CSD). It manages the securities

More information

The Minister of Economy and Finance

The Minister of Economy and Finance The Minister of Economy and Finance Having regard to Law No 228 of 24 December 2012 laying down provisions for drawing up of the annual and multi-annual State budget ("Legge di stabilità 2013 2013 Stability

More information

Agreement on Account Management, Settlement and Collateralisation between... (name of the Bank) and. For Norges Bank

Agreement on Account Management, Settlement and Collateralisation between... (name of the Bank) and. For Norges Bank Page 1 of 13 Agreement on Account Management, Settlement and Collateralisation between. (name of the Bank) and Norges Bank Type of account (please mark one): Ordinary account Contingency account Oslo,

More information

The Minister of Economy and Finance

The Minister of Economy and Finance The Minister of Economy and Finance Having regard to Law No 228 of 24 December 2012 laying down provisions for drawing up of the annual and multi-annual State budget ("Legge di stabilità 2013 2013 Stability

More information

Latvian Central Depository Regulation No. 15 On DVP settlement in foreign currencies

Latvian Central Depository Regulation No. 15 On DVP settlement in foreign currencies Latvian Central Depository Regulation No. 15 On DVP settlement in foreign currencies APPROVED by Latvian Central Depository Supervisory Board Meeting on February 27, 2004 AMENDMENTS APPROVED On 29.05.2007.;

More information

Decree No. 2/2006. (II.15.) of the Governor of the MNB

Decree No. 2/2006. (II.15.) of the Governor of the MNB Decree No. 2/2006. (II.15.) of the Governor of the MNB on the requirements in respect of the General Terms and Conditions and operating rules of organizations providing clearing house activities under

More information

Exchange Specific General Terms and Conditions of Business concerning SIX Swiss Exchange Ltd

Exchange Specific General Terms and Conditions of Business concerning SIX Swiss Exchange Ltd Exchange Specific General Terms and Conditions of Business concerning SIX Swiss Exchange Ltd Exchange Specific GTCB SIX Swiss Exchange November 2009 1 15 Table of contents 1 Scope 3 2 Definitions 3 3 Securities

More information

TITLE 5 BANKING DELAWARE ADMINISTRATIVE CODE

TITLE 5 BANKING DELAWARE ADMINISTRATIVE CODE TITLE 5 BANKING 900 Regulations Governing Business of Banks and Trust Companies 1 905 Loan Limitations: Credit Exposure to Derivative Transactions 1.0 Purpose This regulation sets forth the rules for calculating

More information

BM&FBOVESPA FOREIGN EXCHANGE CLEARINGHOUSE OPERATING MANUAL

BM&FBOVESPA FOREIGN EXCHANGE CLEARINGHOUSE OPERATING MANUAL This is a free translation offered only as a convenience for English language readers and is not legally binding. Any questions arising from the text should be clarified by consulting the original in Portuguese.

More information

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope

More information

Unofficial English translation

Unofficial English translation Annex 3.0. GENERAL DESCRIPTION OF THE TAX ASPECTS OF THE X/N SETTLEMENT SYSTEM Taxation rules for the operation of the settlement system mentioned in Article 1 (1) of the Law of 6 August 1993 on transactions

More information

Ministry of Economy and Finance Treasury Department Directorate II

Ministry of Economy and Finance Treasury Department Directorate II Ministry of Economy and Finance Treasury Department Directorate II Decree no. 993039 of November the 11 th,2011 Selection and Evaluation of Specialists in Government Bonds (Specialists Decree) CONSIDERED

More information

Service Overview 1 June 2012

Service Overview 1 June 2012 Service Overview 1 June 2012 Contents 1.0 Preface 3 1.1 About European Central Counterparty Limited 3 2.0 Introduction 4 2.1 About European Central Counterparty Limited 4 2.2 Benefits of participation

More information

Reform of the Registry, Clearing and Settlement System

Reform of the Registry, Clearing and Settlement System Reform of the Registry, Clearing and Settlement System 13 May 2013 CONTENTS 0. INTRODUCTION I. MAIN CHANGES INTRODUCED BY THE REFORM II. CENTRAL COUNTERPARTY (CCP) FOR EQUITIES 1. INTRODUCTION 1.1. Integration

More information

Financial Transaction Tax (Shares and other financial instruments subject to the tax)

Financial Transaction Tax (Shares and other financial instruments subject to the tax) Financial Transaction Tax (Shares and other financial instruments subject to the tax) Unless otherwise specified, legal references are made to the Decree of the Minister of Economy and Finance of 21 February

More information

THE CROATIAN PARLIAMENT. Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby issue the DECISION

THE CROATIAN PARLIAMENT. Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby issue the DECISION THE CROATIAN PARLIAMENT 1456 Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby issue the DECISION PROMULGATING THE ACT ON SETTLEMENT FINALITY IN PAYMENT AND FINANCIAL INSTRUMENTS

More information

KAZAKHSTAN STOCK EXCHANGE JSC

KAZAKHSTAN STOCK EXCHANGE JSC KAZAKHSTAN STOCK EXCHANGE JSC A g r e e d u p o n with the National Bank of Republic of Kazakhstan on June 26, 2015 Deputy Chairman of Management Board of National Bank of Republic of Kazakhstan A p p

More information

IMPLEMENTING REGULATIONS REGARDING PSE SETTLEMENT RULES - SECURITIES LENDING

IMPLEMENTING REGULATIONS REGARDING PSE SETTLEMENT RULES - SECURITIES LENDING IMPLEMENTING REGULATIONS REGARDING PSE SETTLEMENT RULES - SECURITIES LENDING Contents Article 1 Subject Matter...3 Article 2 Subject Matter of Lending...3 Article 3 Signing of Securities Reserving Agreements...4

More information

RULES FOR THE CLEARING AND SETTLEMENT OF EXCHANGE TRADES BY CCP AUSTRIA (CCP.A CLEARING RULES)

RULES FOR THE CLEARING AND SETTLEMENT OF EXCHANGE TRADES BY CCP AUSTRIA (CCP.A CLEARING RULES) RULES FOR THE CLEARING AND SETTLEMENT OF EXCHANGE TRADES BY CCP AUSTRIA (CCP.A CLEARING RULES) Table of Contents PART I SCOPE OF APPLICATION 5 1 Objective and Scope...5 PART II ORGANIZATION OF CLEARING

More information

The Rules of the Clearing Guarantee Fund

The Rules of the Clearing Guarantee Fund The Rules of the Clearing Guarantee Fund (Valid as at 1 December, 2012) Chapter I General Provisions 1 1. These Rules, hereinafter referred to as "the Rules", define the procedures for the formation and

More information

CENTRAL BANK OF MALTA

CENTRAL BANK OF MALTA CENTRAL BANK OF MALTA DIRECTIVE NO 2 in terms of the CENTRAL BANK OF MALTA ACT (CAP. 204) PAYMENT AND SECURITIES SETTLEMENT SYSTEMS Ref: CBM/02 DIRECTIVE NO 2 PAYMENT AND SECURITIES SETTLEMENT SYSTEMS

More information

Statement of Guidance

Statement of Guidance Statement of Guidance Foreign Exchange Risk Management 1. Statement of Objectives To provide a standard of best practice to banks for the implementation of an effective and sound Foreign Exchange Risk

More information

BM&FBOVESPA FOREIGN EXCHANGE CLEARINGHOUSE RULEBOOK

BM&FBOVESPA FOREIGN EXCHANGE CLEARINGHOUSE RULEBOOK This is a free translation offered only as a convenience for English language readers and is not legally binding. Any questions arising from the text should be clarified by consulting the original in Portuguese.

More information

CLEARING AND SETTLEMENT SYSTEMS BILL

CLEARING AND SETTLEMENT SYSTEMS BILL C1881 CLEARING AND SETTLEMENT SYSTEMS BILL CONTENTS Clause Page PART 1 PRELIMINARY 1. Short title and commencement... C1887 2. Interpretation... C1887 PART 2 DESIGNATION AND OVERSIGHT Division 1 Designation

More information

Table of Contents. Operations Manual April 2016 Page 2 of 40

Table of Contents. Operations Manual April 2016 Page 2 of 40 Table of Contents SECTION 1 ICE CLEAR CANADA, INC.... 5 Introduction... 5 The... 5 Contact Information... 5 Clearing Systems... 5 SECTION 2 TIME FRAMES, DEADLINES, AND REPORTS... 6 Staff Availability...

More information

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. 2006 ISDA Fund Derivatives Definitions ISDA INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. Copyright 2006 by INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. 360 Madison Avenue 16th Floor New

More information

Reform of the Registry, Clearing and Settlement System

Reform of the Registry, Clearing and Settlement System Reform of the Registry, Clearing and Settlement System 24 September 2014 CONTENTS 0. INTRODUCTION I. MAIN CHANGES INTRODUCED BY THE REFORM II. CENTRAL COUNTERPARTY (CCP) FOR EQUITIES 1. INTRODUCTION 1.1.

More information

(Published by the General Letter numbered 1150, dated January 7, 2014.)

(Published by the General Letter numbered 1150, dated January 7, 2014.) PROCEDURE ON CENTRAL COUNTERPARTY SERVICE TO BE PROVIDED BY ISTANBUL SETTLEMENT AND CUSTODY BANK INC. TO BORSA ISTANBUL INC. FUTURES AND OPTIONS MARKET AND THE CLEARING AND SETTLEMENT PRINCIPLES REGARDING

More information

TERMS AND CONDITIONS FOR PAYMENT CARDS SERVICING

TERMS AND CONDITIONS FOR PAYMENT CARDS SERVICING TERMS AND CONDITIONS FOR PAYMENT CARDS SERVICING 1. TERMS AND DEFINITIONS 1.1. Authorisation is a query to check Card validity and availability of corresponding funds on the Card s account. 1.2. Card means

More information

(Legislative acts) REGULATIONS

(Legislative acts) REGULATIONS 24.3.2012 Official Journal of the European Union L 86/1 I (Legislative acts) REGULATIONS REGULATION (EU) No 236/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 March 2012 on short selling and

More information

SECTION 9. SETTLEMENT... 9-1

SECTION 9. SETTLEMENT... 9-1 SECTION 9. SETTLEMENT... 9-1 9.1 Settlement Principles... 9-1 9.1.1 Delivery versus Payment (DvP) Settlement...9-1 9.1.2 Free of Payment (FOP) Delivery... 9-2 9.1.3 Settlement of Market Trades... 9-2 9.1.4

More information

1. Terms and Conditions

1. Terms and Conditions TRADING AGREEMENT The Trading Agreement (hereinafter referred to as the Agreement ) is made and entered into by and between Simple Trading Corporation Limited (hereinafter referred to as Simple Trade )

More information

Trenitalia S.p.A. REGULATIONS FOR ACCESSING THE PURCHASING PORTAL OF TRENITALIA

Trenitalia S.p.A. REGULATIONS FOR ACCESSING THE PURCHASING PORTAL OF TRENITALIA Trenitalia S.p.A. REGULATIONS FOR ACCESSING THE PURCHASING PORTAL OF TRENITALIA Piazza della Croce Rossa, 1-00161 Roma Trenitalia S.p.A. - Gruppo Ferrovie dello Stato Italiane Società con socio unico soggetta

More information

Basel Committee on Banking Supervision. Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework

Basel Committee on Banking Supervision. Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework Basel Committee on Banking Supervision Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework April 2014 This publication is available on the BIS website (www.bis.org).

More information

Latvian Central Depository Regulation No. 5 On DVP Settlements for Over-the-Counter Transactions

Latvian Central Depository Regulation No. 5 On DVP Settlements for Over-the-Counter Transactions Latvian Central Depository Regulation No. 5 On DVP Settlements for Over-the-Counter Transactions APPROVED by the Latvian Central Depository Council Meeting on 27 October 2006 AMENDMENTS APPROVED At the

More information

AGREEMENT OF ADHERENCE TO THE OPERATION RULES OF THE ELECTRIC POWER PRODUCTION MARKET

AGREEMENT OF ADHERENCE TO THE OPERATION RULES OF THE ELECTRIC POWER PRODUCTION MARKET AGREEMENT OF ADHERENCE TO THE OPERATION RULES OF THE ELECTRIC POWER PRODUCTION MARKET THIS AGREEMENT IS MADE AND ENTERED INTO BY AND BETWEEN THE COMPAÑÍA OPERADORA DEL MERCADO ESPAÑOL DE ELECTRICDAD, S.A.

More information

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS STATUTORY INSTRUMENTS. S.I. No. )04, of 2015 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS S.I. No. (74 of 2015 CENTRAL BANK (SUPERVISION

More information

BONDVISION INSTRUCTIONS INSTRUCTIONS FOR THE IMPLEMENTATION OF TITLE I OF THE RULES (GENERAL PROVISIONS)

BONDVISION INSTRUCTIONS INSTRUCTIONS FOR THE IMPLEMENTATION OF TITLE I OF THE RULES (GENERAL PROVISIONS) BONDVISION INSTRUCTIONS INSTRUCTIONS FOR THE IMPLEMENTATION OF TITLE I OF THE RULES (GENERAL PROVISIONS) Article 1. Definitions (Article 1 of the Regulations) 1. The definitions contained in Article 1

More information

INSTRUCTIONS NO. 2 SETTLEMENT OF MOVEMENTS

INSTRUCTIONS NO. 2 SETTLEMENT OF MOVEMENTS INSTRUCTIONS NO. 2 SETTLEMENT OF MOVEMENTS SUMMARY I. GENERAL PRINCIPLES 1- Securities 2- Types of transaction 3- Clearing currencies 4- Securities and cash settlement 5- Suspended operations 6- Operations

More information

Clearing Conditions for Eurex Clearing AG Page 1. Chapter I General Provisions. Part 1 General Rules. 1.5 Settlement of transactions

Clearing Conditions for Eurex Clearing AG Page 1. Chapter I General Provisions. Part 1 General Rules. 1.5 Settlement of transactions Clearing Conditions for Eurex Clearing AG Page 1 ( ) Chapter I General Provisions Part 1 General Rules ( ) 1.5 Settlement of transactions (1) Eurex Clearing AG is contractual partner for all deliveries

More information

(X) FX PROCEDURES INDEX 2. ADDITIONAL MEMBERSHIP REQUIREMENTS FOR FX CLEARING MEMBERS... 4 3. OTHER PROCEDURES... 5

(X) FX PROCEDURES INDEX 2. ADDITIONAL MEMBERSHIP REQUIREMENTS FOR FX CLEARING MEMBERS... 4 3. OTHER PROCEDURES... 5 (X) FX PROCEDURES INDEX Page 1. ADDITIONAL DEFINITIONS... 2 2. ADDITIONAL MEMBERSHIP REQUIREMENTS FOR FX CLEARING MEMBERS... 4 3. OTHER PROCEDURES... 5 4. SUBMISSION AND ACCEPTANCE OF FX CONTRACTS... 5

More information

BondVision UK MARKET RULES

BondVision UK MARKET RULES BondVision UK MARKET RULES Effective as of April 28 th, 2015 BondVision UK is a Multilateral Trading Facility organised and managed by EuroMTS Limited 1 of 18 SECTION I GENERAL PROVISIONS Article 1 Definitions

More information

ORDER TRANSMISSION AND EXECUTION POLICY FOR PROFESSIONAL CLIENTS

ORDER TRANSMISSION AND EXECUTION POLICY FOR PROFESSIONAL CLIENTS ORDER TRANSMISSION AND EXECUTION POLICY FOR PROFESSIONAL CLIENTS 1. DEFINITIONS Execution Policy or simply the Policy or the Strategy: measures, mechanisms and procedures adopted by MPS CAPITAL SERVICES

More information

NBB-SSS Securities settlement system of the National Bank of Belgium. Regulations October 2012 English translation - for information purposes only

NBB-SSS Securities settlement system of the National Bank of Belgium. Regulations October 2012 English translation - for information purposes only NBB-SSS Securities settlement system of the National Bank of Belgium Regulations October 2012 English translation - for information purposes only National Bank of Belgium, Brussels All rights reserved.

More information

TISCALI S.p.A. Registered office: Sa Illetta, S.S. 195 km. 2.300, Cagliari, Italy. Paid-in share capital EUR 169,076,822.67

TISCALI S.p.A. Registered office: Sa Illetta, S.S. 195 km. 2.300, Cagliari, Italy. Paid-in share capital EUR 169,076,822.67 TISCALI S.p.A. Registered office: Sa Illetta, S.S. 195 km. 2.300, Cagliari, Italy. Paid-in share capital EUR 169,076,822.67 Tax code, VAT Number and enrolment number in the Cagliari Companies Register

More information

CHAPTER I GENERAL PROVISIONS

CHAPTER I GENERAL PROVISIONS China Securities Depository and Clearing Corporation Ltd. Implementing Rules for Registration, Depository and Clearing Services under the Shanghai-Hong Kong Stock Connect Pilot Program Declaimer: For the

More information

THE STOCK EXCHANGE ACT

THE STOCK EXCHANGE ACT THE STOCK EXCHANGE ACT Complete wording of the Act on the Stock Exchange of 18 June 2002 No 429/2002 Coll. as results from amendments made by Act No 594/2003 Coll., Act No 635/2004 Coll., Act No 43/2004

More information

OPINION OF THE EUROPEAN CENTRAL BANK

OPINION OF THE EUROPEAN CENTRAL BANK EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 24 January 2012 on a guarantee scheme for the liabilities of Italian banks and on the exchange of lira banknotes (CON/2012/4) Introduction and legal

More information

Rules of the Irish Stock Exchange plc

Rules of the Irish Stock Exchange plc Rules of the Irish Stock Exchange plc Release 17 14 April 2014 Contents Definitions 3 1 General Provisions 12 2 Membership 16 3 Registered Traders 27 4 General Trading Rules 30 5 Trading on the Electronic

More information

International Accounting Standard 32 Financial Instruments: Presentation

International Accounting Standard 32 Financial Instruments: Presentation EC staff consolidated version as of 21 June 2012, EN EU IAS 32 FOR INFORMATION PURPOSES ONLY International Accounting Standard 32 Financial Instruments: Presentation Objective 1 [Deleted] 2 The objective

More information

Executive Order on Book-Entry etc. of Investment Securities with a Central Securities Depository

Executive Order on Book-Entry etc. of Investment Securities with a Central Securities Depository Executive Order on Book-Entry etc. of Investment Securities with a Central Securities Depository Executive Order no. 1168 of 1 December 2004 EXCLUDING MINOR AMENDMENTS The following shall be laid down

More information

GENERAL SUBSCRIPTION CONDITIONS

GENERAL SUBSCRIPTION CONDITIONS GENERAL SUBSCRIPTION CONDITIONS Article 1 Purpose 1. These general conditions govern the supply of the telephony service to Customer (henceforth the Service ) in the respect of the principle of non-discrimination

More information

Decree No. 10/2009 MNB of (II.27.) of the Governor of the MNB

Decree No. 10/2009 MNB of (II.27.) of the Governor of the MNB Decree No. 10/2009 MNB of (II.27.) of the Governor of the MNB on the requirements for the General Terms and Conditions and operating rules of the central securities depository Pursuant to the authorisation

More information

Guidelines on business continuity for market infrastructures

Guidelines on business continuity for market infrastructures 1. Introduction Guidelines on business continuity for market infrastructures In July 2013 the Banca d Italia issued a set of requirements for business continuity for banks (Annex A). The increasing complexity

More information

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope)

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope) Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS MALTA STOCK EXCHANGE PLC DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS March 2015 Page 1 of 34 Introductory Note The following constitutes the response of Malta Stock Exchange Plc, as operator

More information

POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11)

POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11) POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11) Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Contract and definitions Contributions The funds Unit linking Benefits & Options

More information

INFORMATION SHEET CURRENT ACCOUNT

INFORMATION SHEET CURRENT ACCOUNT INFORMATION SHEET CURRENT ACCOUNT Where the holder of this account is a consumer, that is a private individual, the Client is informed that this account is suitable for those who intend to carry out very

More information

GENERAL CONDITIONS OF SALE 1/6

GENERAL CONDITIONS OF SALE 1/6 , 43044 Collecchio (PR) GENERAL CONDITIONS OF SALE 1/6 1. OFFERS 1.1. Offers are not binding for the Seller, unless expressly derogated in writing, and in any case only for the period of time mentioned.

More information

10.1 ASX SETTLEMENT ENTITLED TO ASSUME RULES COMPLIED WITH...6 10.1.1 ASX Settlement entitled to assume without inquiry... 6

10.1 ASX SETTLEMENT ENTITLED TO ASSUME RULES COMPLIED WITH...6 10.1.1 ASX Settlement entitled to assume without inquiry... 6 SECTION 10 BATCH SETTLEMENT 10.1 ASX SETTLEMENT ENTITLED TO ASSUME RULES COMPLIED WITH...6 10.1.1 ASX Settlement entitled to assume without inquiry... 6 10.2 PARTICIPATION IN BATCH SETTLEMENT...6 10.2.1

More information

Dubai Financial Market Rules for DVP Clearing and Settlement. ( DVP Rules )

Dubai Financial Market Rules for DVP Clearing and Settlement. ( DVP Rules ) Dubai Financial Market Rules for DVP Clearing and Settlement ( DVP Rules ) 20/04/2011 Table of Contents DEFINITIONS... 3 1 CLEARING AND SETTLEMENT... 5 2 TRANSFERS OF SECURITIES ARISING FROM LATE CONFIRMATION...

More information

RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS

RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS A background paper for the 4th OECD/World Bank Bond Market Workshop 7-8 March 02 by Jan Woltjer 1 1 Introduction Settlement

More information

NAB Equity Lending. Facility Terms

NAB Equity Lending. Facility Terms NAB Equity Lending Facility Terms This document contains important information regarding the terms and conditions which will apply to your NAB Equity Lending Facility. You should read this document carefully

More information

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act 1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:

More information

Official Journal of the European Communities

Official Journal of the European Communities 11. 6. 98 EN Official Journal of the European Communities L 166/45 DIRECTIVE 98/26/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 19 May 1998 on settlement finality in payment and securities settlement

More information

The Options Clearing Corporation

The Options Clearing Corporation PROSPECTUS M The Options Clearing Corporation PUT AND CALL OPTIONS This prospectus pertains to put and call security options ( Options ) issued by The Options Clearing Corporation ( OCC ). Certain types

More information

ACT ON BANKS. The National Council of the Slovak Republic has adopted this Act: SECTION I PART ONE BASIC PROVISIONS. Article 1

ACT ON BANKS. The National Council of the Slovak Republic has adopted this Act: SECTION I PART ONE BASIC PROVISIONS. Article 1 ACT ON BANKS The full wording of Act No. 483/2001 Coll. dated 5 October 2001 on banks and on changes and the amendment of certain acts, as amended by Act No. 430/2002 Coll., Act No. 510/2002 Coll., Act

More information

TERMS AND CONDITIONS OF AGREEMENT FOR CREDIT CARD WITH FIXED PAYMENT Valid as of 01.01.2012

TERMS AND CONDITIONS OF AGREEMENT FOR CREDIT CARD WITH FIXED PAYMENT Valid as of 01.01.2012 1. GENERAL PROVISIONS 1.1 Agreement for credit card with fixed payment (hereinafter the Agreement) regulates the rights and obligations for using a credit card issued by (hereinafter the Bank). 1.2 A credit

More information

PAYMENT TRANSACTIONS ACT (PTA)

PAYMENT TRANSACTIONS ACT (PTA) PAYMENT TRANSACTIONS ACT (PTA) Published in the Official Gazette of the Republic of Slovenia No. 30 on 5 April 2002 All effort has been made to ensure the accuracy of this translation, which is based on

More information

DEBTOR AND CREDITOR USURY ACT 73 OF 1968 [ASSENTED TO 20 JUNE 1968] [DATE OF COMMENCEMENT: 1 APRIL 1969] (Signed by the President) as amended by

DEBTOR AND CREDITOR USURY ACT 73 OF 1968 [ASSENTED TO 20 JUNE 1968] [DATE OF COMMENCEMENT: 1 APRIL 1969] (Signed by the President) as amended by DEBTOR AND CREDITOR USURY ACT 73 OF 1968 [ASSENTED TO 20 JUNE 1968] [DATE OF COMMENCEMENT: 1 APRIL 1969] (Signed by the President) as amended by Limitation and Disclosure of Finance Charges Amendment Act

More information

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank (Unofficial translation, amendments up to 645/2006 included) Act on Mortgage Credit Banks 23.12.1999/1240 Chapter 1 General provisions Section 1 Definition of a mortgage credit bank A mortgage credit bank

More information

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity;

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity; CAPITAL MARKET AUTHORITY (Informal Translation) Central Securities Depository and Registry Law No. 93 of 2000 Chapter One General Provisions Article 1 In this Law, the Company means a company licensed

More information

LIQUIDNET EUROPE LIMITED

LIQUIDNET EUROPE LIMITED LIQUIDNET EUROPE LIMITED LIQUIDNET FIXED INCOME MTF RULE BOOK VERSION 1 20 March 2014 Contents Page SECTION ONE GENERAL RULES... 1 1. DEFINITIONS AND INTERPRETATION... 1 2. PARTICIPATION... 6 3. CONTINUING

More information

SERVICE MODEL FOR DURUM WHEAT FUTURES TO BE TRADED ON THE AGREX SEGMENT OF IDEM MARKET AND GUARANTEED BY CASSA DI COMPENSAZIONE E GARANZIA

SERVICE MODEL FOR DURUM WHEAT FUTURES TO BE TRADED ON THE AGREX SEGMENT OF IDEM MARKET AND GUARANTEED BY CASSA DI COMPENSAZIONE E GARANZIA SERVICE MODEL FOR DURUM WHEAT FUTURES TO BE TRADED ON THE AGREX SEGMENT OF IDEM MARKET AND GUARANTEED BY CASSA DI COMPENSAZIONE E GARANZIA This document sets out the main features of the service model

More information

ACT ON PAYMENT SERVICES

ACT ON PAYMENT SERVICES 492 ACT ON PAYMENT SERVICES The full text of Act No 492/2009 Coll. on payment services and on amendments to certain laws, as amended by Act No 130/2011 Coll., Act No 394/2011 Coll., Act No 520/2011 Coll.,

More information

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS. Central Register of Short-term Securities maintained by the National Bank of Slovakia

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS. Central Register of Short-term Securities maintained by the National Bank of Slovakia DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS Central Register of Short-term Securities maintained by the National Bank of Slovakia Introduction The following document comprises the answers formulated

More information

Real Time Gross Settlement Systems: An Overview

Real Time Gross Settlement Systems: An Overview Real Time Gross Settlement Systems: An Overview RTGS Project Management Office State Bank of Pakistan The development of RTGS systems started as a response to the growing awareness of the need for sound

More information

THE RULES OF THE CENTRAL SECURITIES CLEARING SYSTEM

THE RULES OF THE CENTRAL SECURITIES CLEARING SYSTEM THE RULES OF THE CENTRAL SECURITIES CLEARING SYSTEM THE RULES DEFINITIONS Article 1 Unless the context requires otherwise, for all purposes of these Rules: "CSCS" means Central Securities Clearing System

More information

Procedures for Buyer Cash Compensation

Procedures for Buyer Cash Compensation Date 18 March 2013 Version1.0 Contents A. Introduction... 3 B. New Sell Trade Rejection Procedures... 3 C. Implementing the Buyer Cash Process... 6 D. Failed Trade Settlement... 6 E. Determining the Buyer

More information

LAW ON THE PROTECTION OF FINANCIAL SERVICES CONSUMERS

LAW ON THE PROTECTION OF FINANCIAL SERVICES CONSUMERS LAW ON THE PROTECTION OF FINANCIAL SERVICES CONSUMERS Chapter I GENERAL PROVISIONS Subject matter Article 1 This Law shall regulate the rights of consumers of financial services provided by banks, financial

More information

Act on Investment Firms 26.7.1996/579

Act on Investment Firms 26.7.1996/579 Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act

More information

Act on Undertakings for Collective Investment in Transferable Securities (UCITS), Investment Funds and Professional Investment funds

Act on Undertakings for Collective Investment in Transferable Securities (UCITS), Investment Funds and Professional Investment funds This is an English translation. The original Icelandic text, as published in the Law Gazette (Stjórnartíðindi), is the authoritative text. Should there be discrepancy between this translation and the authoritative

More information

Chapter 8 Clearing House and Performance Bonds

Chapter 8 Clearing House and Performance Bonds 800. CLEARING HOUSE Chapter 8 Clearing House and Performance Bonds The Exchange shall utilize the services of the CME Clearing House in order to protect market participants and to maintain the integrity

More information

QUICK GUIDE TO ISAs 2014/2015

QUICK GUIDE TO ISAs 2014/2015 INDIVIDUAL SAVINGS ACCOUNTS 2014/2015 An Individual Savings Account (ISA) is not an investment in its own right rather it is a type of account that can be used to undertake tax-advantageous investment.

More information

Guidelines on classification of own funds

Guidelines on classification of own funds EIOPA-BoS-14/168 EN Guidelines on classification of own funds EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19; email: info@eiopa.europa.eu

More information

DECREE No. 474/2013 Coll. of 23 December 2013

DECREE No. 474/2013 Coll. of 23 December 2013 DECREE No. 474/2013 Coll. of 23 December 2013 on the remuneration of liquidators, forced administrators and insolvency administrators of some service providers on the capital market and on the reimbursement

More information

INFORMATION SHEET ON FACTORING (PURCHASE and MANAGEMENT OF ENTERPRISE S ACCOUNT RECEIVABLES) (update in force as from 01 07 2015)

INFORMATION SHEET ON FACTORING (PURCHASE and MANAGEMENT OF ENTERPRISE S ACCOUNT RECEIVABLES) (update in force as from 01 07 2015) INFORMATION SHEET ON FACTORING (PURCHASE and MANAGEMENT OF ENTERPRISE S ACCOUNT RECEIVABLES) (update in force as from 01 07 2015) INFORMATION ON THE BANK Banca IFIS S.p.A. Registered office: Via Terraglio

More information

Terms and conditions of investment service

Terms and conditions of investment service 1 Terms and conditions of investment service May 2014 2 Contents 1. Purpose and scope of application of the terms and conditions of agreement... 4 2. Definitions... 4 Client... 4 Client s Representative...

More information

ATLANTIA S.P.A. BOARD OF DIRECTORS REPORT CONCERNING ITEM 3 ON THE AGENDA OF

ATLANTIA S.P.A. BOARD OF DIRECTORS REPORT CONCERNING ITEM 3 ON THE AGENDA OF ATLANTIA S.P.A. BOARD OF DIRECTORS REPORT CONCERNING ITEM 3 ON THE AGENDA OF THE ORDINARY GENERAL MEETING TO BE HELD ON 23 APRIL 2015, ON FIRST CALL AND ON 24 APRIL 2015, ON SECOND CALL: AUTHORISATION,

More information

THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS

THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Before printing this document, please be aware of its size! Regarding the provisions quoted in the response below, as far as possible, hyperlinks to these

More information

THE BOARD OF DIRECTORS. OF ATHENS EXCHANGE CLEARING HOUSE (ATHEXClear) (Meeting of 17/11/2014)

THE BOARD OF DIRECTORS. OF ATHENS EXCHANGE CLEARING HOUSE (ATHEXClear) (Meeting of 17/11/2014) RESOLUTION 5 Risk management procedures in the Derivatives system and other related issues THE BOARD OF DIRECTORS OF ATHENS EXCHANGE CLEARING HOUSE (ATHEXClear) (Meeting of 17/11/2014) Having regard to

More information

INFORMATION SHEET FACTORING OPERATIONS WITHOUT RECOURSE

INFORMATION SHEET FACTORING OPERATIONS WITHOUT RECOURSE INFORMATION SHEET FACTORING OPERATIONS WITHOUT RECOURSE DETAILS OF THE FACTORING COMPANY UBI FACTOR S.P.A. Company with sole shareholder UBI BANCA S.C.P.A. Registered offices Via Fratelli Gabba, 1 20121

More information

SUPPLEMENT Davy Strategic Global Equity Fund

SUPPLEMENT Davy Strategic Global Equity Fund Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963

More information

Russian Federation Federal Law No. 161-FZ of June 27, 2011, "On the National Payment System" Chapter 1. General Provisions

Russian Federation Federal Law No. 161-FZ of June 27, 2011, On the National Payment System Chapter 1. General Provisions Russian Federation Federal Law No. 161-FZ of June 27, 2011, "On the National Payment System" Adopted by the State Duma on June 14, 2011 Approved by the Federation Council on June 22, 2011 Chapter 1. General

More information

INFORMATION SHEET FACTORING OPERATIONS WITH RECOURSE

INFORMATION SHEET FACTORING OPERATIONS WITH RECOURSE INFORMATION SHEET FACTORING OPERATIONS WITH RECOURSE DETAILS OF THE FACTORING COMPANY UBI FACTOR S.P.A. Company with sole shareholder UBI BANCA S.C.P.A. Registered offices Via Fratelli Gabba, 1 20121 MILAN

More information

Nasdaq Dubai Operating Procedures Clearing, Settlement and Risk management for securities. For more information. nasdaqdubai.com

Nasdaq Dubai Operating Procedures Clearing, Settlement and Risk management for securities. For more information. nasdaqdubai.com Nasdaq Dubai Operating Procedures Clearing, Settlement and Risk management for securities For more information Nasdaq Dubai Ltd Level 7 The Exchange Building No 5 DIFC PO Box 53536 Dubai UAE +971 4 305

More information