Change of SKD Rules

Czech Republic
UniCredit Bank Czech Republic and Slovakia,a.s.
Amendments to the SKD rules in relation to CSDR will come into effect on 1 March 2018
Wed, 21/02/2018


The Czech National Bank, as the central securities register for Czech short-term bonds and T-Bills, pursuant to Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories (CSDR), amended the Rules of the Short-term bond system SKD, including the annexes, the Short-term bonds participants’ manual and the Short-term bonds forms.

The most important amendments to the Rules of the Short-term bond system SKD relate to the adjustment of the settlement failure procedure. Namely, in reference to Article 24, Paragraphs (7) to (12), settlement instructions failing for four days will be cancelled automatically and a buy-in procedure may be initiated. The Rules further include risk management and audit requirements. Last but not least, a description of the emergency plan and the operation recovery plan has been incorporated.

These amendments do not affect the functionality and operability of the Short-term bond system SKD.

The new version of the Rules of the Short-term bond system SKD, which will apply from 1 March 2018, is available through the Czech National Bank.


Impact on investors:  The rules of SKD have been aligned with CSDR.