Increased CSD Fees for Late Settlement Instructions

Romania
UniCredit Bank S.A.
Summary: 
Starting from 1 May 2018, the Central Depository will apply increased fees for late settlement instructions
Thu, 05/04/2018

 

On 29 March 2018 the board of administrators of the Central Depository decided to start applying increased fees for settlement instructions with a settlement date higher than T+0 and sent on the settlement day. These fees will become applicable as of 1 May 2018.

If the respective number of settlement instructions (those exceeding a T+0 settlement cycle, sent on the settlement date and prior to the deadline for the first net settlement cycle) reaches 5% of the total number of settlement instructions processed by the Central Depository during a calendar month, the level of additional fees may be increased up to RON 500 per instruction.

The additional fee for instructions sent on the settlement date, depending on the number of settlement instructions exceeding a T+0 settlement cycle sent on the settlement date, will be as follows:

  • below 5% - RON 50 per instruction
  • 5% to 10% - RON 100 per instruction
  • 10%to 25% - RON 250 per instruction
  • above 25% - RON 500 per instruction

If the respective number of settlement instructions exceeding a T+0 settlement cycle (sent on the settlement date after the deadline for net settlement) reaches 5% of the total number of settlement instructions processed by the Central Depository during a calendar month, the level of additional fee may be increased up to RON 700 per instruction.

The additional fee for instructions sent on the settlement date, depending on the number of settlement instructions exceeding a T+0 settlement cycle, sent on the settlement date, will be as follows:

  • below 5% - RON 100 per instruction
  • 5% to 10% - RON 200 per instruction
  • 10% to 25% - RON 500 per instruction
  • above 25% - RON 700 per instruction

Impact on investors: Increased level of fees for late settlement instructions charged by the Central Depository starting from 1 May 2018.