UniCredit Bank d.d.
Summary:
Central Registry of Securities Banja Luka (CSD) has adopted a new Rulebook on clearing, settlement and transfer of securities as of 1 January, 2015.
Fri, 12/12/2014
The new Rulebook was published in the Official Gazette of Republic of Srpska nr. 108/14. The most notable changes are:
| • | Switching from T+3 to T+2 settlement cycle: The settlement of both securities and cash funds will be done on T+2 (with the exception of the buy-in procedure or other extraordinary circumstances). | |
| • | New market deadline for cash: CSD members ore obliged to pay their net liabilities on S (T+2) by 10:00 CET. Previously the market deadline was set on S (T+3) by 09:00 CET. | |
| • | New market deadline for manual allocation: Allocation of securities between the joint account and the segregated/omnibus account must be done by 16:00 CET on T+1. Previously the market deadline for allocation was set on T+2 by 12:00 CET. | |
| • | The liquidity reserve has been abolished. | |
| • | Buy-in procedure after settlement moved to T+2: Seller must ensure that there are sufficient securities on the securities account on S (T+2) by 10:00 CET. If the seller does not cover the short position, the CSD will start the buy-in procedure. Previously the deadline was set on S (T+3) by 09:00 CET. | |
| • | Block trades: Payment related to block trades can be done directly between the buyer and seller or by using CSD’s cash account held with the Central Bank. | |
Related Newsflash: T+2 in Republic of Srpska
Impact on investors: Global Securities Services Bosnia will adjust client deadlines in accordance with newly defined market deadlines as of 1 January, 2015. Clients will be informed accordingly.