Central Depository OTC Liberalization

UniCredit Bank S.A.
Financial Supervisory Authority approved the amendments to the CSD Rulebook and working procedure that liberalize the OTC transactions for all types of instruments traded on Bucharest Stock Exchange
Fri, 17/08/2018

Central Depository has amended the CSD Rulebook and working procedures liberalizing the OTC trades based on CSD Board of Administration decision issued on 16 July 2018, approved by National Bank of Romania on 25 July 2018 and Financial Supervisory Authority on 09 August 2018, through Decision no 978.

The CSD amendments will enter into force starting with 03 September 018.


- CSD will record the transactions in its system at matching date;

- CSD will allocated a unique reference number;

- The settlement steps of an OTC transactions sent to CSD will be as follows:

  •     Validation of the transfer instructions received
  •     Matching of the transfer instructions
  •     Registration in the CSD system of the transactions concluded outside the trading systems
  •     Verification of certain criteria
    •   settlement date
    •   availability of the financial instruments in the seller’s account
    •   blocking of the sold instruments as to ensure settlement
  •     starting the settlement
  •     sending settlement confirmation or revocation of the transfer orders for the unsettled transactions

- The trades instructed and accepted by CSD will be revoked only by CSD in the following situations:

  •     CSD decision
  •     malfunction of the CSD system
  •     bilateral request

- OTC trades can be settled on the date agreed by the parties, but no later than T+3;

- If the OTC trade did not settle, CSD will revoke the transfer orders and the participants will be notified accordingly;

- OTC turnaround trades are still available for all instruments traded on Bucharest Stock Exchange;

- All successive OTC trades, including OTC turnaround will be mandatory settled, in the CSD system;

- Plain OTC trades will not be reported;

- OTC turnaround trades will be reported to CSD as per the provisions of Article 12, Title III;

- OTC trades concluded as a risk management measure will be reported to CSD as per the provisions of Annex 1, Title III.


The deadlines for sending OTC instructions the Central Depository will be SD-1, 20:00 local time and SD, 14:00 local time, taking into account the settlement sessions and penalty fees that may be applied.

Impact on investors: Liberalization of the OTC trades with settlement date 03 Septmeber 2018