Creation Link Guide - Croatia

28.04.2015

Key features

Yes/NoRemarks
Settlement free of paymentYes
Settlement against paymentNo
Bridge settlementNo 
Shaping facilityNo 
Partial settlementNo 
Settlement penalty feesYesFailing to meet cash obligations to the CDCC  (SELL OUT):
  • If the member fails to meet its cash obligations to the CDCC before the system checking of unsettled cash obligations on the intended settlement date (11:00 CET on SD), the member will have a debt in the CDCC and a penalty fee will be calculated.
  • If the member has a debt at the moment of initiating the second batch of contractual settlement daily cycle on the intended settlement date (12:30 CET on SD), the CDCC will initiate sell-out procedure.
  • If the member meets its cash obligation on the intended settlement date before initiating the third batch of contractual settlement daily cycle (14:30 CET on SD), the CDCC will cancel the sell-out procedure on the same day.
  • If the member fails to meet its cash obligation by the beginning of the first batch of contractual settlement daily cycle on the day following the intended settlement date (08:30 CET on S+1), the CDCC shall suspend the member and carry out securities sell-out. The CDCC shall be entitled to charge compensation and incurred costs for securities sell-out related to covering debt on the contractual settlement cash clearing account.

Failing to meet the obligation to deliver securities to the CDCC (BUY IN):

  • If the member fails to deliver securities by the beginning of first batch of contractual settlement daily cycle  on the intended settlement date (08:30 CET on SD),  the CDCC will initiate buy-in procedure. Every day the CDCC will automatically charge a penalty fee.
  • If the member fails to deliver securities before the initiation of the first batch of contractual settlement daily cycle on the third working day following the intended settlement date (08:30 CET on S+3), the CDCC will suspend the member and buy-in the securities.
Pre-matchingYesManual by telephone.
Back-to-back processingNo 
AllegementsNo 
Automatic compensationNo 
Registered securitiesNo 
Multi Market SecuritiesNo 
Lending and borrowingNo 
Proxy votingNo 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNoIn Croatia the market practice of right trading does not exist.
Repo servicesNo 
Market restrictionsNo 
FTTNo 
FATCA GIINYesErste & Steiermärkische Bank Croatia  GIIN number: L99T2F.00032.ME.191
Type of linkCSD or settlement method
Indirect link to Croatia via Erste Group Bank AG.CDCC (Central Depository & Clearing Company Inc.).