Settlement services - Sweden

22.10.2018

Pre-matching service

The table below summarises CBL’s pre-matching service for external settlement instructions, as well as the pre-matching method and start time in the market. For details of CBL's pre-matching services, see Pre-matching services for external settlement instructions.

Service offeredMethod employedStart (local time)
All securities
Immediate Release Flag availableAutomated through VPC systemOn receipt of instruction
Connectivity mediumInstruction format
CreationOnline and Xact Web PortalTick to enable the "Immediate Release" option.
Xact via SWIFT and Xact File TransferField :22F::STCO/CEDE/IREL

Domestic allegement matching service

Complementary to the pre-matching services offered as described above and where no pre-matching instruction has been sent to the market, CBL accepts allegements via its depository from domestic market counterparties. It will then use these allegement messages to search for the best matching customer instruction.

If no matching customer instruction is found, the allegement is reported to the customer provided that its Clearstream Banking account number is present.

For details of CBL's domestic allegement service, see Pre-matching services for external settlement instructions.

Procedures for domestic counterparties

Procedure for the domestic counterpartyDeadline
For CBL-eligible bonds for receipt in/delivery to CBL (PM system)

For receipt or delivery transactions free of and against payment:

Deliver to/Receive from: SEB  -  ESSESESS (Receiving/ Delivering Agent)
For/from: CEDELULL (Deliverer's/Receiver's Custodian)
By order of: CBL customer 5-digit account number

SEB account held on behalf of CBL in VPC is 86585649
CBL account number in SEB is 01-001-604-997

Market deadline
For CBL-eligible equities for receipt in/delivery to CBL (AM system)

For receipt or delivery transactions free of and against payment:

Deliver to/Receive from: SEB - ESSESESS (Receiving/ Delivering Agent) 
For/from: CEDELULL (Deliverer's/Receiver's Custodian)
By order of: CBL customer 5-digit account number

Market deadline

Allowed countervalue difference

A maximum difference in countervalue of SEK 150 is allowed for transactions with domestic counterparties. In the case of a discrepancy, the cash amount of the delivering party will prevail.

SEK cash countervalues in decimals are not handled by VPC and, as a consequence, they will be rounded. This does not apply to CBL or SEB internal transactions.

Specific settlement rules

All fixed income and on-exchange transactions, and equity OTC transactions involving a counterparty outside SEB are processed through VPC and considered as "external" transactions. Equity OTC transactions where the holdings of both parties are within the same SEB omnibus account at VPC are processed through the internal matching system at SEB.

The current structure of the accounts is, as follows:

  • Debt securities
    Debt securities are held in segregated nominee accounts in the name of "SEB for Clearstream Banking", that is, one nominee account at VPC per safekeeping account at SEB. All money market transactions are considered "external" due to this particular account structure.
  • Equities
    Equities are held in segregated nominee accounts in the name of "SEB for Clearstream Banking", that is, one nominee account at VPC per safekeeping account at SEB. All transactions are considered "external" due to this particular account structure.

Settlement cycle for debt securities and equities is T+2. Against payment transactions are settled mainly in SEK, however, some securities are denominated in EUR and consequently settle in that currency.

Internal equity OTC transactions on the books of SEB between two parties who both have EUR cash accounts linked to their custody accounts with SEB can also be settled against payment in EUR.

Settlement restrictions

No nominal limits apply on VPC/NewClear's Aktiemarknad (AM) sub-market. Nominal limits of SEK 500 million and EUR 50 million apply to free of and against payment transfers of debt securities on VPC Penningmarknad (PM) sub-market. Customers settling transactions with Swedish counterparties on VPC PM sub-market must divide any nominal value that exceeds the applicable limit into multiple transactions, each with a nominal value at or below the relevant limit.

Customers are responsible for complying with this requirement and Clearstream Banking will assume no responsibility for delayed transactions or for settlement failures that result from a breach of the relevant VPC limit.

Back-to-back processing

Back-to-back processing is not available in this market.

Management of failed instructions

Equity market: Unsettled instructions will expire 20 banking days after Settlement date or registration date whichever is the latest date. After that a new instruction must be sent to CBL.

Fixed income: If settlement is not achieved on instructed settlement date, CBL’s depository SEB will move the instruction forward to the following SD unless otherwise agreed. The instructions will expire after 20days after settlement date. After that a new instruction must be sent to CBL.

New issues settlement

Transactions in new issues are settled on the day on which distribution occurs in Sweden. For confirmation times, please refer to Settlement times.