Creation Link Guide - Romania

26.10.2015

Key features

Yes/NoRemarks
Settlement free of paymentYesRestricted to portfolio transfers only.
Settlement against paymentYesEligible settlement currency: Romanian Leu (RON).
Bridge settlementYes / No

Free of Payment restricted to portfolio transfers only.

Municipal and selected foreign bonds are not Bridge eligible.

Shaping facilityNo
Partial settlementNoPartial settlement is not applicable in the Romanian market.
Settlement penalty feesYes / No

CSD applies settlement penalty fee for late settlement (settlement instructions sent to CSD on SD):

  • For instructions sent on SD before 11:00,
    50 RON per trade.
  • For instructions sent within the time-frame 11:00 – 14:00,
    100 RON per trade.
Pre-matchingYesLocal pre-matching is market practice, customers are strongly recommended to use the immediate release flag in their settlement instructions.
Back-to-back processingYesBack-to-back processing does not exist in SaFIR or in the CSD.
However, CBL can support back-to-back processing; CBL's depository will process the instructions as linked transactions.
AllegementsYes
Automatic compensationNoNo automatic compensation by the local CSD.
CBL will perform adjustment, based on information received from the depository.
Registered securitiesYes

NBR is the registrar for government securities.  The nominee concept is recognised at the NBR.

In Depozitarul Central S.A., the nominee concept is recognised.

Multi Market SecuritiesNo
Lending and borrowingYes / NoNot available for municipal and foreign bonds.
Proxy votingNo
Investment FundsNo
Liquidity Hub ConnectNo
Sale and purchase of rightsNo
Repo servicesYesThe Agent offers Repo services for outstanding T-bonds. 
Market restrictionsNo
FTTNo
FATCA GIINYes0T0F5N.00009.ME.642
Type of linkCSD or settlement method
Direct link to the National Bank of Romania (NBR) operated by Bancpost, BucharestNational Bank of Romania (NBR) for government bonds and bills via SaFIR (NBR settlement system)
Indirect link via Bancpost S.A. to the CSD Depozitarul Central S.A.Depozitarul Central S.A. (CSD) for municipal and selected foreign bonds via RoClear (CSD settlement system)