Creation Link Guide - Romania
|Settlement free of payment||Yes||Restricted to portfolio transfers only.|
|Settlement against payment||Yes||Eligible settlement currency: Romanian Leu (RON).|
|Bridge settlement||Yes / No|
Free of Payment restricted to portfolio transfers only.
Municipal and selected foreign bonds are not Bridge eligible.
|Partial settlement||No||Partial settlement is not applicable in the Romanian market.|
|Settlement penalty fees||Yes / No|
CSD applies settlement penalty fee for late settlement (settlement instructions sent to CSD on SD):
|Pre-matching||Yes||Local pre-matching is market practice, customers are strongly recommended to use the immediate release flag in their settlement instructions.|
|Back-to-back processing||Yes||Back-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.
|Automatic compensation||No||No automatic compensation by the local CSD.|
CBL will perform adjustment, based on information received from the depository.
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 Securities||No|
|Lending and borrowing||Yes / No||Not available for municipal and foreign bonds.|
|Liquidity Hub Connect||No|
|Sale and purchase of rights||No|
|Repo services||Yes||The Agent offers Repo services for outstanding T-bonds.|
|Type of link||CSD or settlement method|
|Direct link to the National Bank of Romania (NBR) operated by Bancpost, Bucharest||National 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)|