Settlement services - Poland


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 availableManualOn receipt of instructions

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.

Procedure for the domestic counterparty (Securities deposited with Bank Handlowy)

Procedure for the domestic counterpartyDeadline
Receipt in CBL

Deliver to: Bank Handlowy S.A., Warsaw, BIC CITIPLPX in KPDW (Polish CSD)

For account of: Clearstream Banking S.A. (BIC CEDELULL) account number 0502343001

In favour of: name and account number of CBL customer

Market deadline
Delivery from CBL

Receive from: Bank Handlowy S.A., Warsaw, BIC CITIPLPX in KPDW (Polish CSD)

In favour of: Clearstream Banking S.A. (BIC CEDELULL)

By order of: 0502343001 (Clearstream Banking S.A. account number at Bank Handlowy S.A.)

Market deadline

Procedure for the domestic counterparty (EUR denominated mortgage bonds/Deposited with KDPW)

Procedure for the domestic counterparty


Receipt in CBL

Deliver to: Clearstream Banking S.A (BIC CEDELULL or code 0864) in KDPW (Polish CSD)

For mirror account opened with CITIPLPX, account number 0502343100  
In favour of: name and account number of CBL customer  

Market deadline

Delivery from CBL

Receive from: Clearstream Banking S.A (BIC  CEDELULL or code 0864) in KDPW (Polish CSD)

In favour of: Clearstream  Banking S.A. (BIC CEDELULL)

By order of: 0502343100 (Clearstream Banking S.A. mirror account number at Bank Handlowy S.A.)

Market deadline

For KDPW transactions, the indicator of Qualifier :22F::SETR is a mandatory matching criteria. By default, CBL uses TRAD, except if instructed differently (for example,  SECL or SECB etc.). Please ensure that your counterparty matches your instructions.

A list of the most Common counterparties in Poland is available.

Allowed countervalue difference

The following cash tolerances will apply to instructions:

  • PLN 8 for transactions with an amount up to PLN 400,000; and
  • PLN 100 for transactions exceeding PLN 400,000 (for settlement in PLN)


  • EUR 2 for transactions with an amount up to EUR 100,000; and
  • EUR 25 for transactions exceeding EUR 100,000 (for settlement in EUR)

Normally, the seller settlement instruction prevails (settlement amount from buyer instructions is changed), however, if the counterparty on the market does not allow on settlement tolerance, the below scenarios apply. For CBL customer against payment instructions, if there is no tolerance limit on the counterparty side then the counterparty amount will prevail.

Specific settlement rules / settlement restrictions

Internal and domestic (both over-the-counter and Warsaw Stock Exchange) instructions are allowed (see details below), however Bridge instructions are not possible for Polish securities.

For free of payment (FOP) settlement instructions on Euro-denominated bonds, the CSD requires that the settlement value of the transaction, that is, the value of the cash or non-cash payment relating to the securities, is communicated. In order to do so, customers entering such transactions are requested to send, in parallel to the settlement instruction, an MT599 including the following text:

"Reference: (customer's trade reference and place of settlement, that is, market where instruction is to settle)

Attention: Settlement Prague 1

With reference to our settlement transaction reference number ______________, ISIN ______________, amount of securities _________ and with requested settlement date __________, we request Clearstream Banking to add the amount ______________ (include currency and total value of the securities) to this instruction."

If this information is not provided, customers will receive an unmatched report with narrative “REAS//NO SETTLEMENT AMOUNT FOR GIIF REPORTING” advising of the missing information. If the information is not sent by 16:30 CET on SD-1, the instruction will be rejected in the market.

Cancellation of matched instructions

Securities settled in the National Depository for Securities - KDPW): instructions matched at KDPW can be cancelled only if both counterparties cancel their instructions before the next settlement session. The time frame for such cancellations is limited and depends when the instruction was sent by the custodian to KDPW.

T-bills (settled in National Bank of Poland): as settlement happens immediately after matching, cancellation of matched instructions is not possible.

Over-the-Counter (OTC) transactions

Customers are allowed to send to CBL both internal and domestic OTC trades (both FOP and AP). Stamp duty may be applicable in certain cases to OTC trades on securities except T-bonds (please refer to the Market Profile - Poland). As per Polish regulations the buyer is responsible to pay stamp duty himself, therefore customer is responsible to check with their tax advisor if stamp duty is applicable and to manage the payment directly with the Polish Tax Authorities. The stamp duty is not levied nor paid by CBL and neither CBL nor CBL’s depository offer a service in that respect.

Settlement for Stock Exchange (SE) trading as per Art121 of the Securities Law

Transactions concluded on the Warsaw Stock Exchange (WSE) are settled based on successfully pre-matched investor and international broker settlement instructions. No settlement can take place without an instruction from the customer to CBL.

N.B.: Foreign investors may place stock exchange orders through either local brokers, international brokers or remote traders.

Lending and borrowing

For lending and borrowing transactions, the following field is mandatory:

Connectivity medium


Field to be used


Securities Lending or Securities Borrowing

Type of Settlement Transaction

Xact via SWIFT and Xact File Transfer

:22F::SETR//SECL or :22F::SETR//SECB

Field :22F: sequence E

Xact Web Portal


Sec. transaction type

Management of failed instructions

Bank Handlowy cancels settlement instructions that remain unsettled at the end of the 30 days after the first attempted Settlement Date.

New issues settlement

Transactions in new issues are settled during continuous settlement processing on the day on which the distribution occurs in the Polish market. For confirmation times, please refer to Settlement times.

Bridge Settlement

Polish securities are not eligible for settlement through the Bridge with Euroclear Bank.

Partial Settlement Service

According to the Polish CSD request (§58 of KDPW’s rules), customers will be informed regarding the specific rules applicable to partial settlement as described in §57 of the aforementioned rules.

The rules applicable to the partial settlement cover both DVP (against payment) and FOP (free of payment) trades (subject to the limitation described hereinafter).

However, partial settlement will not be applied to:

  • Repo and buy-sell-back trades; or
  • FOP transactions, that are not so called Art. 121 FOP trades. 1

Thresholds applicable to partial settlement

Partial settlement for OTC transactions is applied if the original instruction has a minimum settlement amount of at least PLN 20,000,000 (around EUR 5,000,000) and where a minimum trade value of PLN 5,000,000 (around EUR 1,250,000) can be settled during the first partial settlement process.

Partial settlement is applied during each RVP/DVP KDPW settlement batch (currently at 10:30, 13:00 and 15:30 CET).

Partial settlement service is only offered if it is expressly requested by the customers and their counterparty on their side.

Clearstream will not accept any standing instruction at customer level to request partial settlement on a systematic basis. Partial settlement is an optional service provided upon special and express request of the customers in accordance with KDPW’s rules.

For customers instructing via SWIFT

If a customer wants to specify in the original instruction that partial settlement is allowed, the settlement condition indicator :22F::STCO//PART must be used.

For customers instructing via CreationOnline

The “allow partial” option must be selected.

Note: The partial settlement service is subject to an additional charge by KDPW (currently 5 PLN per each partial settlement). This charge is included in the settlement cost.

Stamp duty

Over the Counter (OTC) trades may be subject to 1% stamp duty.
If NCBO or NBEN is present in the instruction the trade is considered as a portfolio transfer and is exempt from stamp duty.
If NCBO or NBEN is not present, or an OTC tag is used in free text fields, trades may be matched OTC (if the counterparty has not confirmed market execution to trade or trade is booked between two customer accounts).

Portfolio transfers

Portfolio transfers are defined as free of payment transfers, resulting in no change in beneficial ownership, due to a transfer of portfolio between two local custodians.

:22F::SETR//PORT or :22F::BENE//NBEN must be completed for portfolio transfers.


1. Article 121 of the Law on Trading in Financial instruments.