Settlement services - Russia

25.01.2018

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)
Debt securities, CSD-eligible and NSD-eligible equities
Immediate Release Flag availableAutomated via NSD (MT548)On receipt of instruction (continuously, 09:30 to 21:20 Moscow time)
Connectivity mediumInstruction formatRemarks
CreationOnline and Xact Web PortalTick to enable the “Immediate Release” option.Required on all media for debt securities
Xact via SWIFT and Xact File TransferField :22F::STCO/CEDE/IREL

Note: Pre-matching is neither mandatory nor legally binding in Russia.

For debt securities and CSD-eligible and NSD-eligible equities transactions to settle in NSD, matching can be performed via the trade date and the transaction reference agreed between the customer and its counterparty.

In a first phase, CBL and its depository will only support matching via trade date information (which is a mandatory field - see the relevant CBL instruction specifications). The use of the agreed transaction reference will be supported in a later phase.

Although neither data element is required locally, both become matching criteria if included by one of the counterparties to the transaction. Customers are therefore asked not to populate the agreed transaction reference in their instructions to CBL. Customers are also responsible for ensuring that their counterparties do not include this agreed transaction reference in their corresponding instructions in the local market.

Procedures for domestic counterparties

Procedure for the domestic counterpartyDeadline
Debt securities, CSD-eligible and NSD-eligible equities: Receipt in CBL and Delivery from CBL

When using SWIFT, local instructions must include the NSD account and sub-account details of CBL:

  • CBL long form account structure is TF1304260025/00000000000000000
  • CBL short form account structure is 11057084

Note: Both long and short form account structures are acceptable on the Russian market.

Market deadline

CBL SSI’s for counterparties interacting with NSD via SWIFT:

:95P::PSET//NADCRUMM

:95P::REAG//CEDELULL, or
:95P::DEAG//CEDELULL

:97A::SAFE//TF1304260025/00000000000000000, or
:97A::SAFE//11057084

When using the LUCH system, local instructions must include CBL’s NSD depositor code: MC0360000000

CBL SSI’s for counterparties interacting with NSD via LUCH:

:95P::PSET//NADCRUMM

:95Q::REAG//NSDR/MC0360000000, or
:95Q::DEAG//NSDR/MC0360000000

:97A::SAFE//TF1304260025/00000000000000000, or
:97A::SAFE//11057084

For settlement against payment, domestic counterparties must indicate the type of DVP settlement model to be applied at NSD. CBL uses the DVP-1 model and so domestic counterparties must always include (in SWIFT) :22F::NETT//NNET in their settlement instructions.

If the counterparty omits this field or indicates a different DVP settlement model, the trade will not match.

Note: The CBL customer does not need to add this information as this is done via our agent. Settlement against payment applies only to assets safekept in the FNH account of CBL at the CSD.

Specific settlement rules / settlement restrictions

Trade date is mandatory in all domestic settlement instructions.

The cash leg associated with a free of payment settlement transaction is arranged directly between the counterparties and, as a general rule, is settled against USD or EUR.

Instructions for debt security and CSD-eligible and NSD-eligible equity trades must contain the NSD account and sub-account details.

Debt securities instructions sent to CBL must be expressed in nominal amount. Conforming to standard market practice, CBL’s depository will automatically perform the conversion of the nominal amount into the corresponding number of units before transmitting the instructions for settlement at the local CSD. Settlement reporting will be provided by CBL in nominal amount.

Cash movements linked to receive against payment instructions

On receipt of a customer’s receive against payment instruction within CBL's deadline, CBL arranges for the delivery of the cash from its local CCB to the associated cash account at NSD on an on-going basis to allow for same day settlement date. 

Management of failed instructions

If instructions with domestic counterparties have not settled by the requested settlement date (SD), they can be cancelled via a cancellation instruction from the customer. Instructions for transactions to be settled at NSD will remain pending for 30 days before automatic cancellation by NSD.

New issues settlement

New issues are subject to restricted eligibility criteria in the Russian market.