Settlement services - Greece - ATHEXCSD

25.11.2021

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 available

Manual via telephone or fax (“best efforts” basis)

On receipt of instructions

Connectivity mediumInstruction formatRemarks

CreationOnline and Xact Web Portal

Tick to enable the “Immediate Release” option.

Not applicable for non-dematerialised securities

Xact via SWIFT and Xact File Transfer

Field :22F::STCO/CEDE/IREL

Not applicable for non-dematerialised securities

Local pre-matching, which is market practice for instructions in equities and debt securities, starts, subject to counterparty availability, on receipt of instructions and continues until Settlement Date (SD).

Domestic allegement matching service

Complementary to the pre-matching services offered and where no pre-matching instruction has been sent to the market, CBL accepts allegements via its agent from domestic market counterparties. and then uses the 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 CBL account number is present.

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

Procedures for domestic counterparties

ATHEXCSD eligible securities

Procedure for the domestic counterpartyDeadline
Receipt in CBL

Deliver to:

Citibank Europe Plc, Greece Branch (CITIGRAA)

Market deadline

For account of:

Clearstream Banking, Luxembourg (BIC: CEDELULL)

In favour of:

5-digit account number of CBL customer

Delivery from CBL

Receive from:

Citibank  Europe Plc, Greece Branch (CITIGRAA)

Market deadline

For account of:

Clearstream Banking, Luxembourg (BIC: CEDELULL)

In favour of:

5-digit account number of CBL customer

Citibank, Athens acts as custodian and operator of the following omnibus account for CBL at ATHEXCSD:

  • SAT code: 0007793119-1
  • SAT account: 0742491940-7
  • Operator code: 0000000505

Note: SAT is the Dematerialised Securities System of AthexCSD and also the clearing system for Greek equities and corporate bonds.

Linkage of trading codes (OASIS codes) with accounts in ATHEXCSD

When the customer/end-investor has an execution agreement with a local broker who is a direct member of ATHEX (that is, no remote or international broker-dealer is involved), the customer is requested to advise the local broker that the linkage between OASIS code (trading code in ATHEX) and the ATHEXCSD account into which the trade settles is not applicable to trades that settle on CBL’s account at ATHEXCSD.

Allowed countervalue difference

A maximum difference in countervalue of EUR 18.00 is allowed in CBL for matching and settlement of against payment transactions with domestic counterparties on equities.

Specific settlement rules / settlement restrictions

Customers’ instructions must be in line with the following rules:

  • Trade date cannot be later than settlement date.
  • Settlement date cannot be in the past.
  • The instruction must be received before the instruction deadline.
  • The format of the instruction must be in line with the respective instruction specifications.
  • In accordance with domestic market practice, Greek corporate bonds are traded and settled in units. Domestic settlement instructions on such instruments must therefore include the quantity of units. Failure to do so may result in settlement delays.

Equities and corporate bonds (ATHEXCSD) Settlement of Stock Exchange (SE) trades

Settlement in ATHEXCSD on behalf of CBL customers takes place as follows:

  • On T+2 Client Settlement: transfer of securities between the intermediary’s principal account and CBL’s account at ATHEXCSD 1;
  • After T+2 OTC Rectification Trade (used if Client Settlement failed): transfer of securities between the intermediary’s proprietary account and CBL’s account at ATHEXCSD a. The latest Settlement Date of Rectification trade cannot be greater than two business days after the Settlement Date of the OTC trade that is subject to rectification.

Note: T+2 settlement cycle is mandatory in ATHEXCSD for Client Settlement instructions; no other cycle is accepted by the ATHEXCSD system for these instructions. Customers can, however, instruct Client Settlement at any time after trade date until SD. 

Settlement of Over-the-Counter (OTC) trades (off-exchange)

In order to benefit from straight-through processing, the customer must complete fields as follows to specify the type of OTC transaction that will apply:

Type of tradeXact via SWIFT and Xact File TransferCreationOnline

OTC Normal trade (OTC TRAD)

:94B::TRAD//OTCO/OTC



:22F::SETR//TRAD
Type: Place of Trade
Code: OTC Trade
Narrative: OTC

Trade Settlement

OTC NCBO (transfer between two omnibus accounts or between omnibus and segregated account)

:94B::TRAD//OTCO/OTC



:22F::SETR//TRAD

:22F::REGT//YREG



:95P::SELL/BUYR//BIC of final beneficial owner
OR
:95Q::SELL/BUYR//name of final beneficial owner



Type: Place of Trade
Code: OTC Trade
Narrative: OTC

Trade Settlement

Additional Indicators:
Type: Registration Indicator
Code: Register


Buyer/Seller Party: BIC or name of final beneficial owner



OTC Re-registration (OTC RERE)a

:94B::TRAD//OTCO/OTC



:22F::SETR//TRAD

:22F::REGT//YREG



 

:95P::SELL/BUYR//BIC of final beneficial owner
OR
:95Q::SELL/BUYR//name of final beneficial owner


 

OR

:70E::SPRO//BIC or name of final beneficial owner

Type: Place of Trade
Code: OTC Trade
Narrative: OTC

Trade Settlement

Settlement Processing Narrative:
Rectification

OTC rectification tradeb:94B::TRAD//OTCO/OTC



:22F::SETR//TRAD

:22F::STCO/HCSD/RCTF
Type: Place of Trade
Code: OTC Trade
Narrative: OTC

Trade Settlement

Settlement Processing Narrative:
Rectification

Collateral trade (Lender)

:22F::SETR//COLO

Collateral Out

Collateral trade (Borrower)

:22F::SETR//COLI

Collateral In

Borrowing / Return from borrowing

:22F::SETR//SECB

Securities Borrowing

Lending / Return from lending

:22F::SETR//SECL

Securities Lending

a. Information on the final beneficial owner is a matching criteria in ATHEXCSD and must be provided in each OTC re-registration instruction.
b. Used after T+2 if Client Settlement failed.

Fees and charges

The following market fees and charges (set by ATHEXCSD and given as an indication only) are applied in the settlement process:

  • Settlement of Stock Exchange trades (on-exchange)
    OTC rectification trade: EUR 20 per party (buyer and seller).
  • Settlement of OTC trades (off-exchange)
    Normal OTC transactions: 6.5 basis points (bps) per trade made, that is, 3.25 bps per party (buyer and seller) on the value of the transaction with a minimum fee of EUR 20.
  • OTC NCBO: EUR 20 per party (deliverer CSD account and receiver CSD account).
    Re-registration: EUR 20 per party (deliverer CSD account and receiver CSD account).
    Collateral: EUR 20 per party (collateral giver and collateral receiver).
    Borrowing and lending: EUR 20 per party (borrower and lender).
    Against payment transactions will incur an additional charge of EUR 1.00 per party.
    ATHEXCSD will calculate the charges for the OTC transactions as follows:
    • For free of payment trades: Closing price of the stock on trade date;
    • For against payment trades: Trade price in client instructions.

All charges incurred by CBL in the “trading and settlement” process will be passed on to the relevant customer on an “upon receipt” basis.

Sales tax

Please refer to Greece: Sales Tax for more information

Bridge settlement

Securities held in ATHEXCSD are not Bridge-eligible.

Back-to-back processing

Back-to-back processing is not available for transactions in ATHEXCSD eligible securities.

Management of failed instructions

Transactions in ATHEXCSD that are not settled on SD are no longer valid in the market. Customers should cancel their settlement instructions and instruct with a new TD and SD as agreed with the counterparty.

New issues settlement

Customers that would like to participate in an IPO or Secondary Public Offering should contact their local broker.

In addition, to ensure timely settlement of the subscriptions, customers should instruct CBL using the Immediate Release (IREL) functionality (see "Pre-matching service" above) in order to allow provisioning before 15:00 on SD-1.

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1. Settlement of on-exchange trades requires one of the counterparties to maintain and instruct from a principal account. CBL does not hold any principal account in ATHEXCSD and customers need to ensure the counterparty maintains and instructs from such a principal account.