Settlement process - Romania


Settlement cycles

Government securities settled in SaFIR1:T+0 or as agreed between the counterparties.
Equities, corporate and municipal bonds settled in RoClear:Settlement date of transactions Versus Payment in equity and bonds is T+2 for regular stock exchange trades. For Deal stock exchange trades and allocations, the settlement cycle is variable but no later than T+2 while for OTC trades, the settlement cycle is T+0 to no later than T+3.

Note: Government securities can also settle in CSD. CSD settlement is not covered by this market profile.

Settlement flow - SaFIR

From TD to SD:

Local SaFIR participants receive settlement instructions.

Local SaFIR participants start pre-matching with the counterparty via telephone/fax or file exchange.


From 09:00, local SaFIR participants send the pre-matched instructions to SaFIR. SaFIR matches the instructions.

SaFIR checks the availability of securities in seller's account in SaFIR, and if applicable the cash availability in REGIS (Romanian Electronic Gross Interbank Settlement).

Note: If the settlement amount is in EUR (applicable only for EUR-denominated government securities), cash settlement is carried out through the corresponding banks of the SaFIR participants. SaFIR keeps the trade in a waiting queue and settles the instruction only upon receipt of confirmation of receipt of funds by the selling participant.

SaFIR executes securities and cash transfers from the account of the purchaser to the account of the Seller.

SaFIR sends a settlement confirmation to the subcustodians.

SaFIR settlement is real-time, on a true delivery against payment basis and is final upon crediting and debiting the securities and cash accounts.

Settlement flow - RoClear

From TD to SD-1:


Brokerage companies send, towards dedicated special accounts opened in RoClear, settlement instructions for their clients using custodian banks.

After receiving settlement instructions from their clients, custodian banks send settlement instructions to CSD;

RoClear starts matching the brokerage companies settlement instructions with the custodian banks settlement instructions; Matched instructions will create allocation transactions which will be disposed in the CSD system.

For their clients, custodians settle the allocation trades corresponding to the linked transaction concluded by the brokers in the BSE trading system. Both transactions will have the same settlement date and will be settled on the net basis.


RoClear receives and matches late settlement instructions sent by both brokerage companies and custodian banks, subject to penalty fee.

RoClear settlement is in Batch Modus, on a true delivery against payment basis and is final upon crediting and debiting the securities and cash accounts.

Trades carried out on the Bucharest Stock Exchange (BSE) are settled in two net settlement sessions.

OTC turnaround trades are settled in four gross settlement sessions during each settlement date (SD).

All trades unable to settle in the first net settlement session and all trade allocation instructions registered with the CSD between 11:00-14.00 on settlement date (SD) will settle in the second net settlement session.

Variable settlement cycle for Deal trades

Since 10 July 2015 Deal trades (trades executed on the Deal Market of Bucharest Stock Exchange – auxiliary BSE market for trading, based on negotiation between parties, in large volume of securities) with shares traded on the BSE, may be settled on a gross basis and investors can opt for a T+0, T+1, or a T+2 settlement cycle.

The settlement of trades executed on the Deal Market of BSE will be performed during the 4 gross settlement sessions currently in force for the settlement of the OTC trades.

  1. For a Deal trade performed between two accounts or inside a global account of a CSD Participant, the settlement is executed, by CSD, during the gross settlement session upon the confirmation received from the Participant that the settlement of funds has been performed.
  2. For a Deal trade between accounts of two Participants, the implicit settlement session is the first gross settlement session (S1). Participants may choose to change the settlement session as follows:
  • For trades settled on T+1 or T+2, participants must change the implicit gross settlement session (S1), at the latest on SD-1, 20:15, for the 2nd (S2), 3rd (S3) and 4th (S4) gross settlement session;
  • For Deal trades with settlement date T+0, participants must change the implicit gross settlement session (S1), at the latest on SD, 13:05, for S3 and S4; and
  • Trades with settlement date T+0, sent to the CSD, on SD, after 13.05 will be settled in S4.


Eligible financial instruments

  • T2S-eligible instruments for which the CSD is the Issuer CSD or Investor.
  • EUR denominated securities must be held in T2S only. RON denominated securities are eligible for T2S undercertain circumstances.

Transaction types

OTC and turnaround

Cut-off deadlines for receiving instructions:

DvP: SD – 16.30 (local time)

FoP: SD – 18.00 (local time)

Local participants access T2S through the same interface used for the local market (GUI interface). However, SWIFT ISO 15022 (converted by CSD into SWIFT ISO 20022 messages and File Upload are also allowed.

Participants may choose to connect to T2S using either a direct connection DCP or indirect connection ICP.

For each participant accessing T2S, the CSD opens dedicated securities accounts for T2S operations, those accounts are replicated in the CSD RoClear system.

All T2S static data and dynamic data (settlement instructions) are replicated into the CSD legacy system.

General settlement information

Partial settlements are not possible in the Romanian market.

Free of payment transactions on securities are only allowed if  there is no change in ownership, meaning that free of payment trades between participants can only be portfolio transfers. As a consequence, customers must ensure that they only send free of payment instructions for portfolio transfers.

Back-to-back trades are possible but are not recognised as such by SaFIR/RoClear.

Market claims are allowed in the market while the past settlement date is not.

Cash clearing and settlement

REGIS (Romanian Electronic Gross Interbank Settlement) is the Romanian Real-Time Gross Settlement System (RTGS). Payments shall be considered as final (and irrevocable) at the moment of settlement in the RTGS system while in T2S the cash settlement takes place in the Dedicated Cash Accounts of CSD Participants.

Countervalue difference allowed by the market

In SaFIR/RoClear, cash discrepancies between custodian instructions are not allowed.


NBR is the registrar for government securities. Re-registration and change of ownership occur automatically on SD. The nominee concept is recognised at the NBR.

Stamp duty

Stamp duty is not applicable in the Romanian market.



Buy-ins are not market practice in Romania.

Penalty fees charged by the CSD, apply when sending DVP/RVP instructions on SD to the CSD.