Settlement services - Israel

11.03.2022

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

On receipt of instructions

Connectivity mediumInstruction format

CreationOnline and Xact Web Portal

Tick to enable the “Immediate Release” option.

Xact via SWIFT and Xact File Transfer

Field :22F::STCO/CEDE/IREL

Procedures for domestic counterparties

Procedure for the domestic counterpartyDeadline
Receipt in CBL

For receipt transactions free of and against payment, domestic counterparties must instruct the TASE-CH as follows:

18:00

-

Deliver to: Citibank Israel segregated account for Clearstream Banking S.A. number 1020.

-

For the account of: Clearstream Banking, Luxembourg account 6201730010.

-

In favour of: (BIC or name and account number of CBL customer).

Delivery from CBL

For delivery transactions free of and against payment, domestic counterparties must instruct Citibank Israel as follows:

18:00

-

Receive from: Citibank Israel segregated account for Clearstream Banking S.A. number 1020.

-

By order of: Clearstream Banking, Luxembourg account 6201730010.

Allowed countervalue difference

There is no formal trade tolerance of countervalue difference at the level of the CSD. In line with the procedures in place between Clearstream Banking and its subcustodian, a maximum difference in countervalue of ILS 100 is allowed for the matching and settlement of transactions with domestic counterparties. In the event of a discrepancy within this limit, the countervalue amount indicated by the delivering party will normally prevail.

Specific settlement rules / settlement restrictions

No specific minimum denomination is fixed for on-exchange trades. The concept of odd lots does not exist in the Israeli market.

Private or third-party domestic securities lending is not allowed via CBL.

The inclusion of the deal price is optional on all internal and domestic instructions.

In the case of a transfer of portfolio, customers must ensure that they specify “No change of beneficial ownership” in the appropriate field of their instruction and set the deal price to ILS 0.01.

Back-to-back processing

Back-to-back processing is not available for securities transactions in Israel. Back-to-back linked instructions are not available in the Israeli market, as neither the CSD (TASE-CH) nor local custodians are able to support them. Furthermore, settlement finality at the TASE-CH is only achieved via an “end of day” batch and there is no DVP at the level of the CSD for settlement.

Bridge settlement

ILS is a Bridge-eligible settlement currency. Israeli domestic securities are not Bridge-eligible.

Management of failed instructions

Receipt and delivery instructions with domestic counterparties that remain unmatched 30 business days after the first attempted settlement date will be automatically cancelled by the depository (and consequently by CBL) at the end of the 30th business day.

New issues settlement

Transactions in new issues are settled value distribution date +1 for both equities and fixed income securities.