Settlement services - Uruguay
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 offered||Method employed||Start (local time|
Immediate Release Flag available
Manual ("best efforts" basis)
On receipt of instructions
|Connectivity medium||Instruction format|
Xact Web Portal
Tick to enable the "Immediate Release" option.
Xact via SWIFT and Xact File Transfer
Procedures for domestic counterparties
Note: All times are Montevideo time, unless otherwise stated.
|Procedure for the domestic counterparty||Deadline|
|Receipt in CBL|
Dematerialised BCU-eligible securities
To be delivered to the Banco Itaú Uruguay S.A. account (no. 113) with BCU.
|Delivery from CBL|
Proceeds to be delivered to Banco Itaú Uruguay S.A.'s SWIFT code: ITAUUYMM in favour of CBL's account (no. 82310000) with Banco Itaú Uruguay S.A., Montevideo.
Proceeds to be delivered to:
Bank of America New York, SWIFT code BOFAUS3N, ABA 026009593, for credit account 6550245101 of Banco Itau Uruguay S.A.; SWIFT code: ITAUUYMM, for account of CBL (no 7359806) with Banco Itau Uruguay S.A. in Montevideo.
Receipts in CBL
BCU-eligible securities will be credited to CBL customer accounts during the start of the real-time processing following the day on which such securities have been credited to Banco Itaú Uruguay S.A.'s account with BCU.
Uruguayan domestic counterparties delivering securities via BCU should transfer the securities before 15:00 SD to Banco Itaú Uruguay S.A.'s account (no. 113) with BCU, for the account of CBL, and must indicate the customer's CBL account number.
Deliveries from CBL
For against payment deliveries to the local market, domestic counterparties should, when transferring the delivery proceeds to Banco Itaú Uruguay S.A. indicate a reference number provided by Banco Itaú Uruguay S.A.during the pre-matching process.
Uruguayan domestic counterparties receiving securities against payment of UYU from a CBL customer should transfer the UYU proceeds by 15:00 SD to Banco Itaú Uruguay S.A.'s account SWIFT code: ITAUUYMM in favour of CBL's account (no. 8231000) with Banco Itaú Uruguay S.A., Montevideo.
Uruguayan domestic counterparties receiving securities against payment of USD from a CBL customer should forward the USD proceeds by 15:00 SD using the following method:
|Bank of America New York, SWIFT code BOFAUS3N, ABA 026009593,|
for credit account 6550245101 of Banco Itau Uruguay S.A.; SWIFT code: ITAUUYMM
for account of CBL (no 7359806) with Banco Itau Uruguay S.A. in Montevideo.
Allowed countervalue difference
The usual ISMA limit of USD 25 equivalent applies to all against payment transactions. In the case of a discrepancy within this limit, the amount of the delivering party will prevail (provided, however, that for deliveries to a domestic counterparty, the counterparty agrees to pay the amount indicated by the customer). If the countervalues indicated by both counterparties differ by more than USD 25 equivalent, settlement will not occur.
Specific settlement and cash rules
Settlement with domestic counterparties of against payment transactions with countervalue in USD is possible on those days which are business days in CBL, Montevideo and New York.
Settlement of against payment transactions with domestic counterparties, with countervalue in UYU, and of free of payment transactions is possible on days that are business days in CBL and Montevideo.
Although pre-matching is not practice Uruguay, CBL’s depository in Uruguayan market will attempt to prematch all with instructions of the domestic counterparties by telephone on Settlement Date (SD).
For matched free of payment transactions, settlement will occur provided the securities are made available for delivery by the delivering party.
For matched against payment receipts, settlement will occur once the domestic counterparty has delivered the securities to Banco Itaú Uruguay S.A.
For matched against payment deliveries, settlement will occur once the domestic counterparty has paid the cash proceeds to Banco Itaú Uruguay S.A. Depending on the agreed settlement currency, the counterparty must pay Banco Itaú Uruguay S.A. by transfer in same-day funds (USD or UYU), as agreed by them counterparties.
New issues settlement
BCU-eligible securities will be credited to CBL customers’ accounts after the start of real-time processing following the day on which such securities have been credited to Banco Itaú Uruguay S.A.’s account with BCU.