Settlement process - Serbia

04.10.2021

Settlement cycles

The standard settlement cycle is T+2. 

Settlement flows

Standard securities transfer - Government bonds

T+0

Customer trades with counterparty.

T+1
 

Customer sends MT541/543 to CBL.

Customer fund their RSD Cash Account in CBL (for Receipt)

CBL routes MT541/543 to custodian.

T+2

CBL’s custodian matches and settles instructions in the respective clearing institution.

CBL’s custodian sends the confirmation back to CBL.

CBL settles the trades.

Free of payment settlement

FOP settlement is allowed only if there is no change of beneficial ownership.

Registration

There is no registration of securities in Serbia as a separate process; an automatic and simultaneous registration process instead is applied by the CSD upon the purchase or sale of securities.

Primary auctions

The auction mechanism is regulated by Regulation on general conditions for the issuance and sale of government securities in the primary market and RSD auctions are usually appointed on Tuesdays.

MinFin publishes a quarterly issuing plan.

Three days before the auction PDA announces a Public call and the auction is registered on the platform.

Only authorised institutions listed can participate to auctions.

Physical securities

Securities are fully dematerialised.

Stamp duty

No stamp duty applies to the Serbian market.

Penalties

No penalties apply to the Serbian market.

Buy-ins

Buy-ins do not apply to the Serbian market.