Settlement services - Ukraine
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.
Pre-matching is not a requirement in the Ukrainian Market, however the current practice of the custodians is to pre-match client’s instructions with the counterpart instructions as soon as instructions are received.
Primary Market distribution
Domestic government bonds are distributed through primary placement.
The placement of domestic bonds is carried out at auctions and is conducted by the National Bank of Ukraine by the initiative of the Ministry of Finance of Ukraine.
Primary dealers and the National Bank of Ukraine are the participants in the placement of domestic government bonds. Primary dealers meet certain conditions and assume certain obligations. Ministry of Finance provides dealers with the exclusive right to purchase government bonds at the moment of its issue. Investors address primary dealers in order to purchase domestic government bonds on their behalf.
CBL participants cannot access the Primary distribution directly and are requested to validate this access with their own their broker/dealer or by requesting a primary dealer to submit a bid to a primary auction, with a promise to buy bonds from the primary dealer on the same settlement date. This option is independent on where investor’s securities account is open and thus is available to CBL’s customers.
The list of primary dealers is decided by MinFin: https://www.minfin.gov.ua/en/news/borg/perelik-pervynnykh-dyleriv
Procedures for domestic counterparties
Procedure for the domestic counterparty | Deadline | |
| receive from/deliver to | Clearstream Banking S.A. | Market deadline |
| by order of/in favour of | A/C 10016-LU509248 | Market deadline |
Management of failed instructions
Instructions with domestic counterparties that have not settled on the requested settlement date (SD) will be automatically cancelled after 30 days.
Cancellation of instructions
Cancellation requests may be sent up until settlement day (SD). Cancellations are executed on a "best efforts" basis and with the condition that the instruction has not already been settled or the settlement instructions have been sent for settlement or accepted for settlement by depository.