Settlement services - Israel
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 offered | Method employed | Start (local time) |
| All securities | ||
Immediate Release Flag available | Manual via telephone | 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 | Field :22F::STCO/CEDE/IREL |
Procedures for domestic counterparties
| Procedure for the domestic counterparty | Deadline | |
| Receipt in CBL | ||
For receipt transactions free of and against payment, domestic counterparties must instruct the TASE-CH as follows: | 18:00 | |
- | Non-Citibank Israel Counterparty: Deliver to: (REAG) CEDELULL SAFE//1020 BUYR//BIC of CBL client (or CEDELULL if client has an unpublished BIC) SAFE//5-digit account of CBL client | |
- | Citibank Israel Counterparty: Deliver to: CITIILITXXX SAFE// 6201730010 BUYR//BIC of CBL client (or CEDELULL if client has an unpublished BIC) SAFE//5-digit account of CBL client | |
| Delivery from CBL | ||
For delivery transactions free of and against payment, domestic counterparties must instruct Citibank Israel as follows: | 18:00 | |
- | Non-Citibank Israel Counterparty: Receive from: (DEAG) CEDELULL SAFE//1020 SELL//BIC of CBL client (or CEDELULL if client has an unpublished BIC) SAFE//5-digit account of CBL client | |
- | Citibank Israel Counterparty: Receive from: CITIILITXXX SAFE//6201730010 SELL//BIC of CBL client (or CEDELULL if client has an unpublished BIC) SAFE//5-digit account of CBL client | |
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 or the settlement amount is mandatory on all internal and domestic instructions free of payment (FOP) if there is a change of beneficial ownership (YBEN).
In the case of a transfer of portfolio, clients must ensure that they specify “No change of beneficial ownership” (NBEN) in the appropriate field of their instruction and set the deal price to ILS 0.01.
The inclusion of the deal price is optional on all internal and domestic instructions against payment.
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.