Consultation Paper High level description, Nordic CSD Corporate ...

approx 1-2 weeks. For MMIs the aim is to promote high STP and due to the
simplicity of the instrument the aim should be to enable same day issuance.
NCSD should anyway have the possibility to prevent the same day issuance
of certain new MMI if smooth running of the system would be at risk.
Proposal [CA 24]
The NCSD system should enable same day issuance for Money Market
Instruments with automatic verification.
By providing the Issuers/Issuing Agents the possibility to issue securities by
accessing the NCSD interface would allow them to provide the information
on the upcoming issue in one or more batches. Once the Issuer/Issuing Agent
has provided sufficient or complete details of the issue the system would
automatically generate an ISIN-code. ISIN-codes should be used as the
primary identification of all securities in the NCSD system.
All incomplete information (including information on ISIN code) would
remain confidential until it is officially published by the Issuer/Issuing Agent.
Proposal [CA 25]
ISIN codes should be used as primary identification of a security in the
NCSD system.
Proposal [CA 26]
An ISIN code may be allocated to the Issuer/Issuing Agent before all details
of the Corporate Action have been disclosed. The information about the
ISIN code would remain confidential until the Issuer/Issuing Agent gives
permission to NCSD to publish it.
In the following sections we have defined four different Corporate Action
categories. These definitions are also used by ECSDA. The purpose of
defining the different Corporate Actions is to define a commonly understood
terminology that will also help the future work of preparing the service
descriptions and detailed requirements for the Corporate Action processes.
page 42(62)