Annex 2 Local Settlement timing.pdf - Global Market Information

May 2012 

Settlement timing 

Post-trade made easy

Introduction 

Purpose of the document 

This document provides information on the input deadlines for each market and 

instrument offered by Euroclear Bank. 

How to read the table? 

Input deadlines for internal, Bridge and external settlement 

The input deadlines for internal, Bridge and external settlement apply only to 

instructions sent to Euroclear Bank via EUCLID or SWIFT that are valid, complete 

and eligible for Straight-Through Processing (STP). 

All times mentioned is this document are Brussels time. 

Positioning window for external settlement 

What is positioning? 

Positioning is the process that verifies whether there are sufficient resources (cash/ 

security positions) that can be allocated securely and in advance of settlement 

needs. All validated instructions sent to Euroclear Bank are positioned (successfully 

or unsuccessfully) during the positioning windows. 

What is the positioning window for external instructions? 

The positioning window refers to the window during which Euroclear Bank can send 

instructions to be processed in the domestic market. Once an external instruction is 

successfully positioned, we send it for settlement in the domestic market. 

What happens if Euroclear Bank receives an instruction after the input deadline? 

Once the instruction is positioned, we will attempt to send the instruction to the 

domestic market on a reasonable efforts basis, until the positioning window ends. 

Expected timing for matching and settlement results for external settlement 

The information in the expected matching and settlement results columns helps you 

take the necessary actions based on the feedback from the domestic market. 

The timing mentioned is based on the usual time that matching and settlement 

results are received from the domestic market. Timing may vary and in some cases 

may be provided initially on a provisional basis. 

Settlement timing April 2012

Same-day turnaround flows 

Same-day turnaround transactions between Euroclear Bank accounts and domestic 

markets can be divided into three categories: 

• Buy domestic – sell in Euroclear Bank 

• Buy in Euroclear Bank – sell domestic 

• Buy domestic – sell domestic (using a Euroclear Bank account) 

Buy domestic – sell Euroclear Bank 

An external receipt of securities in Euroclear Bank from the domestic market and 

delivery to another Euroclear Bank Participant on the same and intended settlement 

date. 

Buy Euroclear Bank – sell domestic 

A receipt of securities from a Euroclear Bank Participant and delivery to the 

domestic market, on the same and intended settlement date. 

Buy domestic – sell domestic (using a Euroclear Bank account) 

The timing allows for purchase of securities from the domestic market and a sameday 

return to that market on the same and intended settlement date. In this scenario, 

we define ‘settlement date’ from the perspective of domestic market concerned. 

External factors affecting same-day turnaround 

• The availability of securities for a transaction involving a domestic or a Euroclear 

Bank account. 

• The timing of domestic settlement feedback to Euroclear Bank. 

Legend of symbols used 

REC 

DEL 

AP 

FOP 

S 

Receipts 

Deliveries 

Against payment 

Free of payment 

Intended settlement date 

Looking for further 

information? 

Market-specific information is available under ‘Markets’ on www.euroclearbank. 

com. 

Settlement timing April 2012


Americas

Argentina 

Settlement 

External settlement 

Same-day turnaround possibilities 

Internal (1) Bridge (2) Instruction 

REC/DEL 

Instruction 

AP/FOP 

Period (3) 

External instructions 

input deadline 

Positioning window 

Expected timing for 

matching results 


settlement results 

Buy domestic/sell 

Euroclear Bank 

Buy Euroclear Buy domestic/ 

Bank/sell domestic sell domestic 

Caja De Valores (CDV) 

All CDV-eligible securities Y Y REC/DEL AP (USD) All year 16:25 on S From the start of the real-time 

process to 16:30 on S 

Y Y REC/DEL FOP All year 18:30 on S From the start of the real-time 


Continuous from 13:00 to 20:00 

on S 


on S 

Continuous up to 21:30 on S Y Y Y 

Continuous up to 21:30 on S Y Y Y 

(1) 

(2) 

(3) 

The input deadlines for internal instructions are as follows: 

- Batch process 22:00 on S-1 for SET1 (AP/FOP instructions) and 00:30 on S for SET2 (AP/FOP instructions) 

- Automatic real-time process 15:30 on S (AP instructions in ARS, CAD, EUR, GBP, MXN, PEN, USD and UYU and FOP instructions) 

- Automatic real-time process 14:00 on S (AP instructions in all other currencies) 

- Optional real-time process 18:30 on S (AP and FOP instructions). 

For more information on internal settlement, please refer to Services > Settlement > Settlement in commercial bank money > Internal 

settlement on www.euroclearbank.com. 

The input deadlines for Bridge instructions are as follows: 

- Batch process 20:30 on S-1(AP/FOP instructions) 

- Automatic real-time process 13:00 on S (AP/FOP instructions) 

- Optional real-time process 15:00 on S (AP), 16:00 on S (FOP). 

For more information on Bridge settlement, please refer to Services > Settlement > Settlement in commercial bank money > Bridge 


Our input deadlines take into consideration daylight saving time only where it is effectively observed. This column indicates when the input 

deadlines apply.

Brazil 




Internal Bridge Instruction 

REC/DEL 

Instruction 

AP/FOP 

Period (1) 



Positioning window (2) 









Companhia Brasileira de Liquidação e Custódia (CBLC) 

Equities N N REC/DEL AP All year 18:30 on S-1 From the start of the real-time 

process to 18:30 on S-1 


on S-1 


on S 

N N N 

N N REC/DEL FOP (3) All year 18:30 on S-1 From the start of the real-time 



on S-1 


on S 

N N N 

Câmara de Custódia e Liquidação (CETIP) 

Corporate bonds N N REC/DEL AP All year 18:30 on S From the start of the real-time 

process to 18:30 


on S 


on S 

N N N 

N N REC/DEL FOP (3) All year 18:30 on S From the start of the real-time 



on S 


on S 

N N N 

Sistema Especial de Liquidação e de Custódia (SELIC) 

Government bonds N N REC/DEL AP All year 18:30 on S From the start of the real-time 



on S 


on S 

N N N 

N N REC/DEL FOP (3) All year 18:30 on S From the start of the real-time 



on S 


on S 

N N N 

(1) 

Our input deadlines take into consideration daylight saving time only where it is effectively observed. This column indicates 

when the input deadlines apply. 

(2) 

Positioning is possible before S when the domestic market: 

- has an overnight batch process; or 

- provides matching results before S. 

Positioning windows before S are marked in italics. 

(3) 

Only when the beneficial owner is both the transferor and transferee.

Canada 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












The Canadian Depository for Securities (CDS) – CDSX settlement system 

Federal treasury bills and bonds, most 

provincial government bills and bonds, 

corporate bonds, CAD global bonds and 

corresponding stripped issues, equities 

and warrants 

Y Y REC/DEL AP/FOP 1 January 2012 - 

11 March 2012 

Y Y REC/DEL AP/FOP 12 March 2012 - 

25 March 2012 

18:25 on S From the start of the real-time 




Continuous from 10:00 on S to 

02:00 on S+1 


01:00 on S+1 


on S 


on S 

Y Y Y 

Y Y Y 


28 October 2012 




02:00 on S+1 


on S 

Y Y Y 

Y Y REC/DEL AP/FOP 29 October 2012 - 

4 November 2012 




01:00 on S+1 


on S 

Y Y Y 

Y Y REC/DEL AP/FOP 5 November 2012 - 

31 December 2012 




02:00 on S+1 


on S 

Y Y Y 

RBC Dexia (physical settlement) 

Provincial treasury bills and 

promissory notes 



Matching is not required for 

instructions in physical securities. 


on S 

N N N 

(1) 

(2) 

(3) 















deadlines apply.

Chile 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Depósito Central de Valores S.A. (DCV) 

Chilean government bonds Y N REC/DEL AP/FOP All year 18:30 on S From the start of the real-time 

process on S until 18.30 on S 


(pre-matching possible) 

Continuous from 14:00 to 00:00 Y Y N 

(1) 

(2) 

(3) 

(4) 



















Positioning windows before S are marked in italics.

Mexico 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Indeval 

Government debt securities and equities Y Y REC/DEL AP/FOP All year 18:30 on S From the start of the real-time 



on S 


on S 

Y Y Y 

(1) 








(2) 







(3) 


when the input deadlines apply.

United States 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Fedwire 

Government debt securities 

(supranational issuers) 

Y Y REC/DEL AP/FOP All year 18:30 on S From the start of the real-time 


There is no matching in the US 

market. 


on S 

Y Y Y 

The Depository Trust Company (DTC) 

Bonds, GDRs, non SEC-registered 

securitites 




market. 

AP: Continuous from 12:00 to 

23:00 on S 

FOP: Continuous from 12:00 to 

00:00 

Y Y Y 

DTC – Deposit and Withdrawal at Custodian (DWAC) system (via securities transaction instructions) 

DTC-eligible securities Y Y REC/DEL FOP All year 18:30 on S From the start of the real-time 



market. 


23:00 on S 

N N N 

Physical settlement 

Physical securities Y Y REC FOP All year 17:25 on S Positioning is not required for free 

of payment receipt instructions. 


market. 


on S 

N N N 

Y Y DEL FOP All year 17:25 on S From the start of the real-time 



market. 


on S 

N N N 

(1) 








(2) 







(3) 




Asia Pacific

Australia (1) Settlement External settlement 



REC/DEL 

Instruction 

AP/FOP 

Period (4) 












ASX Austraclear 

Commonwealth government debt 

securities, semi-government bonds, 

corporate bonds and AUD global bonds 

Y Y REC/DEL AP 1 April 2012 - 


7 October 2012 - 


07:55 on S • From 14:30 to 18:30 on S-1 

• From the start of the real-time 


06:55 on S 

Real Time Continuous from 01:00 to 10:00 

on S 

Y Y Y 

28 October 2012 - 

6 April 2013 

05:55 on S 

Y Y REC/DEL FOP 1 April 2012 - 




9:25 on S • From 14:30 to 17:45 on S-1 



08:25 on S 

Real Time Continuous from 01:00 to 10:00 

on S 

Y Y Y 

28 October 2012 - 

6 April 2013 

07:25 on S 

CHESS 

Equities Y N REC AP All year 18:30 on S-1 From 16:00 to 17:30 to 18:30 

on S-1 

Real Time 

Continuous from 22:00 on S-1 to 

11:00 on S 

Y Y N 

Y N DEL AP All year 22:00 on S-1 • From 17:30 to 18:30 on S-1 

• Overnight on S 

Real Time 


11:00 on S 

Y Y N 

Y N REC/DEL FOP 1 April 2012 - 




9:25 on S • From 17:30 to 18:30 on S-1 



08:25 on S 

Real Time 


11:00 on S 

Y Y Y 

28 October 2012 - 

6 April 2013 

07:25 on S 

(1) 

(2) 

(3) 

If you need to fund your account in order to facilitate securities settlement, please consult the Quick Cash Card or Markets > Australia > Money 

transfer on euroclearbank.com to check if you can benefit from the beneficial ‘Evening Agreed’ money transfer deadlines. 














(4) 

(5) 







Hong Kong 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












CMU 

Government and corporate 

debt securities 



28 October 2012 - 

31 March 2013 

07:55 on S • From 16:00 to 17:45 on S-1 

• From the start of the real-time process 

to 08:00 on S 

06:55 on S 

• DEL FOP: From the start of the real-time 


No matching results 

are received from the 

domestic market 


on S 

Y Y N 

CCASS 

Equities, warrants and investment funds Y Y REC/DEL AP/FOP 26 March 2012 - 


28 October 2012 - 

31 March 2013 

07:55 on S • From 16:00 to 17:45 on S-1 


to 08:00 on S 

06:55 on S 

• DEL FOP: From the start of the real-time 


No matching results 

are received from the 

domestic market 

Batches from 04:30 to 12:00 on S Y Y Y 

HSBC (physical settlement) 

Equities, warrants and investment funds 

(registered and street name) 

Y Y REC/DEL FOP 26 March 2012 - 


28 October 2012 - 

31 March 2013 

06:55 on S • From 16:00 to 17:45 on S-1 


to 10:00 on S 

05:55 on S 

Matching is not 

required for 

instructions in 

physical securities 


on S 

Y Y N 

(1) 

(2) 

(3) 

(4) 




















Japan 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












The Mitsubishi UFJ (BTMU) (physical settlement) 

Debt securities and physical equities Y Y REC/DEL FOP 26 March 2012 - 


04:15 on S • From 16:00 to 17:45 on S-1 




on a daily basis 



Y Y N 

Y Y REC/DEL AP 26 March 2012 - 


04:15 on S • From 16:00 to 17:45 on S-1 







Y Y N 

Y Y REC/DEL FOP 28 October 2012 - 

31 March 2013 

03:45 on S • From 16:00 to 17:45 on S-1 







Y Y N 

Y Y REC/DEL AP 28 October 2012 - 

31 March 2013 

03:45 on S • From 16:00 to 17:45 on S-1 







Y Y N 

Mizuho Corporate Bank (MHCB) (physical settlement) 

Debt securities Y Y REC/DEL FOP 26 March 2012 - 


04:15 on S • From 16:00 to 17:45 on S-1 




(11:00 for definitive results) on a 

daily basis 



daily basis 

Y Y N 



04:15 on S • From 16:00 to 17:45 on S-1 





daily basis 



daily basis 

Y Y N 


31 March 2013 

03:45 on S • From 16:00 to 17:45 on S-1 





daily basis 



daily basis 

Y Y N 


31 March 2013 

03:45 on S • From 16:00 to 17:45 on S-1 





daily basis 



daily basis 

Y Y N 

(1) 

(2) 














(3) 

(4) 

(5) 







Bridge settlement is possible for Samurai bonds.

Japan (continued) 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Japan Securities Depository Center (JASDEC) through BTMU (book-entry settlement) 

Debt securities, immobilised equities, 

ETFs and listed Real Estate Investment 

Trusts (REITs) 



04:15 on S • From 16:00 to 17:45 on S-1 







Y Y N 



04:15 on S • From 16:00 to 17:45 on S-1 







Y Y N 


31 March 2013 

03:45 on S • From 16:00 to 17:45 on S-1 







Y Y N 


31 March 2013 

03:45 on S • From 16:00 to 17:45 on S-1 







Y Y N 

JASDEC through MHCB (book-entry settlement) 

Debt securities Y N (5) REC/DEL FOP 26 March 2012 - 


04:15 on S • From 16:00 to 17:45 on S-1 





daily basis 



daily basis 

Y Y N 

Y N (5) REC/DEL AP 26 March 2012 - 


04:15 on S • From 16:00 to 17:45 on S-1 





daily basis 



daily basis 

Y Y N 

Y N (5) REC/DEL FOP 28 October 2012 - 

31 March 2013 

03:45 on S • From 16:00 to 17:45 on S-1 





daily basis 



daily basis 

Y Y N 

Y N (5) REC/DEL AP 28 October 2012 - 

31 March 2013 

03:45 on S • From 16:00 to 17:45 on S-1 





daily basis 



daily basis 

Y Y N 

(1) 

(2) 














(3) 

(4) 

(5) 








Japan (continued) 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Bank of Japan through MHCB (book-entry settlement) 

Government debt securities (JGBs) AP 26 March 2012 - 


04:15 on S • From the start of the real-time 






daily basis 



daily basis 

Y Y N 

FOP 26 March 2012 - 








daily basis 



daily basis 

Y Y N 

AP 28 October 2012 - 

31 March 2013 







daily basis 



daily basis 

Y Y N 

FOP 28 October 2012 - 

31 March 2013 







daily basis 



daily basis 

Y Y N 

(1) 

(2) 














(3) 

(4) 

(5) 








Malaysia 




Internal (1) Bridge Instruction 

REC/DEL 

Instruction 

AP/FOP 

Period (2) 












BNM MyClear (SSTS) 

Government and coporate debt securities Y N REC/DEL AP All year 06:55 on S From the start of the real-time 


Continuous from 03:00 to 09:00 Continuous from 02:30 to 12:00 

Y Y Y 

on S (3) on S (3) 

Y N REC/DEL FOP 26 March 2012 - 


28 October 2012 - 

31 March 2013 



06:55 on S 

Continuous from 02:00 to 08:00 Continuous from 01:30 to 11:00 

Y Y Y 

on S (4) on S (4) 

(1) 

(2) 

(3) 

(4) 










28 March 2011 - 30 October 2011 

31 October 2011 - 25 March 2012

New Zealand (1) Settlement External settlement 



REC/DEL 

Instruction 

AP/FOP 

Period (4) 












NZclear 

Domestic debt securities Y Y REC/DEL AP 1 April 2012 - 

29 September 2012 

30 September 2012 - 


05:55 on S • From 14:30 to 17:45 on S-1 



04:55 on S 


on S 


on S 

Y Y Y 

28 October 2012 - 

6 April 2013 

03:55 on S 

Y Y REC/DEL FOP 1 April 2012 - 





on S 


on S 

Y Y Y 

30 September 2012 - 


04:55 on S 

28 October 2012 - 

6 April 2013 

03:55 on S 

7 April 2013 - 


05:55 on S 

(1) 

(2) 

(3) 

(4) 

(5) 

If you need to fund your account in order to facilitate securities settlement, please consult the Quick Cash Card or Markets > New Zealand > 

Money transfer on euroclearbank.com to check if you can benefit from the beneficial ‘Evening Agreed’ money transfer deadlines. 




















The Philippines 





REC/DEL 

Instruction 

AP/FOP 

Period (2) 












Registry of Scripless Securities (RoSS) 

Government debt securities Y N REC/DEL AP 26 March 2012 - 




Y N REC/DEL AP 28 October 2012 - 

31 March 2013 

Y N REC/DEL FOP 28 October 2012 - 

31 March 2013 

02:55 on S • From 16:00 to 17:45 on S-1 



02:55 on S • From 16:00 to 17:45 on S-1 



18:30 on S-1 • From 16:00 to 17:45 on S-1 



00:30 on S • From 16:00 to 17:45 on S-1 



Batch: 12:00 on S-1 Batch: 12:00 on S-1 Y N (4) N 

Batch: 12:00 on S-1 Batch: 12:00 on S-1 Y Y N 

Batch: 12:00 on S-1 Batch: 12:00 on S-1 Y N (4) N 

Batch: 12:00 on S-1 Batch: 12:00 on S-1 Y Y N 

(1) 

(2) 

(3) 

(4) 














Same-day turnaround is not possible due to the S-1 deadline.

Singapore 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












The Central Depository (Pte) Ltd. (CDP) – Debt securities clearing and settlement system (DCSS) 

CDP-eligible securities and corporate 




03:55 on S • From 07:00 to 18:30 on S-1 




on S (21:00 for definitive results) 



Y Y N 



04:55 on S • From 16:00 to 18:30 on S-1 




on S 


on S 

Y Y N 


31 March 2013 

02:55 on S • From 07:00 to 18:30 on S-1 







Y Y N 


31 March 2013 

03:55 on S • From 16:00 to 18:30 on S-1 




on S 


on S 

Y Y N 

Non-CDP/Registered 

Non-CDP eligible securities/Registered Y Y REC/DEL AP 26 March 2012 - 


03:55 on S • From 16:00 to 17:45 on S-1 



NA Continuous from 02:30 to 13:00 

on S 

Y Y N 



04:55 on S • From 16:00 to 17:45 on S-1 




on S 

Y Y N 


31 March 2013 

02:55 on S • From 16:00 to 17:45 on S-1 




on S 

Y Y N 


31 March 2013 

03:55 on S • From 16:00 to 17:45 on S-1 




on S 

Y Y N 

(1) 

(2) 














(3) 

(4) 







Singapore (continued) 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Non-CDP/Bearer 

Non-CDP eligible securities/Bearer Y Y REC/DEL AP 26 March 2012 - 


03:55 on S • From 16:00 to 17:45 on S-1 




on S 

Y Y N 



04:55 on S • From 16:00 to 17:45 on S-1 




on S 

Y Y N 


31 March 2013 

02:55 on S • From 16:00 to 17:45 on S-1 




on S 

Y Y N 


31 March 2013 

03:55 on S • From 16:00 to 17:45 on S-1 




on S 

Y Y N 

The Monetary Authority of Singapore (MAS) 

Singapore Government Securities (SGS) 

Singapore government treasury bills 

MAS Bills 



05:55 on S • From 16:00 to 18:30 on S-1 

• AP: From the start of the realtime 



10:00 on S 


12:30 on S 

Y Y N 



05:55 on S • From 16:00 to 18:30 on S-1 

• FOP: From the start of the realtime 


FOP: Continuous on S from 02:30 

to 11:00 


13:00 on S 

Y Y N 


31 March 2013 

04:55 on S • From 16:00 to 18:30 on S-1 




10:00 on S 


12:30 on S 

Y Y N 


31 March 2013 

04:55 on S • From 16:00 to 18:30 on S-1 



FOP: Continuous on S from 02:30 

to 11:00 


13:00 on S 

Y Y N 

(1) 

(2) 














(3) 

(4) 







Thailand 





REC/DEL 

Instruction 

AP/FOP 

Period (2) 












Thailand Securities Depository Company Limited (TSD) (Book entry) 

Government bonds Y N REC/DEL AP 26 March 2012 - 


05:25 on S • From 17:00 to 18:30 on S-1 

• From the start of the real time 



on S 


on S 

Y Y Y 



05:25 on S • From 17:00 to 18:30 on S-1 




on S 


on S 

Y Y Y 

Y N REC/DEL AP 28 October 2012 - 

31 March 2013 

04:25 on S • From 17:00 to 18:30 on S-1 




on S 


on S 

Y Y Y 

Y N REC/DEL FOP 28 October 2012 - 

31 March 2013 

04:25 on S • From 17:00 to 18:30 on S-1 




on S 


on S 

Y Y Y 

Bangkok Bank PCL (Physical settlement) 

Debt securities and equities Y N REC/DEL AP (5) 26 March 2012 - 


14:45 on S-1 • From 16:00 to 17:45 on S-2 




on S 


on S 

Y N (4) N 

Y N REC/DEL FOP (5) 26 March 2012 - 


02:55 on S • From 16:00 to 17:45 on S-1 




on S 


on S 

Y N (4) N 

Y N REC/DEL AP (5) 28 October 2012 - 

31 March 2013 

14:45 on S-1 • From 16:00 to 17:45 on S-2 




on S 


on S 

Y N (4) N 

Y N REC/DEL FOP (5) 28 October 2012 - 

31 March 2013 

00:30 on S • From 16:00 to 17:45 on S-1 




on S 


on S 

Y N (4) N 

(1) 

(2) 










(3) 

(4) 

(5) 





Same-day turnaround is not possible due to the S-1 deadline. 

Only dematerialised Thai government bonds are eligible for external settlement in Euroclear Bank.


Europe, the Middle East 

and Africa (EMEA)

Austria 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Oesterreichische Kontrolbank AG (OeKB) 

Government and corporate debt 

securities, depository receipts, equities, 

ETFs, investment funds 

Y Y REC/DEL AP All year 15:40 on S From the start of the real-time 


Continuous 17:30 on S-X to S Continuous from 07:45 to 18:20 

on S 

Y Y Y 



Continuous 17:30 on S-X to S Continuous from 07:45 to 18:20 

on S 

Y Y Y 

(1) 

(2) 

(3) 















deadlines apply.

Belgium 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Euroclear Belgium (ESES) 

Euroclear Belgium-eligible securities Y Y REC/DEL AP/FOP All year 18:15 on S-1 (for inclusion in the ESES 

overnight batch process) 

From 18:00 to 18:15 on S-1 


16:00 on S, prematching possible 

on S-1 to S 


16:00 on S 

Y Y Y 





on S-1 to S 


16:00 on S 

Y Y Y 

Y Y REC/DEL FOP All year 16:50 on S (5) From 16:00 to 17:00 on S Continuous from 20:30 on S-1 to 


on S-1 to S 


16:00 on S 

Y Y Y 

Euroclear Belgium (International movements) 

Euroclear Belgium-eligible securities Y Y REC FOP All year No instruction is required to receive 

securities free of payment. 

Positioning is not required for free 

of payment receipt instructions 

Continuous on S N N N 




Euroclear Belgium (Physical settlement) 

Euroclear Belgium-eligible securities Y Y REC FOP All year 17:30 on S Positioning is not required for free 





on S 

N N N 

Banque Nationale de Belgique (BNB)/Nationale Bank van Belgïe (NBB) 

Corporate and government 





up to S 


on S 

Y Y Y 

(1) 

(2) 

(3) 

(4) 

(5) 




















Deadline of 16:50 on S for end-of-day instructions to settle in Euroclear Belgium, Euroclear France or Euroclear Nederland 

between 16:00 and 17:00.

Cyprus 





REC/DEL 

Instruction 

AP/FOP 

Period (2) 












Central Depository & Central Registry (CDCR) 

Government debt securities (via CDCR) Y N REC/DEL AP/FOP All year 07:25 on S From the start of the real-time 


Continuous from 08:00 to 18:00 on 

S-X to S 


on S 

Y Y N 


(On the books of Citibank International plc) 

Y N REC/DEL AP/FOP All year 07:55 on S From the start of the real-time 



S-X to S 


on S 

Y Y N 

(1) 

(2) 









deadlines apply.

Czech Republic 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Centralni Depozitar Cennych Papiru (CDCP) 

Long-term government and corporate 





on S 


on S 

N N N 




on S 


on S 

N N N 

Ceska Narodni Banka - System kratkodobych dluhopisu (SKD) 

Short-term government and 

corporate debt securities 




on S 


on S 

N N N 




on S 


on S 

Y Y Y 

(1) 

(2) 

(3) 















deadlines apply.

Denmark 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












VP Securities A/S (VP) - net settlement 

VP-eligible securities Y Y DEL AP (DKK) All year 16:15 on S-1 (for inclusion in the VP 


Y Y DEL AP (DKK) All year 11:00 on S From the start of the real-time 


Y Y REC AP (DKK) All year 14:00 on S-1 (for inclusion in the VP 


From 14:00 to 17:45 on S-1 • Batch: 19:30 on S-1 

• Batch: 01:00, 08:30, 11:00, 

12:45, 14:30, 15:30, 16:25 on S 

Batch: 08:30, 11:30, 14:30, 15:30, 

16:25 on S 


• Batch: 01:00, 08:30, 11:30, 

14:30, 15:30, 16:25 on S 

Y Y REC AP (DKK) All year 11:00 on S From 07:00 to 11:30 on S Batch: 08:30, 11:30, 14:30, 15:30, 

16:25 on S 

Y Y REC AP (EUR) All year 14:00 S-1 REC: From 13:30 to 14:30 on S-1 • Batch: 19:00 on S-1 

• Batch: 01:00, 08:30, 11:30, 

14:30, 15:30, 16:25 on S 

Y Y DEL AP (EUR) All year 14:00 S-1 DEL: From 13:30 to 17:45 on S-1 • Batch: 19:00 on S-1 

• Batch: 01:00, 08:30, 11:30, 

14:30, 15:30, 16:25 on S 

Y Y REC/DEL FOP All year 16:15 on S-1 (for inclusion in the VP 





• Batch: 01:00, 08:30, 11:30, 

14:30, 15:30, 16:25 on S 

Batch: 08:30, 11:30, 14:30, 15:30, 

16:25 on S 

• 21:30 on S-1 (VP10) 

• 01:00 on S (VP20) 

• 07:00 on S (VP30) 

• 11:00 on S (VP40) 

• 12:45 on S (VP60) 

• 11:00 on S (VP40) 

• 12:45 on S (VP60) 

• 21:30 on S-1 (VP10) 

• 01:00 on S (VP20) 

• 07:00 on S (VP30) 

• 11:00 on S (VP40) 

• 12:45 on S (VP60) 

• 11:00 on S (VP40) 

• 12:45 on S (VP60) 

• 21:30 on S-1 (VP10) 

• 01:00 on S (VP20) 

• 07:00 on S (VP30) 

• 21:30 on S-1 (VP10) 

• 01:00 on S (VP20) 

• 07:00 on S (VP30) 

• 21:30 on S-1 (VP10) 

• 01:00 on S (VP20) 

• 07:00 on S (VP30) 

• 11:00 on S (VP40) 

• 12:45 on S (VP60) 

• 11:00 on S (VP40) 

• 12:45 on S (VP60) 

Y Y Y 

Y Y Y 

Y Y Y 

Y Y Y 

Y Y Y 

Y Y Y 

Y Y Y 

Y Y Y 

(1) 

(2) 

(3) 

(4) 




















Denmark (continued) 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












VP - RTGS 

VP-eligible securities Y Y REC/DEL AP (DKK) All year 09:45 on S From the start of the real-time 



on S 


on S 

Y Y N 

VP - FOP Transfer system 

VP-eligible securities Y Y REC/DEL FOP All year 18:00 on S From the start of the real-time 


Matching is not required for the free 

of payment delivery of securities. 

Continuous from the start of the 

real time process to 18:00 on S 

Y Y Y 

VP Lux 




on S 


on S 

Y Y Y 

(1) 








(2) 







(3) 



(4) 





Dubai 





REC/DEL 

Instruction 

AP/FOP 

Period (2) 












NASDAQ Dubai Limited 

All securities denominated in USD 

primarily listed on NASDAQ Dubai Limited 

Y N REC/DEL AP (USD) All year 12:55 on S-1 From the start of the real-time 



on S 


on S 

Y Y Y 

Y N REC/DEL FOP All year 09:00 on S (4) From the start of the real-time 



on S 


on S 

Y Y Y 

(1) 

(2) 

(3) 

(4) 














Only the following types of transaction are eligible: 

- Free of payment transfers from restricted ‘omnibus’ ICSD accounts (e.g. Euroclear Bank’s account) to direct client CSD accounts 

- Free of payment transfers between Euroclear Bank’s account and Clearstream Banking Luxembourg’s (CBL) account (in NASDAQ 

- Dubai Limited, for realignment purposes only) 

Instructions received before this input deadline will be processed on a best-effort basis on the same Business Day. Any instructions received 

after this deadline will be processed the next Business Day.

Finland 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Euroclear Finland Oy 

Government debt securities, 

treasury bills, certificates of 

deposit, commercial paper and 

corporate debt securities (Ramses 

Y Y REC/DEL AP/FOP All year 14:55 on S • From the start of the real-time 




• DEL FOP: From the start of the 

real-time process to 17:45 on S 


18:00 on S 


on S 

Y Y Y 

Equities, warrants, cum-warrants 

and convertible debt securities 

(HEXClear) 

Y Y REC/DEL AP/FOP All year 12:55 on S • From 15:00 to 17:45 on S-1 



Continuous from 06:00 on S-1 

to 16:30 on S 


on S 

Y Y Y 

Euroclear Finland Oy - Physical settlement 

Physical securities Y Y REC/DEL AP/FOP All year 12:30 on S-1 From the start of the real-time 





on S 

N N N 

(1) 








(2) 







(3) 



(4) 





France 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Euroclear France (ESES) 

Euroclear France-eligible securities Y Y REC/DEL AP/FOP All year 18:15 on S-1 (for inclusion in the ESES 


From 18:00 to 18:15 on S-1 



as from input 


16:00 on S 

Y Y Y 





as from input 


16:00 on S 

Y Y Y 



as from input 


16:00 on S 

Y Y Y 

Euroclear France (International movements) 

Euroclear France-eligible securities Y Y REC FOP All year No instruction is required to receive 

securities free of payment 




Y Y DEL FOP All year 11:00 on S From Start Real Time to 11:00 

on S 


Société Générale, Paris 

Securities not held with Euroclear France 

(ODM) 

Y Y REC FOP All year No instruction is required to receive 




Continuous from S-1 to S Batch: 24:00 on S N N N 

Y Y DEL FOP All year 15:00 on S • From 16:00 to 17:45 on S-1 



Continuous from S-1 to S Batch: 24:00 on S N N N 

(1) 

(2) 

(3) 

(4) 

(5) 





















between 16:00 and 17:00.

Germany 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Clearstream Banking Frankfurt (CBF) (including foreign CSC securities) 

CBF-eligible securities 

(overnight net cycle) 

Y Y REC/DEL AP/FOP All year 17:45 on S-1 REC: From 16:00 to 17:45 on S-1 

DEL: From 17:20 to 17:45 on S-1 

Continuous on S Continuous on S Y Y Y 


(daytime net cycle) 





(daytime net cycle) 





(Gross Real-time Settlement (RTS) cycle) 




Deutsche Bank (5)(6) 

NCSC securities (7) Y N REC/DEL AP/FOP All year 10:00 on S REC: From 16:00 to 17:45 on S-1 AP: From 19:00 on S-1 to 13:30 on 

S (15:00 for definitive results) 

AP: From 19:00 on S-1 to 13:30 on 

S (15:00 for definitive results) 

N N N 

DEL: From 17:20 to 17:45 on S-1 FOP: From 19:00 on S-1 to 18:00 

on S 

Physical settlement Y Y REC/DEL FOP All year Non-registered securities: 

07:30 on S-1 

Registered securities: 

07:30 on S-4 

Non-registered securities: 

From the start of the real-time 


Registered securities: 



From 19:00 on S-1 to 18:00 on S From 19:00 on S-1 to 18:00 on S N N N 

(1) 

(2) 

(3) 

(4) 

(5) 

(6) 

(7) 




















The following securities settle via Deutsche Bank AG only: 

- Multi-deposited securities that have the value ‘NCSC - CBF as remote CSD’ in the ‘Clearing system’ field in our Securities database 

- Physical securities 

For all non-CBF-eligible securities settling through Deutsche Bank AG, all instructions (against or free of payment receipt or delivery 

instructions) should be input by 07:30 on S-4. 

Expected matching and settlement results are received in real time. There are no same-day turnaround possibilities for such securities. 

NCSC securities are eligible for settlement in any of the CBF settlement cycles.

Greece 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Bank of Greece 

Dematerialised Government 


Y Y REC/DEL AP/FOP All year 13:55 on S (5) From the start of the real-time 



S-X to S 


on S 

Y Y Y 

Hellenic Exchanges S.A. (HELEX) 

Dematerialised equities and rights 

(stock exchange settlement) 

Y N REC/DEL AP All year 12:55 on S From 15:30 to 17:45 on S-1 




S-X to S 


on S 

Y Y N 

Dematerialised equities and rights 

(OTC settlement) 

Y N REC/DEL AP/FOP All year 12:55 on S From the start of the real-time 



S-X to S 


on S 

Y Y N 

(1) 

(2) 

(3) 

(4) 

(5) 




















The input deadline for Correspondent Central Banking Model (CCBM) trades is 16:00 on S.

Hungary 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












KELER 






on S 


on S 

Y Y N 




on S 


on S 

Y Y Y 

(1) 

(2) 

(3) 
















Ireland 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 














(including treasury bills) 

Y Y REC/DEL AP/FOP All year 17:25 (4) Automatic 

AP: From the start of the real-time process to 

14:00 on S (all settlement currencies except ARS, 

CAD, EUR, GBP, MXN, PEN, USD, UYU) 

Continuous from 09:30 to 

18:00 on S 

Continuous frm 09:30 to 

18:00 on S 

Y Y Y 

AP/FOP: From the start of the real-time process 

to 16:00 on S (ARS, CAD, EUR, GBP, MXN, PEN, 

USD, UYU) 

Optional 

AP/FOP: From the start of the real-time process 

to 18:30 on S (all settlement currencies) 

The CREST system 

Irish equities Y Y REC/DEL AP (GBP/ 

EUR/USD) 

All year 14:45 on S From the start of the real-time process to 14:45 

on S 


20:30 on S-X to S 


15:30 on S 

Y Y Y 

Y Y REC/DEL FOP All year 17:00 on S From the start of the real-time process to 17:00 

on S 


20:30 on S-X to S 


17:30 on S 

Y Y Y 

(1) 








(2) 







(3) 



(4) 

External settlement is not possible for treasury bills. Refer to footnote 1 for the input deadlines for internal instructions.

Israel 





REC/DEL 

Instruction 

AP/FOP 

Period (2) 












Tel Aviv Stock Exchange Clearing House (TASECH) 

Government debt securities, corporate 

debt securities and treasury bills 

Y N REC/DEL AP/FOP All year 12:25 on S-1 From the start of the real-time 



on S 


on S 

Y N N 

Equities and warrants Y N REC/DEL AP All year 11:55 on S-1 From the start of the real-time 



on S+1 


on S+1 

N N N 

Y N REC/DEL FOP All year 11:55 on S-1 From the start of the real-time 



on S+1 


on S+1 

N N N 

(1) 








(2) 



(3) 





Italy 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Express II (overnight net cycle) 

Government debt securities, equities, 

warrants and corporate debt securities 

Y Y REC/DEL FOP All year 16:20 on S-1 (5) From the start of the real-time 



on S-1 

Continuous from 08:00 on S (6) Y Y Y 

Y Y REC/DEL AP All year 16:00 on S-1 From the start of the real-time 



on S-1 


Express II Real Time Gross Settlement (RTGS) system 

Government debt securities, equities, 

warrants and corporate debt securities 

Y Y REC/DEL FOP All year 16:20 on S (5) From the start of the real-time 



on S-1 





on S-1 


(1) 

(2) 

(3) 

(4) 

(5) 

(6) 




















We cannot guarantee the settlement of instructions received between 16:00 and 16:30. Instructions sent after 16:00 must be agreed with the 

local counterparty. 

As of 13:00 on S for unsettled overnight transactions recycled in the local daylight net cycle.

Luxembourg 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












VP Lux 




on S 


on S 

Y Y Y 

(1) 








(2) 







(3) 



The Netherlands 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Euroclear Nederland (ESES) 

Euroclear Nederland-eligible securities Y Y REC/DEL AP/FOP All year 18:15 on S-1 (for inclusion in the ESES 


From 18:00 to 18:15 on S-1 



as from input 


16:00 on S 

Y Y Y 





as from input 


16:00 on S 

Y Y Y 



as from input 


16:00 on S 

Y Y Y 

Euroclear Nederland (International movements) 

Euroclear Nederland-eligible securities Y Y REC FOP All year No instruction is required to receive 








Euroclear Nederland (Physical securities) 

Euroclear Nederland-eligible securities Y Y REC FOP All year 17:30 on S Positioning is not required for free 





on S 

N N N 

(1) 








(2) 







(3) 



(4) 






between 16:00 and 17:00. 

(5)

Norway 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Verdipapirsentralen (VPS) 


securities, equities and investment funds 

Y Y REC/DEL AP/FOP All year 17:30 on S-1 (cycle 1) From 12:00 to 17:30 on S-1 Continuous from 09:00 to 18:00 

on S-1 

Batch: 07:00 on S Y N Y 

Y Y REC/DEL AP/FOP All year 10:55 on S (cycle 2) From the start of the real-time 



on S 

Batch: 12:30 on S Y Y N 

(1) 

(2) 

(3) 

(4) 




















Poland 




Internal Bridge Instruction 

REC/DEL 

Instruction 

AP/FOP 

Period (1) 









Euroclear Bank (3) 

Buy Euroclear 

Bank/ 

sell domestic (3) 

Buy domestic/ 

sell domestic 

National Depository for Securities (KDPW S.A.) 

Debt securities (except treasury bills) 

(OTC settlement) 

Y N REC/DEL AP/FOP All year AP: 14:30 on S 

FOP: 14:55 on S 






on S 

Batch: 12:30, 15:30 and 17:30 

on S 

Y Y Y 

Equities and warrants (OTC settlement) Y N REC/DEL AP/FOP All year 12:25 on S • DEL: From the start of the realtime 





on S 

Batch: 12:30, 15:30 and 17:30 

on S 

Y Y N 

Debt securities (except treasury bills) 

(stock exchange settlement) 

Y N REC/DEL AP/FOP All year 08:55 on S • DEL: From the start of the realtime 





on S 

Batch: 12:30, 15:30 and 17:30 

on S 

N N N 

Equities and warrants (stock exchange 

settlement) 

Y N REC/DEL AP/FOP All year 08:55 on S • DEL: From the start of the realtime 





on S 

Batch: 12:30, 15:30 and 17:30 

on S 

N N N 

National Bank of Poland (NBP) 

Treasury bills (OTC settlement) Y N REC/DEL AP/FOP All year 13:55 on S • DEL: From the start of the realtime 





on S 

Batch: 12:30, 15:30 and 17:30 

on S 

Y Y Y 

(1) 



(2) 





(3) 

As internal settlement is not available, same-day turnaround is not possible.

Portugal 



Same-day turnaround possibilitie 


REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Interbolsa 

All Interbolsa-eligible securities Y Y REC/DEL AP (5) All year 16:15 on S • From 17:00 to 17:45 on S-1 




on S 


on S 

Y Y Y 

Y Y REC/DEL FOP All year 17:10 on S • From 17:00 to 17:45 on S-1 




on S 


on S 

Y Y Y 

Banco de Portugal 

Treasury bills Y Y REC/DEL AP All year 15:55 on S • From 17:00 to 17:45 on S-1 




on S 


on S 

Y Y Y 





on S 


on S 

Y Y Y 

On the books of Millenium BCP 

All Interbolsa-eligible debt securities Y Y REC/DEL AP All year 16:30 on S From the start of the real-time 



on S 


on S 

Y Y Y 




on S 


on S 

Y Y Y 

Treasury bills Y Y REC/DEL AP All year 16:30 on S • From 17:00 to 17:45 on S-1 




on S 


on S 

Y Y Y 





on S 


on S 

Y Y Y 

On the books of BNP Paribas Securities Services 

All Interbolsa-eligible equities, warrants 

and rights 




on S 


on S 

Y Y Y 




on S 


on S 

Y Y Y 

(1) 

(2) 














(3) 

(4) 

(5) 







We strongly recommend that any instruction linked to a stock exchange transaction is input as soon as possible and 

no later than 11:00 on S in order to avoid a settlement failure of the underlying stock exchange transaction.

Romania 





REC/DEL 

Instruction 

AP/FOP 

Period (2) 












SaFir 

Government debt securities Y Y REC/DEL AP (EUR) All year 08:55 on S From the start of the real-time 



on S 


on S 

Y Y Y 

Y Y REC/DEL AP (RON) All year 12:25 on S From the start of the real-time 



on S 


on S 

Y Y Y 

Y Y REC/DEL FOP 

(EUR/RON) 

All year 15:25 on S From the start of the real-time 



on S 


on S 

Y Y Y 

(1) 

(2) 










Russia 





REC/DEL 

Instruction 

AP/FOP 

Period (2) 












Vneshtorgbank (VTB) 

Ministry of Finance bonds Y N REC/DEL FOP All year 14:55 on S From the start of the real-time 


Batch: 16:00 on S Batch: 16:00 on S Y Y N 

(1) 

(2) 










Slovak Republic 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Centrálny depozitár cennych papierov SR (CDCP) 


securities, treasury bills and equities 




on S 


on S 

Y Y N 

Y Y REC/DEL FOP All year 12:25 on s From the start of the real-time 



on S 


on S 

Y Y Y 

(1) 

(2) 

(3) 
















Slovenia 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Centralna Klirinsko Depotna Druzba (KDD) 

Treasury bills and government debt 

securities 




on S 


on S 

Y Y Y 




on S 


on S 

Y Y Y 

(1) 

(2) 

(3) 
















South Africa 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Strate Ltd. 


securities 



16:25 on S-1 From the start of the real-time 


Batch: 4 times a day from 10:00 to 

18:00 on S-1 


on S 

Y N N 


31 March 2013 

15:25 on S-1 From the start of the real-time 


Batch: 4 times a day from 10:00 to 

18:00 on S-1 


on S 

Y N N 

(1) 

(2) 

(3) 

(4) 




















Spain 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












IBERCLEAR-CADE 

• Domestic government and regional 


• Treasury bills 

• AIAF-listed corporate debt, mortgage 

debt, preferred shares 

• Matador bonds 

Y Y REC/DEL AP/FOP All year 16:25 on S-1 (cycle 1) From 16:15 to 17:45 on S-1 Continuous from 16:00 to 18:00 

on S-1 

Y Y REC/DEL AP/FOP All year 15:25 on S (RT and cycle 2) (5) From the start of the real-time 



on S 


on S 


on S 

Y N Y 

Y Y Y 

IBERCLEAR-SCLV (Rapport) 

Stock exchange-listed corporate bonds, 

equities rights and warrants 

Y Y REC/DEL AP All year 14:25 on S • From 15:30 to 17:45 on S-1 




15:00 on S 


on S 

Y Y Y 

IBERCLEAR-SCLV (Traspaso) 



Y Y REC/DEL FOP All year 18:25 on S • From the start of the real-time 




Continuous as from receipt of 

instruction to 19:00 on S 


on S 

Y Y Y 

IBERCLEAR-SCLV (Traspaso contra pago) 







15:00 on S 


on S 

Y Y Y 

SCLBARNA (Bolsa de Barcelona) 

Catalan debt securities Y Y REC/DEL AP/FOP All year 15:25 on S From the start of the real-time 


Continuous until 16:00 on S 

After receiving the matching 

status on S (usually at 15:00) 

Y Y Y 

Catalan equities Y Y REC/DEL FOP All year 15:25 on S From the start of the real-time 



on S 

After receiving the matching 

status from 17:00 to 21:00 on S 

Y Y Y 

Y Y REC/DEL AP All year 17:25 on S-1 From the start of the real-time 



on S-1 

Batch: 07:30 on S Y N Y 

S.A.C. Bolsa de Bilbao 

Basque debt securities Y Y REC/DEL FOP All year 08:55 on S From the start of the real-time 


Continuous until 16:00 on S 

After receiving the matching status 

on S 

Y Y Y 

(1) 

(2) 














(3) 

(4) 

(5) 







The input deadline for pledge instructions is 13:30 on S (free of payment only).

Sweden 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












Euroclear Sweden (clearing in PM) (5) 



Y Y REC/DEL AP T+2, T+3 All year 09:25 on S • REC only: From 15:00 to 17:45 

on S-1 



Continuous up to 21:00 on S-1 (6) Continuous from 07:00 to 16:00 

on S 

Y Y Y 

Y Y REC/DEL AP T+0 All year 10:55 on S • REC only: From 15:00 to 17:45 

on S-1 




on S 


on S 

Y Y Y 

Y Y REC/DEL FOP T+2, T+3 All year 09:25 on S From the start of the real-time 


Continuous up to 21:00 on S-1 (6) Continuous from 07:00 to 18:00 

on S 

Y Y Y 

Y Y REC/DEL FOP T+0 All year 10:55 on S From the start of the real-time 



on S 


on S 

Y Y Y 

Euroclear Sweden (clearing in AM) (7) 

Dematerialised equities, warrants and 

corporate debt securities 




Continuous up to 21:00 on S-1 (6) 

and from 07:00 to 16:00 on S 


on S 

Y Y Y 




Continuous up to 21:00 on S-1 (6) 

and from 07:00 to 18:00 on S 


on S 

Y Y Y 

Skandinaviska Enskilda Banken AB (SEB) (physical settlement) 

Physical securities Y Y REC/DEL AP All year 20:30 on S-2 From Start Real Time to 07:30 on 

S-1 




on S 

N N N 

(1) 

(2) 














(3) 

(4) 

(5) 

(6) 

(7) 







PM clearing is for settlement of securities traded in the Swedish institutional market. 

Negative matching results are only available up to 17:00 on S-1. 

AM clearing is for settlement of securities affiliated to Euroclear Sweden.

Switzerland 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












SIX SIS AG 

SIX SIS-eligible securities Y Y REC/DEL AP (CHF) All year 13:55 on S • REC only: From 14:45 to 17:45 

on S-1 



Batch: Every hour from 06:00 to 

19:00 on S-X to S 


19:00 on S-X to S 

Y Y Y 

Y Y REC/DEL AP (EUR) All year 14:55 on S • REC only: From 16:15 to 17:45 

on S 




19:00 on S-X to S 


19:00 on S-X to S 

Y Y Y 




19:00 on S-X to S 


19:00 on S-X to S 

Y Y Y 

Credit Suisse (physical settlement) 

Physical securities Y Y REC FOP All year 17:30 on S Positioning is not required for free 




N N N 

Y Y DEL FOP All year 11:30 on S-2 From the start of the real-time 




N N N 

(1) 








(2) 







(3) 



(4) 





United Kingdom 





REC/DEL 

Instruction 

AP/FOP 

Period (3) 












The CREST system 

Gilts, stripped gilts, bulldog bonds, 

treasury bills, local authority bills and 

money market securities 

(Depositary code 80) 

Y Y REC/DEL AP (GBP/ 

EUR/USD) 






S-X to S 


S-X to S 


on S 


on S 

Y Y Y 

Y Y Y 

Dematerialised equities, rights, 

warrants, corporate bonds, 

convertible bonds and depositary 

receipts (Depositary code 76) 

Y N REC/DEL AP (GBP/ 

EUR) 



Y N REC/DEL FOP All year 17:00 on S From the start of the real-time 



S-X to S 


S-X to S 


on S 


on S 

Y Y Y 

Y Y Y 

Deutsche Bank AG, London Branch (on the books of DCC) 

Money market securities Y Y REC/DEL AP (USD) All year 12:00 on S From the start of the real-time 



on S 


on S 

Y Y Y 

Y Y REC/DEL AP (GBP) All year 12:00 on S From the start of the real-time 



on S 


on S 

Y Y Y 

Y Y REC/DEL AP (USD) All year 16:00 on S 

(exceptional processing) (4) 




on S 


on S 

Y Y N 

Y Y REC/DEL AP (GBP) All year 13:30 on S 

(exceptional processing) (4) 




on S 


on S 

Y Y N 

Y Y REC FOP All year 18:30 on S Positioning is not required for free 



on S 


on S 

Y Y Y 




on S 


on S 

Y Y Y 

(1) 








(2) 







(3) 



(4) 

Against payment securities transaction instructions received after the 12:00 input deadline but before the exception processing input deadline 

will be processed by DCC on a reasonable effort basis.

© 2012 Euroclear Bank SA/NV, 1 Boulevard du Roi Albert II, 1210 Brussels, Belgium – Tel: +32 (0)2 326 1211 – www.euroclear.com – 

RPM Brussels number 0429 875 591 – Euroclear is the marketing name for the Euroclear System, Euroclear plc, Euroclear SA/NV and 

their affiliates. If at any time in the future you prefer not to receive communications from Euroclear advising you of Euroclear products 

and services that may be of interest to you, please contact us at Data_Protection_Officers@euroclear.com and specify on what product 

or service you no longer wish to receive marketing information. 

OP2200 

www.euroclear.com www.euroclear.com

Annex 2 Local Settlement timing.pdf - Global Market Information

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