Other Settlement processes - Germany
Settlement cycles
Stock Exchange trades (Bonds and Equities): T+2
Settlement flow
CBF clears and settles via T2S trades in German shares, public and private bonds, money market papers and warrants and a limited number of international securities that are held in collective safe custody (CSC).
Registration of Registered Share (RS)
Registration and re-registration
In CASCADE RS, shareholder's positions are transferred from unregistered positions into allocated positions. After the data has been entered in the issuer's share register, positions are transferred into registered positions.
If the issuer rejects registration, the positions are transferred back into unregistered positions.
De-registration
Shares sold by the shareholder are transferred from registered positions to unregistered positions to meet delivery commitments, a required step for deliveries, pledging and lending.
CASCADE RS has a multi-level position-keeping facility that enables the up-to-date display of the current status of transfers in registered shares.