Settlement services - Greece - ATHEXCSD
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 or fax (“best efforts” basis) | On receipt of instructions | |
| Connectivity medium | Instruction format | Remarks |
Xact Web Portal | Tick to enable the “Immediate Release” option. | Not applicable for non-dematerialised securities |
Xact via SWIFT and Xact File Transfer | Field :22F::STCO/CEDE/IREL | Not applicable for non-dematerialised securities |
Local pre-matching, which is market practice for instructions in equities and debt securities, starts, subject to counterparty availability, on receipt of instructions and continues until Settlement Date (SD).
Domestic allegement matching service
Complementary to the pre-matching services offered and where no pre-matching instruction has been sent to the market, CBL accepts allegements via its agent from domestic market counterparties. and then uses the allegement messages to search for the best matching customer instruction.
If no matching customer instruction is found, the allegement is reported to the customer provided that its CBL account number is present.
For details of CBL's domestic allegement service, see Pre-matching services for external settlement instructions.
Procedures for domestic counterparties
ATHEXCSD eligible securities
| Procedure for the domestic counterparty | Deadline | |
| Receipt in CBL | ||
Deliver to: | Citibank Europe Plc, Greece Branch (CITIGRAA) | Market deadline |
For account of: | Clearstream Banking, Luxembourg (BIC: CEDELULL) | |
In favour of: | 5-digit account number of CBL customer | |
| Delivery from CBL | ||
Receive from: | Citibank Europe Plc, Greece Branch (CITIGRAA) | Market deadline |
For account of: | Clearstream Banking, Luxembourg (BIC: CEDELULL) | |
In favour of: | 5-digit account number of CBL customer | |
Citibank, Athens acts as custodian and operator of the following omnibus account for CBL at ATHEXCSD:
- SAT code: 0007793119-1
- SAT account: 0742491940-7
- Operator code: 0000000505
Note: SAT is the Dematerialised Securities System of AthexCSD and also the clearing system for Greek equities and corporate bonds.
Linkage of trading codes (OASIS codes) with accounts in ATHEXCSD
When the customer/end-investor has an execution agreement with a local broker who is a direct member of ATHEX (that is, no remote or international broker-dealer is involved), the customer is requested to advise the local broker that the linkage between OASIS code (trading code in ATHEX) and the ATHEXCSD account into which the trade settles is not applicable to trades that settle on CBL’s account at ATHEXCSD.
Specific settlement rules / settlement restrictions
Customers’ instructions must be in line with the following rules:
- Trade date cannot be later than settlement date.
- Settlement date cannot be in the past.
- The instruction must be received before the instruction deadline.
- The format of the instruction must be in line with the respective instruction specifications.
- In accordance with domestic market practice, Greek corporate bonds are traded and settled in units. Domestic settlement instructions on such instruments must therefore include the quantity of units. Failure to do so may result in settlement delays.
Equities and corporate bonds (ATHEXCSD) Settlement of Stock Exchange (SE) trades
Settlement in ATHEXCSD on behalf of CBL customers takes place as follows:
- On T+2 Client Settlement: transfer of securities between the intermediary’s principal account and CBL’s account at ATHEXCSD 1;
- After T+2 OTC Rectification Trade (used if Client Settlement failed): transfer of securities between the intermediary’s proprietary account and CBL’s account at ATHEXCSD a. The latest Settlement Date of Rectification trade cannot be greater than two business days after the Settlement Date of the OTC trade that is subject to rectification.
Note: T+2 settlement cycle is mandatory in ATHEXCSD for Client Settlement instructions; no other cycle is accepted by the ATHEXCSD system for these instructions. Customers can, however, instruct Client Settlement at any time after trade date until SD.
Settlement of Over-the-Counter (OTC) trades (off-exchange)
In order to benefit from straight-through processing, the customer must complete fields as follows to specify the type of OTC transaction that will apply:
| Type of trade | Xact via SWIFT and Xact File Transfer |
OTC Normal trade (OTC TRAD) | :94B::TRAD//OTCO/OTC :22F::SETR//TRAD |
OTC NCBO (transfer between two omnibus accounts or between omnibus and segregated account) | :94B::TRAD//OTCO/OTC :95P::SELL/BUYR//BIC of final beneficial owner |
OTC Re-registration (OTC RERE)a | :94B::TRAD//OTCO/OTC
:95P::SELL/BUYR//BIC of final beneficial owner
OR :70E::SPRO//BIC or name of final beneficial owner |
| OTC rectification tradeb | :94B::TRAD//OTCO/OTC :22F::SETR//TRAD :22F::STCO/HCSD/RCTF |
Collateral trade (Lender) | :22F::SETR//COLO |
Collateral trade (Borrower) | :22F::SETR//COLI |
Borrowing / Return from borrowing | :22F::SETR//SECB |
Lending / Return from lending | :22F::SETR//SECL |
a. Information on the final beneficial owner is a matching criteria in ATHEXCSD and must be provided in each OTC re-registration instruction.
b. Used after T+2 if Client Settlement failed.
Fees and charges
The following market fees and charges (set by ATHEXCSD and given as an indication only) are applied in the settlement process:
- Settlement of Stock Exchange trades (on-exchange)
OTC rectification trade: EUR 20 per party (buyer and seller). - Settlement of OTC trades (off-exchange)
Normal OTC transactions: 6.5 basis points (bps) per trade made, that is, 3.25 bps per party (buyer and seller) on the value of the transaction with a minimum fee of EUR 20. - OTC NCBO: EUR 20 per party (deliverer CSD account and receiver CSD account).
Re-registration: EUR 20 per party (deliverer CSD account and receiver CSD account).
Collateral: EUR 20 per party (collateral giver and collateral receiver).
Borrowing and lending: EUR 20 per party (borrower and lender).
Against payment transactions will incur an additional charge of EUR 1.00 per party.
ATHEXCSD will calculate the charges for the OTC transactions as follows:- For free of payment trades: Closing price of the stock on trade date;
- For against payment trades: Trade price in client instructions.
All charges incurred by CBL in the “trading and settlement” process will be passed on to the relevant customer on an “upon receipt” basis.
Sales tax
Please refer to Greece: Sales Tax for more information
Bridge settlement
Securities held in ATHEXCSD are not Bridge-eligible.
Back-to-back processing
Back-to-back processing is not available for transactions in ATHEXCSD eligible securities.
New issues settlement
Customers that would like to participate in an IPO or Secondary Public Offering should contact their local broker.
In addition, to ensure timely settlement of the subscriptions, customers should instruct CBL using the Immediate Release (IREL) functionality (see "Pre-matching service" above) in order to allow provisioning before 15:00 on SD-1.
Settlement Discipline Regime and related domestic market settlement functionalities
Recycling of pending transactions
Matched OTC trades that have not settled will be cancelled by AthexCSD after 60 business days.
Unmatched OTC trades will be recycled for 20 business days. Following that period, these trades will be cancelled by AthexCSD.
Bilateral cancellation
This means that matched instructions can only be cancelled if both domestic counterparties request a cancellation of their instructions.
Until the cancellation confirmation is received from the market, the instruction will remain eligible for settlement, that is, the instruction may be provisioned and proposed for settlement and may be subject to cash penalties.
Hold and release
Not offered on the market.
Partial settlement
Not offered on the market.
Cash tolerances
For domestic instructions against payment in EUR, the following cash tolerance levels will apply (as at present):
- EUR 2 for transactions of an amount up to or equal to EUR 100,000; and
- EUR 25 for transactions of an amount greater than EUR 100,000.
With non-EUR currencies, for settlement amounts equivalent to less than or equal to EUR 100,000, the tolerance level will be equivalent to EUR 2, while for settlement amounts that are equivalent to more than EUR 100,000, the tolerance level will be equivalent to EUR 25. For settlement instructions in currencies other than EUR, CSDs should use the official exchange rates of the European Central Bank (ECB), valid on 1 January of the respective calendar year.
For domestic against payment instructions, the maximum discrepancy tolerated in settlement matching varies in accordance with market practice and the conditions of the domestic link.
Matching information
The trade date is a mandatory matching criterion and domestic instructions will follow local market rules.
Cash penalties
Penalties will be calculated and applied on matched settlement instructions that fail to settle, in full or in part, on and after their intended settlement date (ISD), if both the settlement instruction and the relevant financial instrument are subject to cash penalties.
Instruments subject to cash penalties
Any financial instrument listed in the Financial Instruments Reference Data System (FIRDS) database maintained by ESMA will be subject to cash penalties. However, cash penalties will not apply to shares listed in the SSR exemption list.
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1. Settlement of on-exchange trades requires one of the counterparties to maintain and instruct from a principal account. CBL does not hold any principal account in ATHEXCSD and customers need to ensure the counterparty maintains and instructs from such a principal account.