Settlement times - Italy

23.03.2018

The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for straight-through processing (STP) in Clearstream and in the local market. Customers must also ensure that any necessary provision is available. If one or more of these criteria are not met, Clearstream cannot guarantee timely settlement.

Important Note: As part of Clearstream’s internal compliance procedures, all incoming customer instructions will be automatically scanned before entering transaction processing.  Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the Customer via their chosen media channel(s), until either being manually released for processing or rejected.  In order to ensure that instructions being investigated do not miss the applicable deadlines, customers are advised to input instructions at least 15 minutes before the associated deadline.

Settlement times for all T2S eligible securities

Instruction

Provisioning

Deadline for receipt of valid instruction

Expected settlement results

start

end

from

to

value

AP=Against payment  in EUR, FOP=Free of payment SD=Settlement date

Receipts

FOP

18:05
SD-1 a

17:55
SD b

17:55 SD

22:00
SD-1 c

18:00
SD

 

AP

18:05
SD-1 a

15:55
SD b

15:55 SD

22:00
SD-1 c

18:00
SD

SD

Deliveries

FOP

18:05
SD-1 a

17:55
SD b

17:55 SD

22:00
SD-1 c

18:00
SD

 

AP

18:05
SD-1 a

15:55
SD b

15:55 SD

22:00
SD-1 c

18:00
SD

SD

a. Start of provision time for CBF and LuxCSD is 20:00 SD-1 (Start of Night-time Settlement (NTS)) for CBF and LuxCSD)

b. Instructions received from CBF and LuxCSD customers after 15:55 (DvP) and 17:55 (FoP) are settled on a "best efforts" basis only.

c. For CBF and LuxCSD customers, first results from NTS cycle can be expected around 22:20 SD-1.

CBL - Against payment in all other currencies with CBF counterparties

Instruction

Provisioning

Deadline for receipt of valid instruction

Expected settlement results

start

end

from

to

value

AP=Against payment, FOP=Free of payment SD=Settlement date

Receipts

AP

18:05
SD-1

17:10
SD

17:10 SD

17:00
SD

18:00
SD

SD

Deliveries

AP

18:05
SD-1

17:10
SD

17:10 SD

17:00
SD

18:00
SD

SD

CBF - Against payment in all other currencies

Instruction

Provisioning

Deadline for receipt of valid instruction

Expected settlement results

start

end

from

to

value

AP=Against payment, FOP=Free of payment SD=Settlement date

Receipts

AP

20:00
SD-1

17:10
SD

17:30 SD a

17:00
SD

18:00
SD

SD

Deliveries

AP

20:00
SD-1

17:10
SD

17:30 SD a

17:00
SD

18:00
SD

SD

a. Determined by reservation CDLR (Instruction is on hold) in T2S.

CBF and CBL customers can enter into against payment transactions with counterparties in CBF for settlement in EUR or in the foreign currencies AUD, CAD, CHF, CNY, CZK, DKK, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR.