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VIET NAM SECURITIES DEPOSITORY AND
CLEARING CORPORATION
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No. 25/QD-HDTV
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Hanoi, April 16, 2025
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DECISION
REGULATIONS ON SETTLEMENT OF GOVERNMENT
DEBT INSTRUMENTS, GOVERNMENT-GUARANTEED BONDS ISSUED BY BANKS FOR SOCIAL
POLICIES AND MUNICIPAL BONDS
BOARD OF DIRECTORS
VIET NAM SECURITIES DEPOSITORY AND CLEARING CORPORATION
Pursuant to the Law
on Securities dated November 26, 2019;
Pursuant to the Law
on amendments to Law on Securities, Law on Accounting, Law on Independent
Audit, Law on State Budget, Law on Management and Use of Public Property, Law
on Tax Administration, Law on Personal Income Tax, Law on National Reserves,
and Law on Penalties for Administrative Violations dated November, 29 2024;
Pursuant to the
Government's Decree No. 95/2018/ND-CP dated June 30, 2018 on issuance,
registration, depositing, listing and trading of government debt instruments on
securities market;
Pursuant to the
Circular No. 111/2018/TT-BTC dated November 15, 2018 of the Minister of Finance
providing guidelines for issuance and settlement of government debt instruments
in domestic market;
Pursuant to the
Circular No. 30/2019/TT-BTC dated May 28, 2019 of the Minister of Finance
providing guidance on registration, depositing, listing, trading and settlement
of government debt instruments, government-guaranteed bonds issued by banks for
social policies and municipal bonds;
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Pursuant to the
Decision No. 1275/QD-BTC dated June 14, 2023 of the Minister of Finance on
Charter for organization and operation of Viet Nam Securities Depository and
Clearing Corporation;
Pursuant to the
Official Dispatch No. 1058/UBCK-PTTT dated April 15, 2025 of State Securities Commission
on approval for operational regulations applicable to Viet Nam Securities
Depository and Clearing Corporation;
Pursuant to the
Resolution No. 84/2025/NQ-HDTV dated April 16, 2025 on approval for
promulgation of 07 Operational Regulations applicable to Viet Nam Securities
Depository and Clearing Corporation for development of KRX trading system;
At the request of
the General Director of the Viet Nam Securities Depository and Clearing
Corporation
DECIDE:
Article
1. “Regulations on settlement of Government debt instruments,
Government-guaranteed bonds issued by banks for social policies and municipal
bonds” are promulgated together with this Decision.
Article
2. This Decision comes into force from the date on which the
information technology system of the "Design, solution, supply,
installation and transfer of information technology system - Ho Chi Minh City
Stock Exchange" package is put into official operation and replaces the
Decision No. 16/QD-HDTV dated August 10, 2023 of the Board of Directors of Viet
Nam Securities Depository and Clearing Corporation.
Article
3. The General Director, the Director of the Ho Chi Minh
Branch, Head of the Administration Department, Head of Securities Clearing and
Settlement Management Department, Chief of Office of the Board of Directors,
Heads of Departments/Divisions affiliated to Viet Nam Securities
Depository and Clearing Corporation, relevant organizations and individuals
shall be responsible for implementing this Decision./.
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ON BEHALF OF THE BOARD OF DIRECTORS
CHAIRMAN
Nguyen Son
REGULATIONS
REGULATIONS ON SETTLEMENT OF
GOVERNMENT DEBT INSTRUMENTS, GOVERNMENT-GUARANTEED BONDS ISSUED BY BANKS FOR
SOCIAL POLICIES AND MUNICIPAL BONDS
(Enclosed with Decision No. /QD-HDTV dated 2025 of the Board of Directors of
Viet Nam Securities Depository and Clearing Corporation)
Article
1. Scope
This document provides
for contents related to registration/deregistration of information on trading
securities accounts on settlement systems, settlement and remedial measures
against temporary default on settlement obligations to Government debt
instruments (including Government bonds, treasury bills, nation development
bonds), Government-guaranteed bonds issued by banks for social policies and
municipal bonds (hereinafter referred to as “debt instruments”) at Viet Nam
Securities Depository and Clearing Corporation (hereinafter referred to as
“VSDC”) conducting transactions at Stock Exchanges.
Article
2. Interpretation of terms
1.
“Depository member" (DM) means a securities company or commercial
bank that operates in Vietnam, granted a certificate of registration of
securities depository activities by State Securities Commission (hereinafter
referred to as “SSC”) and recognized by VSDC as a depository member.
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3.
“Settlement member bank” means a commercial bank that has a checking account
opened at the Operations Center of SBV, is a direct member of the InterBank
Payment System (IBPS), and takes charge of cash settlement of debt instrument
transactions conducted by entities making indirect payment and (or) for its own
transactions.
4.
“Transaction-based settlement” means a method of settling money and debt
instruments whereby money is transferred between the parties through SBV for
each transaction immediately when the buyer transfers money and the seller
transfers debt instruments.
5.
“Trade date” means a date on which debt instruments are traded and
orders are matched on Stock Exchange.
6.
“Settlement date” means a date on which debt instruments and money for
debt instrument transactions are transferred to the buyer and the seller at the
same time on VSDC’s system and IBPS.
7.
“Account pending error correction” means an account automatically
generated on VSDC's securities transaction settlement system upon registration
of information on a DM in the system for receipt and storage of erroneous
transactions and transactions without sufficient account information pending
settlement according to regulations.
8.
“Debt market” means market separately managed on the settlement
system and established for debt instruments with the same settlement cycle,
settlement method, and risk management mechanism, and for depository members,
direct account holders, settlement member banks and State Bank involved in
settlement of debt instrument transactions.
9.
“Digital signature" means a form of electronic signature that is
designed according to regulations of law on e-transactions and used by a
competent person of VSDC or DM, direct account holder, settlement member bank
or State Bank to authenticate their provided data and information.
10.
“Electronic document” means information about operations at VSDC which
is created, sent, received and stored by electronic means through VSDC's
terminal-based gateway or ISO-based gateway, and authenticated by the digital
signature of a competent person of VSDC, State Bank, DM, direct account holder
or settlement member bank. Electronic documents mentioned in this document
include:
-
Electronic reports and transactions which are those produced and conducted on
VSDC’s system via its terminal-based gateway;
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11.
“Terminal-based gateway” means an application environment which allows
DMs, direct account holders and settlement member banks and VSDC to indirectly
exchange information on business operations in the form of electronic
reports/transactions through stations built in head offices or branches of such
DMs, direct account holders and settlement member banks in which VSDC’s
software has been installed.
12.
“ISO-based gateway” means an application software environment which
allows DMs, direct account holders, settlement member banks, State Bank and
VSDC to exchange information on business operations in the form of MT message
or FileAct directly between operational systems of DMs, direct account
holders, settlement member banks, State Bank and VSDC’s system.
Article
3. Registration of information on investors’ trading securities accounts
1. After an investor’s
trading securities account is opened and a DM completely updates information to
VSDC's system according to Regulations on securities depository activities at
VSDC, the DM shall be responsible for registering such information in the
market before executing the transaction order placed by the investor.
2. VSDC shall monitor
information on the investor’s account on the basis of information updated by
the DM to VSDC’s system within guidelines for the updating of information on
investors’ trading securities accounts in Regulations on securities depository
activities at VSDC. Information about investors in securities shall be
managed and revised in a manner which ensures that it is consistent with the
information on VSDC’s system within guidelines in Regulations on securities
depository activities at VSDC.
3. Procedures for
registering information on investors’ accounts with VSDC shall be followed
according to the Appendix 01 enclosed with this document.
Article
4. Deregistration of information on investors’ trading securities accounts
1. If the account
information is deregistered to close the account, the DM shall only deregister
the information on the system after the investor has completely fulfilled their
settlement obligations (including money and debt instruments) (if any).
2. Procedures for
deregistering information on investors’ accounts with VSDC shall be followed
according to the Appendix 01 enclosed with this document.
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1. A commercial bank
that wishes to participate in provision of services of cash settlement of debt
instrument transactions (hereinafter referred to as “settlement services”) for
an entity making indirect payment shall register with VSDC and an application
for registration includes:
- Written request for
participation in provision of settlement services for the entity making
indirect payment (Form No. 01/TTTP);
- Copy of document
certifying that it is a member of IBPS.
2. Within 02 working
days from the date of receipt of the adequate and valid application, VSDC shall
register the commercial bank as a settlement member bank and send a
certification document to the settlement member bank.
Article
6. Revision to information about settlement member bank
1. When there is any
revision to information mentioned in the application for registration as
settlement member bank, including name of the bank, abbreviated name, citad
code, and number of its account at State Bank, the settlement member bank shall
send a written notification to VSDC within 01 working day following the
effective date of the revision.
2. Within 01 working
day following the date of receipt of the written notification of revision to
the information, VSDC shall update the revised information on the settlement
member bank and send a certification document to the settlement member bank and
the relevant entity making indirect payment (if any).
Article
7. Termination of provision of settlement services by/deregistration of
settlement member bank
1. The settlement
member bank shall terminate its provision of settlement services in the
following cases:
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b. It does not fully fulfill
the obligations in accordance with clause 2 Article 30 of the Circular No.
30/2019/TT-BTC dated May 28, 2019 of the Minister of Finance.
2. VSDC shall
deregister the settlement member bank in the following cases:
a. The settlement
member bank voluntarily terminates its cash settlement of debt instrument
transactions;
b. The settlement
member bank has its establishment and operation license granted to a commercial
bank revoked;
c. The settlement member
bank no longer meets standards to be satisfied by settlement member banks
specified in clause 3 Article 2 of this document.
3. Termination of
provision of settlement services by/deregistration of the settlement member
bank is regulated as follows:
a. In case of
termination of provision of settlement services by the settlement member bank
in accordance with point b clause 1 of this Article, depending on the
seriousness of the violation committed by the settlement member bank, VSDC will
consider terminating provision of settlement services for some or all of the
registered entities making indirect payment. Duration for termination of
provision of settlement services by the settlement member bank shall be
specified in VSDC’s decision to terminate provision of settlement services.
b. The settlement
member bank that has its provision of settlement services terminated or is
deregistered shall be responsible for fulfilling its obligation to cash
settlement of debt instrument transactions previously determined.
c. VSDC shall send a
written notification to the relevant entity making indirect payment of the last
settlement date at the settlement member bank that has its provision of
settlement services terminated or is deregistered. The entity making indirect payment
shall select another settlement member bank to replace such bank and send an
application for registration to VSDC according to Article 8 of this document.
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Article
8. Indirect payment-making entity’s registration of information about
settlement member bank selected
1. An entity making
indirect payment that settles its debt instrument transactions and those
conducted by its clients shall select and open a checking account at a settlement
member bank. The indirect payment-making entity’s checking account shall be
opened and classified into foreign/domestic clients' accounts and its account.
Application for registration of information about the settlement member bank
sent to VSDC includes:
a. Written
notification of the selected settlement member bank and registration of
settlement accounts at the settlement member bank (Form No. 02/TTTP)
b.
Borrowing/settlement assistance agreement signed with the settlement member
bank.
2. In case of change
of the settlement member bank, the entity making indirect payment shall send a
written notification to VSDC to request VSDC to deregister the existing
settlement member bank and submit application for registration of its
information with another settlement member bank that replaces the deregistered
bank. VSDC will deregister the settlement member bank at the request of
the entity making indirect payment after the bank has completely fulfilled its
obligation to cash settlement of debt instrument transactions previously
determined.
3. Within 01 working
day following the date of receipt of the application and written notification
from the entity making indirect payment, VSDC shall send certification
documents to the entity making indirect payment and the relevant settlement
member bank and update information on the settlement member bank on VSDC’s
system.
Article
9. Rules for settlement of debt instrument transactions
1. According to
transaction results provided by Stock Exchange, VSDC shall determine
obligations to transfer of debt instruments and cash settlement of debt
instrument transactions for DMs and relevant direct account holders by each
specific transaction conducted by the investor and made on the securities
trading system.
2. The selling
investor shall make sure that debt instruments are adequate on the trade date,
including:
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b. Debt instruments
borrowed through the securities borrowing and lending system of VSDC on the
trade date.
c. Debt instruments
previously purchased and available on the investor’s depository account on the
trade date.
3. If a market maker
sells debt instruments when debt instruments are not adequate at the trade
time, the market maker shall make sure that debt instruments are adequate
before 11h30 on the settlement date for settlement from:
a. Debt instruments
received through the securities borrowing and lending system of VSDC
b. Debt instruments
previously purchased and available on the market maker’s depository account
c. Debt instruments
issued by State Treasury for assurance of liquidity.
4. Debt instruments
shall be settled by the transaction-based settlement method within the duration
specified in clause 1 Article 10 of this document in a manner which follows the
principle of immediate settlement of transactions with sufficient debt
instruments and money
5. A custodian
bank/direct account holder that is a commercial bank/settlement member bank
will settle its debt instrument transactions and those conducted by its clients
through its account opened at IBPS. Cash settlement of debt instrument
transactions shall be conducted by the entity making indirect payment via a
settlement member bank selected by the entity making indirect payment and
registered with VSDC.
6. Debt instruments
shall be transferred on VSDC’s system on the basis of transfer of debt
instruments between DMs’ depository accounts and direct account holders’
accounts, and specifically recorded according to each investor’s account.
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1. Debt instruments
shall be settled by the transaction-based settlement method on the settlement
date when the seller has adequate debt instruments and the buyer has adequate
money according to applicable regulations.
2. Debt
instrument transactions shall be settled in such a way to follow the Delivery
Versus Payment principle (DVP).
3. The date of settlement
of debt instrument transactions is a working day following the trade date
(T+1).
4. The duration for
settlement of debt instrument transactions lasts from 09h00 to 15h30 on the
settlement date. Procedures for settlement of debt instrument transactions
are provided for in the Appendix 03 enclosed with this document.
Article
11. Comparison and certification of debt instrument transactions
1. After receiving
data on transaction results from Stock Exchange, VSDC shall send a written
notification of the consolidated transaction results, accounts held by selling
investors without sufficient debt instruments under their ownership, and the
updated information on each investor’s account in the form of electronic
document through VSDC's terminal-based gateway/ISO-based gateway to each DM or
through each direct account holder’s email.
2. The DM/direct
account holder shall compare the original transaction order stored in the
DM/direct account holder with VSDC’s transaction result. In case an
account has not yet been registered with VSDC on its system according to
regulations in clause 1 Article 3 of this document, no later than 15h00 on the
trade date, the DM shall finish registering such account on VSDC’s system, and
at the same time send a written request (Form 03/TTTP) enclosed with List of
accounts so that VSDC updates the investor’s account in an accurate manner.
In case of any error or discrepancy in figures, no later than 15h00 on
the trade date, the DM/direct account holder shall give certification in the
form of electronic document through terminal-based gateway/ISO-based gateway or
email, and at the same time send an application for correction to such error to
VSDC.
3. In case the
DM/direct account holder fails to give certification of erroneous transaction
results by the deadline specified in this document, VSDC will consider such
results correct and use them for settlement and the DM/direct account holder
shall be responsible for errors/losses (if any).
4. According to the
certification result/request submitted by a trading member/DM, VSDC shall
transfer transactions from the trading member’s account pending error
correction to the investor’s account opened at the DM in the following cases:
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b) Proprietary trading
and transactions conducted by the client of a securities company that is not
the normal trading member of the debt instrument trading market at Stock
Exchange.
5. Before 15h15 on the
trade date, the trading member and the DM shall conduct certification and send
VSDC a written request for transfer of transactions (Form No. 04/TTTP) in the
case specified in clause 4 of this Article. After the above-mentioned
deadline, debt instrument transactions on the account pending error correction
will be considered as erroneous transactions, removed and not be settled
according to regulations in point b clause 1 Article 18 of this document.
6. Comparison,
certification and correction of errors in settlement orders through IBPS shall
comply with SBV’s regulations.
Article
12. Correction to errors in debt instrument transactions
1. VSDC shall correct
errors in debt instrument transactions in case the DM/direct account holder
inputs wrong numbers of their proprietary trading accounts.
2. Errors in debt
instrument transactions shall be corrected as follows:
a. The DM or direct
account holder having erroneous debt instrument transactions shall send a
written request for correction to errors in such transactions (Form No.
05/TTTP) no later than 15h00 on the trade date.
b. VSDC shall correct
errors and make wrong numbers of proprietary trading accounts accurate numbers.
c. After fishing the
correction, VSDC shall send notification of the correction to errors in
transactions (Form No. 06/TTTP) to Stock Exchange, the DM and the direct
account holder requesting the correction.
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After complete
settlement of debt instrument transactions, VSDC shall give certification of
results of settlement of debt instrument transactions in the form of electronic
document through terminal-based gateway/ISO-based gateway/email to the DM/the
settlement member bank/the direct account holder.
Article
14. What to do when an entity making indirect payment temporarily defaults on a
debt instrument transaction
1. A DM that is an
entity making indirect payment temporarily defaulting on a debt instrument
transaction shall use money borrowed from a settlement member bank according to
regulations in clause 1 Article 32 of the Circular No. 30/2019/TT-BTC .
2. According to an
application for blockade of securities sent by the settlement member bank (if
any), VSDC shall blockade debt instruments as collateral as agreed by the
borrowing entity making indirect payment . An application for blockade of
securities includes:
a. Debt instrument
settlement assistance notification (Form 07/TTTP);
b. Written request for
blockade of debt instruments treated as collateral (Form 08/TTTP);
c. Contract/agreement
concluded by the parties on blockade of debt instruments as collateral.
3. After the blockade
of debt instruments, VSDC shall fax a written notification to the settlement
member bank that will provide settlement assistance for the entity making
indirect payment and to the entity making indirect payment for the
corresponding recording. The original copy of the written notification will be
sent by VSDC to each relevant party within 01 working day following the
blockade date.
4. Any violation
committed by the DM temporarily defaulting on the debt instrument transaction
shall be handled according to Regulations on DMs.
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1. In case a DM that
is an entity making indirect payment fails to fulfill its settlement
obligation, resulting in the borrowing of money from the settlement member
bank, the DM shall incur interest rate and refund the borrowed money to the
settlement member bank according to the settlement assistance agreement
concluded by the entity making indirect payment and the settlement member bank.
2. After the entity
making indirect payment finishes refunding the borrowed money, the settlement
member bank shall send a written request for blockade of debt instruments as
collateral (Form 09/TTTP) and relevant proving documents (if any) to VSDC.
3. VSDC shall respond
to the written request for blockade of debt instruments as collateral sent by
the settlement member bank within 01 working days from the date of receipt of
the written request. After finishing the blockade, VSDC shall give
certification of blockade of debt instruments to the settlement member bank and
the entity making indirect payment for the corresponding recording.
Article
16. Deferral of settlement deadline
1. VSDC shall defer
the settlement deadline for the transaction temporarily-defaulted in cash at
the buyer’s request for deferral of settlement deadline which is also accepted
by the seller.
2. The DM/direct
account holder shall send an official to request VSDC to defer the settlement
deadline (Form No. 10/TTTP) no later than 15h30 on the settlement date.
3. After finishing the
deferral of settlement deadline, VSDC shall send notification of each transaction
of which the settlement deadline is deferred to the relevant DM/direct account
holder, the settlement member bank and Stock Exchange (Form No. 11/TTTP).
Article
17. Transaction of which the settlement deadline is deferred
1. The transaction of which
the settlement deadline is deferred shall be settled by the transaction-based
settlement method applied to the normal debt instrument transaction.
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3. Measure for
security of settlement of the transaction of which the settlement deadline is
deferred shall be implemented as follows:
a. VSDC will blockade
all debt instruments in the counterpart selling transaction if there is
insufficient money in the buying transaction
b. VSDC will release
debt instruments according to point a of this clause no later than 17h00 on the
first or second working day after the settlement date in case the settlement of
the transaction of which the settlement deadline is deferred is cancelled
according to regulations in point d clause 1 Article 18 of this document.
4. Settlement
procedures shall comply with regulations in section 3 Appendix 03 of this
document.
Article
18. Settlement cancellation
1. VSDC shall cancel
settlement of debt instrument transactions in the following cases:
a) Errors in debt
instrument transactions committed by the DM and the direct account holder,
except for the case specified in clause 1 Article 12 of this document;
b) Erroneous
transactions on the trading member’s account pending error correction without
any application for correction by the prescribed deadline
c) Transactions
temporarily-defaulted in cash until 15h30 on the settlement date without any
request for deferral of settlement deadlines sent to VSDC;
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dd) Transactions that
have insufficient debt instruments as the settlement of the previous
transactions is cancelled or deferred;
e) Transactions that
have insufficient debt instruments due to failure to finish borrowing debt
instruments by the deadline specified in point b clause 2 Article 9 of this
document;
f) Short selling of
debt instruments when the Ministry of Finance does not provide any guidelines.
g) Transactions that
have insufficient debt instruments and are conducted by the market maker and
debt instruments are still insufficient until the prescribed time.
2. Settlement
cancellation duration is regulated as follows:
a) Regarding the cases
specified in point b clause 1 of this Article, the settlement shall be
cancelled no later than 15h15 on the trade date.
b) If it is any of the
cases specified in points a, dd, f clause 1 of this Article and the DM’s
client's account does not have sufficient debt instruments, the settlement
shall be cancelled no later than 09h00 on the settlement date.
c) If it is any of the
cases specified in points a, dd, e, f, g clause 1 of this Article and the
proprietary trading account held by the DM/direct account holder does not have
sufficient debt instruments, the settlement shall be cancelled no later than
11h30 on the settlement date.
d) Regarding the cases
specified in points c and d clause 1 of this Article, the settlement shall be
cancelled no later than 16h00 on the settlement date.
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Article
19. Settlement document
1. Electronic
documents on settlement of money and debt instruments mentioned in this
document are provided for in the Appendix 02 enclosed with this document.
If necessary, VSDC or the DM/the direct account holder may apply for
conversion from electronic documents to physical documents in accordance with
regulations of law on electronic transactions in financial operations.
Physical documents
converted from electronic documents shall bear the following seal:
VIET NAM SECURITIES DEPOSITORY AND CLEARING CORPORATION
DOCUMENT CONVERTED FROM AN ELECTRONIC DOCUMENT
Full name:
Signature:
Time of conversion:
2. In case the DM/the
direct account holder cannot send/receive electronic settlement documents in
accordance with regulations in this document because they have not completed
the connection to VSDC's terminal-based gateway/ISO-based gateway or where the
connection has been disrupted, such lists and information shall be sent and
received via the VSDC’s email attached with a digital signature:
[email protected], and the email of that DM or direct account holder which
has been registered with VSDC.
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The DM/direct account
holder having a transaction of which the settlement deadline is deferred and
the settlement is cancelled shall compensate its client and the relevant
DM/direct account holder having the counterpart transaction according to clause
5 Article 32 and clause 3 Article 33 of the Circular No. 30/2019/TT-BTC .
Article
21. Implementation provisions
1. Difficulties that
arise during the implementation of this document should be reported to VSDC for
guidance and resolution.
2. Any amendments to
this document shall be decided by the Board of Directors of VSDC after
obtaining the approval from SSC.
Appendix 01:
Registration/deregistration of information on investors’ trading securities
accounts in/from the market
I. Procedures for
registering information on an investor's account
1. In case an
investor’s trading securities account has been registered and the investor has
a request for use of the existing account for registration of information on
the account:
- The DM shall send
the investor’s request for registration of information on the existing account
by each specific market to VSDC via MT598 message – account opening request.
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2. In case the
investor does not have a trading securities account:
- The DM shall open a trading
securities account for the investor and update information on the account to
VSDC’s depository system according to Regulations on securities depository
activities at VSDC.
- The DM shall send a
request for registration of information on the opened account by each specific
market to VSDC via MT598 message – account opening request.
- VSDC will send
notification of acceptance or refusal to the DM via MT598 message.
The DM shall open tab
2503 – Information on investor’s trading securities account to inspect the
registered and effective account by each specific market.
II. Procedures for
deregistration of information on investors’ trading securities accounts
1. The DM shall send a
request for deregistration of information on the registered trading securities
account held by the investor by each specific market to VSDC via MT598 message
– account closing request.
2. VSDC will send
notification of acceptance or refusal to the DM via MT598 message.
The DM shall open tab
2503 – Information on investor’s account to make sure the account has expired
by each specific market.
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Appendix 02. List of electronic
settlement documents and notification
NO.
Settlement documents
Sent through ISO-based gateway
(FileAct)
1
Notification of the
consolidated transaction results
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2
Notification of
insufficient debt instruments in the seller's account
x
3
Notification of the
updated information on each investor’s account
x
4
Notification of
settlement of debt instruments by each DM/direct account holder
x
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Notification of cash
settlement of debt instruments by each DM/direct account holder
x
6
Notification of all
money for debt instruments sent to the settlement member bank
x
7
Notification of all
money for debt instruments sent to the State Bank
x
8
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x
9
Notification of
transactions of which settlement deadlines are deferred
x
10
Notification of
transactions of which settlement is cancelled
x
Appendix 03: Procedures for
settling debt instrument transactions
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1.4. If a depository
bank is not a trading member, VSDC shall send notification of transaction
results in the form of MT586 message- Trade confirmation request (in
real-time) or the DM shall open tab 3156 – transaction result. The
depository bank shall confirm its transactions, accept or refuse transaction
results and send MT530 message – certification of acceptance of transaction
results or open tab 3163 – transaction result certification to VSDC.
The deadline is 8h30 on the date T+1.
The depository bank
shall notify the refused transactions to VSDC and the securities company.
VSDC shall correct errors and cancel settlement according to regulations
in Articles 12 and 18 of this document.
1.5. No later than
15h00 on the trade date, the DM with insufficient account information shall
finish registering information on VSDC’s system and send a written request enclosed
with list of accounts so that VSDC updates investors’ accounts in an accurate
manner. After this deadline, VSDC shall automatically cancel the
settlement in accordance with regulations in point b clause 1 Article 18 of
this document.
1.6. If any transaction
error is detected, the DM/direct account holder shall notify VSDC and prepare
documentation for correction to errors/cancellation of settlement according to
regulations in Articles 12 and 18 of this document.
1.7. Transfer of
transactions from the account pending error correction specified in clause 1
Article 11 of this document shall be certified. Transactions shall be certified
before 15h15 on the trade date, after this deadline, the settlement of
uncertified transactions will be cancelled according to regulations in point b
clause 1 Article 18 of this document.
The certification
shall be implemented as follows:
- The trading
member shall input information on transactions on tab 3204.
- The DM shall
approve transactions at tab 3206.
- VSDC shall
inspect transactions received from Stock Exchange each other, at the request of
the trading member and grant approval.
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1.8. No later
than 17h00, VSDC shall send information on confirmation of balance of the debt
instrument of the investor to the DM in the form of MT598 – balance
confirmation (enclosed with CSV file) or a clearing member shall open tab
4352 – balance inspection to receive information.
2. Date T+1:
2.2. No later than
08h45:
- VSDC shall:
+ Correct erroneous
transactions, cancel settlement according to regulations in Articles 12 and 18
of this document and send results to the DM/direct account holder via MT598
message (enclosed with comma-separated values (CSV) file) or the DM shall
open tab 3406 to receive information.
+ Inspect debt
instrument balance of the selling investor, and transfer debt instruments from
the trading securities account to the securities account pending settlement
held by the investor.
+ Send information on
the final cash settlement obligation to the DM/direct account holder in the
form of MT598 message - final cash settlement obligation.
- The DM/direct
account holder and the settlement member bank shall perform the following tasks:
+ The DM/direct
account holder shall open tabs 4431 and 4432 to receive information on their
settlement obligations.
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+ The DM/direct
account holder and the settlement member bank shall receive notification in the
form of MT598 message (enclosed with CSV file) through relevant tabs or
emails.
2.3. Sending data on
cash settlement of debt instrument transactions to State Bank for the first
time:
- No later than
09h00: VSDC shall prepare and send settlement data to State Bank regarding
transactions confirmed/certified/corrected before 08h30 and having sufficient
debt instrument balance.
2.4. From 10h30
– 11h30 on the date T+1:
- VSDC shall
defer the settlement deadline or cancel settlement regarding each proprietary
trading account with insufficient money in accordance with regulations in
Articles 16 and 18 of this document.
- The DM/direct
account holder shall receive information on the transaction of which settlement
deadline is deferred or the settlement is cancelled through MT598 message –
information on deferral of settlement deadline/cancellation of settlement from
VSDC or open tab 4853.
2.5. Sending data on
cash settlement of debt instrument transactions to State Bank for the second
time:
- No later than
11h30: VSDC prepare and send settlement data for the second time to State Bank
regarding transactions of proprietary accounts with sufficient debt instruments
of the DM/direct account holder and transactions of which settlement deadlines
are deferred.
2.6. From 09h00 -
15h30:
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- After
inspection of the validity of the settlement order, State Bank shall settle the
transaction, transfer money payable from the buying bank's account to the
selling bank's account, and at the same time send information on the settled
transaction to VSDC.
- VSDC shall
transfer debt instruments that must be transferred from the securities account
pending settlement of the DM/direct account holder (brokerage account and/or
proprietary trading account) to their trading securities account (brokerage
account and/or proprietary trading account), and at the same time record an
increase in the buying investor’s trading securities account and a decrease in
the selling investor’s trading securities account.
- VSDC shall cancel
the settlement in the cases specified in points a, dd, e, f, g clause 1 Article
18 of this document.
- The member
shall open tab 4431 – Debt instrument settlement status to monitor
transfer of debt instruments on VSDC’s system.
2.7. Settlement result
certification:
- VSDC shall
send the DM/direct account holder MT598 message – certification of
result of settlement of debt instrument after the debt instrument transaction
is completely settled.
- No later than
16h30, VSDC shall send information on the result of settlement of the debt
instrument via email to the direct account holder.
2.8. From 15h30 -
16h00: Implementation of measures against default on cash settlement:
- VSDC shall
defer the settlement deadline according to regulations in Article 16 of this
document.
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- The DM/direct
account holder shall receive information on the transaction of which settlement
deadline is deferred or the settlement is cancelled through MT598 message –
information on deferral of settlement deadline/cancellation of settlement from
VSDC or open tab 3406.
3. Procedures for
deferral of settlement deadline and settlement of transaction of which
settlement deadline is deferred
3.1. Date of deferral
of settlement deadline:
- On the settlement
date (T+1), VSDC shall defer the deadline for settlement of the debt instrument
transaction due to insufficient money for settlement.
- The DM/direct
account holder shall receive information on the transaction of which settlement
deadline is deferred or the settlement is cancelled through MT598 message –
information on deferral of settlement deadline from VSDC or open tab 3406.
3.2. On settlement
dates: the first or second working day after the settlement date (T+2/T+3):
- The transaction of
which settlement deadline is deferred having sufficient debt instruments shall
be transferred to State Bank no later than 11h30 on the settlement date on the
basis of data sent for the second time.
- No later than 15h30:
the transaction of which settlement deadline is deferred shall be settled in
the same manner as a normal debt instrument transaction specified in point 2.6
of this Appendix.
- After 15h30,
if the buying bank does not still have insufficient money for settlement of the
transaction of which settlement deadline is deferred, VSDC will continue to
defer the settlement deadline or cancel the settlement of the transaction in
accordance with regulations.
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3.3.1. Blockade of
debt instruments:
After finishing the
deferral of the settlement deadline, VSDC shall blockade debt instruments of
the selling investor and transfer debt instruments from the trading securities
account to the securities account pending settlement of the investor.
3.3.2. Release of debt
instruments due to settlement cancellation:
No later than 17h00 on
the date of cancellation of the settlement of the transaction specified in
point c or d clause 1 Article 18 of this document, VSDC shall release the
blockaded debt instruments of the selling investor and transfer debt
instruments from the securities account pending settlement to the trading
securities account of the investor.