Partial Settlements in ICSD

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Partial Settlements in ICSD
General Information

For internal (within ICSDs) and bridge (Euroclear — Clearstream) settlements, the possibility of partial settlements on a transaction is being implemented. For external settlements (in CSDs of local EEA1 markets), the possibility of applying the partial settlements service on a transaction depends on the settlement rules applied in the local market.

Partial Settlements Service Operation Procedure

The service is available only for operation code 37 for crediting securities from the counterparty's account in ICSDs or on the local market. The service is not available for operation code 36 for debiting securities to the counterparty's account in ICSDs or on the local market.

Partial settlements on a transaction involve partial delivery of securities — the subject of the transaction — in case of their insufficiency for full transaction execution. Partial settlements can be executed in several stages until the full quantity of securities specified in the instruction is delivered. Partial settlements execution cycles in ICSDs2:

In case of DVP3 settlements, partial transaction execution on securities and cash parts is carried out proportionally. Partial settlement is initiated only in case of insufficient securities for full execution, not applied in case of insufficient funds.

When executing partial settlement, the upper depository takes into account the minimum lot size for the security. The part of the transaction for execution, as well as the unexecuted remainder, cannot be less than the minimum lot size for the security. Fractional execution is not applied.

Service Management at Depositor Instruction Level
Notification on Partial Transaction Execution
Cancellation of Unexecuted Transaction Part
Limitations

  1. The service is not available for settlements on individual accounts in ICSD.

  2. The service is not available for operation code 36 for debiting securities to the counterparty's account in ICSDs or on the local market.

  3. Changing a previously set allowance or prohibition on applying the service at the instruction level is not available.

  4. Partial settlements execution on the UK market is regulated by local market settlement rules, management at the Depositor's instruction level is not applied. The prohibition on cancelling a partially executed instruction in CREST remains.

1 EEA — European Economic Area.

2 Central European Time.

3 DVP — Delivery versus Payment.

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Non-bank credit institution joint-stock company National Settlement Depository (NKO JSC NSD) is the central securities depository of the Russian Federation. The status of the central securities depository was assigned by the Russian Federal Financial Markets Service by its order No. 12-2761/PZ-I dated November 6, 2012. License No. 045-12042-000100 dated February 19, 2009 for a professional participant in the securities market to carry out depository operations, issued by the Russian Federal Financial Markets Service. License No. 3294 for banking operations, issued on August 4, 2016 by the Bank of Russia. License No. 045-00004-000010 dated December 20, 2012 for clearing operations, issued by the Russian Federal Financial Markets Service. License No. 045-01 dated December 28, 2016, for repository operations, issued by the Bank of Russia. Location: Moscow, Spartakovskaya Street, Building 12. Personal data processing on the website is carried out in accordance with "Personal Data Processing Policy". By continuing to work on the website, you hereby confirm that you have read the Personal Data Processing Policy of JSC NSD, give your consent to JSC NSD to process your personal data in accordance with the terms of this policy, and also give your consent to the automated processing of your personal data (cookies, information about the actions you perform on the website, information about the devices used for this, date and time of the session), including using the Yandex.Metrica metric programs, by performing the following actions: collection, recording, systematization, accumulation, storage, clarification (updating, modification), retrieval, use, blocking, deletion, destruction, transfer (provision, access) to third parties providing JSC NSD with the service using metric programs. Data is processed to improve the website, enhance NSD's products and services, identify user preferences, and provide targeted information on NSD's products and services. This consent is valid from the moment it is provided and for the entire period of use of the website. If you refuse data processing by metric programs, you are informed of the need to stop using the website or disable cookies in your browser settings.
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