Delivery and payment
The main function of the payment/delivery system is to ensure the processing of participants’ instructions in order to operate the securities delivery on one hand and, on the other hand, the corresponding cash settlement in Central Bank money:
- Cash settlement is performed via the Central Bank of Tunisia as a settlement bank;
- Securities delivery is scriptural and performed on participants accounts at the CSD if securities provisions are available.
The general principles of the payment/delivery process are the following:
- Securities delivery is conditioned by cash payment (Delivery vs Payment operations);
- Irrevocability of settlement;
- A standardized settlement cycle of T+3 for on-exchange transactions (T = trade date).