Tunisie Clearing is the Central Securities Depository and the Settlement Securities System. It represents a key component in the safe and reliable architecture of the Tunisian capital markets. Tunisie Clearing offers a wide range of securities post trade services.
Tunisie Clearing has been established on December 28th 1993 under the name of STICODEVAM. Law n°94/117 of November 14th 1994 (Articles 77-80) in relation with the Tunisian financial market reorganization had confirmed its legal existence and defined its scope.
Tunisie Clearing’s capital is equally held by brokers and seven local banks.
Tunisie Clearing is a pillar infrastructure of the capital market that has always endeavored to best meet its missions and to innovate by offering value added services and thus contributing to the development of market place.
Tunisie Clearing main objectives are:
- Ensuring the safety of assets held in central custody;
- Ensuring settlement and clearing of transactions on a DvP basis;
- Mitigating risks related to delivery and payment operations among counterparts;
- Applying best practices and international recommendations in the securities field.
Tunisie Clearing main missions are:
- Central custody of securities on behalf of participants in respect of the CSD role as a guarantor of securities issue integrity;
- Organization of securities transfers between participants in the Securities Settlement System;
- Other related activities aiming to facilitate the realization of CSD missions’.
Eligible participants of Tunisie Clearing are :
- Approved brokers under decree 2001-2728;
- Issuers which securities are admitted to CSD operations;
- Other institutions having cash accounts at the Central Bank of Tunisia but no securities account at the CSD;
- Any other institution authorized by the Market Authority.
The Treasury and the Central Bank of Tunisia are automatically participants.
The securities eligible to Tunisie Clearing operations are:
- Securities tradable in an organized market ;
- Securities traded on an electronic trading system prior to their 1st listing;
- Any other security upon a justified request of the issuer.