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Tunisie Clearing
Confidentiality – effectiveness – innovation

Services

Settlement

Last update : 19-02-2018

Tunisie Clearing settlement system is based on the Delivery vs Payment “DvP” principle. The settlement model being used is model 2:

  • Securities delivery occurs on a gross basis;
  • Cash payment occurs on a net basis.

Settlement Irrevocability: The settlement of a DVP operation is deemed irrevocable upon the sending of the clearing instructionss to the Central Bank of Tunisia. For FOP operations, irrevocability is effective upon the update of securities positions.

Finality: Settlement finality occurs upon the update of securities and cash positions.

Settlement cycles:

  • On-exchange transactions = T+3                              
  • OTC transactions = T+1, T+2 or T+3
  • FOP Operations = T, T+1, T+2 or T+3

Settlement Process

The provisional result of cash settlement is made available to participants on the members’ area at 8:00 am on Settlement Date. Therefore, every participant can consult the amount to be settled at the Central Bank of Tunisia. This provisional result becomes final upon receipt of Tunisian Central Bank confirmation.

The settlement is processed at Tunisie Clearing in 6 batches: 5 batches for FOP operations and 1 batch for both DVP and FOP operations (if any).

Securities provisions are controlled with regard to the stock of available securities. The Settlement algorithm is composed of 4 cycles aimed to optimize operations settlement.

DvP instructions accounting depends on the reception of the cash settlement confirmation by the Central Bank of Tunisia. In fact, Tunisie Clearing controls securities provisions and calculates cash clearing obligations to be sent to the Central Bank of Tunisia. Upon receipt of the Central Bank confirmation, Tunisie Clearing executes final transfers of securities and displays the new situations of securities accounts via its communication platform.

In case of a fail, only on-exchange transactions and related re-delivery orders could be recycled for a 4 day period. No recycling period is provided to other types of operations.

Following every batch, Tunisie Clearing provides its participants with statements on settled operations and balances.