|Equities||Corporate bonds||Government bonds||Derivatives|
SIX x-Clear EuroCCP
|LCH.Clearnet Ltd.||LCH.Clearnet Ltd.||ICE CLEAR EUROPE|
|Settlement and custody||Euroclear UK and
|Cash leg||CREST payment banks||CREST payment banks||CREST payment banks||n/a|
GBP 10, EUR 15, USD 15.
Matching A firm must match 100% of their transactions by 8.00pm UK time in the CREST system on T+1. Non-compliance with this target means the last party to input or amend an instruction will incur a fine of GBP 2 for each day the transaction remains unmatched, payable to EUI.
Settlement The CREST Settlement Discipline rules require that all CREST participants settle transactions according to specified target rate bands, relating to ISD and subsequent business days, e.g. band 0 representing the close of ISD; band 1 representing the close of the business day after ISD, etc.
CREST retrospectively determines the extent of non-compliance with these target rates for all bands up to ISD+20 for which it was the seller that did not settle on due date, and charges an ad valorem and a per transaction fine.
Buy-in process and fees for OEX transactions.
In the event that a settlement fail remains at the end-of-day on ISD+4, the Clearing House will automatically commence the buy-in process and notify Clearing Members accordingly. The buy-in execution date (“Buy-in Day”) will be ISD+5 except where the failed settlement is covered by for the market maker scheme in which case it will be ISD+11.
In the event that buying-in settlement cannot be achieved after ISD+20, then the Clearing House may cash settle any outstanding transactions at 120% of the last available closing price.
BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.
BNP Paribas Securities Services is the largest eurozone custodian present in the UK, delivering efficient and industry-leading securities services solutions
We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on-exchange clearing, safekeeping, corporate actions, proxy services, cash and collateral management.
BNP Paribas employs over 8,500 specialists in the UK (including 750 for BNP Paribas Securities Services), supporting UK-based businesses for over 150 years. We currently service over 90 clients from a local clearing and custody perspective.
For more information, please contact your relationship manager or
Philip Parmley, Head of Financial Intermediaries UK Sales