Settlement times - Bridge
Input deadlines
Mandatory settlement period 1
All currencies except ARS, CAD, EUR, GBP, MXN, PEN, USD
Start provisioning | Deadline for input |
21:30 SD-1 | 13:50 SD |
Mandatory settlement period 2
EUR, GBP
Start provisioning | Deadline for input |
21:30 SD-1 | 15:20 SD |
Mandatory settlement period 3
ARS, CAD, MXN, PEN, USD
The input deadline for all Bridge receipt against payment transactions in ARS is 15:30 and all Bridge transactions in ARS must be flagged for the mandatory and optional settlement periods.
Start Provisioning | Deadline for input |
21:30 SD-1 | 17:00 SD |
Optional settlement period
All currencies against payment and free of payment instruction
Start Provisioning | Deadline for input |
21:30 SD-1 | 18:30 SD |
Provision checks
Provisioning mandatory settlement only | Provisioning mandatory and optional settlement | |||
Receipt instruction | Start | End | Start | End |
All currencies except | 21:30 SD-1 | 14:15 SD | 21:30 SD-1 | 18:55 SD |
in EUR and GBP | 21:30 SD-1 | 15:35 SD | 21:30 SD-1 | 18:55 SD |
in ARS, CAD, MXN, PEN and USD | 21:30 SD-1 | 17:15 SD | 21:30 SD-1 | 18:35 SD |
Delivery instruction | Start | End | Start | End |
All currencies except | 21:30 SD-1 | 13:55 SD | 21:30 SD-1 | 18:35 SD |
in EUR and GBP | 21:30 SD-1 | 15:35 SD | 21:30 SD-1 | 18:35 SD |
in ARS, CAD, MXN, PEN and USD | 21:30 SD-1 | 17:15 SD | 21:30 SD-1 | 18:55 SD |
The end times shown in the above table reflect the approximate finishing times for the last settlement cycles in the related settlement periods. Related settlement reports are available to clients shortly after the end of each of these settlement cycles.
Input deadlines applicable to securities subject to redemption
Some domestic debt securities approaching their redemption date, whether final or early, are not available for transfer in the local CSD before the redemption date and may be subject to special restrictions on the Bridge. For these markets, the last day for Bridge transactions to settle, will be on the start date of the restricted period as reported below:
Markets | Start of restricted period |
Australia | Maturity date minus eight calendar days |
Japan | Maturity date minus two calendar days |
UK – gilts securities | Maturity date minus seven local business days |
Hungary | Maturity date minus two local business days |
Norway | Maturity date minus two local business days |
Sweden: AM market | Maturity date minus five local business days |
Czech Republic (all debt securities except T-bills) | MD minus 30 calendar days |
For all the other markets not subject to special restrictions, the last day for Bridge transactions to settle will be on the maturity date minus one business day.
The last day for Bridge transactions to settle must always be a local and an ICSD business day, otherwise where such date is a local and/or an ICSD bank holiday, the last day for Bridge transactions to settle is on the first day preceding the calculated date that is a local and ICSD business day.
In exceptional cases there may be deviations to the before mentioned rules due to decisions at issuer level.
The settlement windows for the following instruction types remain unchanged:
- Internal settlement instructions;
- External (“cross-border”) settlement instructions;
- Bridge settlement instructions for domestic debt securities not subject to early or final redemption.
The input deadlines for Bridge transactions to be eligible for settlement on the start date of the restricted period or maturity date minus one respectively will apply as follows:
Instruction type | Input deadline |
Free of payment (FoP) | Two hours prior to the FoP external settlement input deadlinea applicable to the market where the securities are deposited, as indicated in the Settlement Timings Matrix. |
Against payment (AP) | The input deadline will be one of the following, whichever is the earliest:
|
a. In markets where summer time and winter time input deadlines apply, the input deadline will be fixed for Bridge settlement on RD to two hours prior to the winter time FOP external settlement input deadline indicated in the Settlement Timings Matrix.
Example:
The Bridge input deadline on RD3 of an early or final redemption event for securities deposited in T2S (for which the input deadline for FoP instructions is 17:55 CET) will be impacted as follows:
Standard Bridge input deadline in CET | FoP external settlement input | Applicable input deadline in CET (the earliest of both) | |
FoP instructions or AP instructions eligible in the optional window | 18:30 | 17:55 | 15:55 (=17h55-2h) |
AP instructions (All currencies except EUR, GBP, ARS, CAD, MXN, PEN and USD) | 13:50 | 17:55 | 13:50 (no change as earlier than 17h55-2h) |
AP instructions (EUR, GBP) | 15:20 | 17:55 | 15:20 (no change as earlier than 17h55-2h) |
AP instructions (ARS, CAD, MXN, PEN and USD) | 17:00 | 17:55 | 15:55 (=17h55-2h) |
All valid instructions received before the deadline will be attempted for settlement if all settlement obligations are fulfilled. The ICSDs make no commitment to attempt to settle such instructions received after the deadline.
To maximise settlement opportunities in the reduced settlement window, it is strongly recommended that clients submit their instructions as soon as possible and to ensure sufficient securities or liquidity is available.
Exceptions to the above-mentioned input deadlines apply in some markets:
Instruction type | FoP instructions or AP instructions eligible in the optional window | AP instructions (All currencies except EUR, GBP, ARS, CAD, MXN, PEN and USD) | AP instructions (EUR, GBP) | AP instructions (ARS, CAD, MXN, PEN and USD) | |
Standard Bridge input deadline in CET | 18:30 | 13:50 | 15:20 | 17:00 | |
Bridge input deadline - New in CET | Argentina | 16:30 | 13:50 (no change as earlier than 16:30) | 15:20 (no change as earlier than 16:30) | 16:30 |
DEUTSCHE BANK AG Londonb | 14:30 | 13:50 (no change as earlier than 14:30) | 14:30 | 14:30 | |
Irelanda | 13:55 | 13:50 (no change as earlier than 13:55) | 13:55 | 13:55 | |
Poland | 11:50 | 11:50 | 11:50 | 11:50 | |
Romania | 13:25 | 13:25 | 13:25 | 13:25 | |
Singapore | 03:15 | 03:15 | 03:15 | 03:15 | |
Slovak Republic | 14:25 | 13:50 no change as earlier than 14:25) | 14:25 | 14:25 | |
Switzerland | 17:00 | 13:50 (no change as earlier than 17:00) | 15:20 (no change as earlier than 17:00) | 17:00 | |
UK securities | 16:00 | 13:50 (no change as earlier than 16:00) | 15:20 (no change as earlier than 16:00) | 16:00 | |
a. Deadlines applicable to all debt securities except for Government debt securities (including treasury bills) for which the input deadline rule as described above applies.
b. Depository Code 78.