Overnight and Daytime - Bridge
Overnight processing and daytime processing
The settlement processing of Bridge instructions is scheduled to begin in the evening of the business day preceding the settlement date (SD).
The overnight processing starts at 22:30 CET and finishes at 01:50 CET and contains one (1) transmission of proposed delivery and feedback files.
The daytime processing starts at 01:55 CET and finishes at 19:05 CET and contains 52 transmissions of proposed delivery and feedback files, processed every 10 minutes between the ICSDs.
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The mandatory settlement period (MSP), and the optional settlement period (OSP)
During both the mandatory and optional settlement periods, delivery and feedback files are exchanged between CBL and Euroclear across the Bridge.
Against payment instructions
The Bridge settlement day for the instructions against payment is split into two periods:
- The mandatory settlement period during which one customer’s delivery instruction can only be refused for reason of cash or credit provision.
- The optional settlement period, during which customers may determine eligibility for further settlement by means of an Optional Settlement Flag (OSF)*.
*Against payment instructions are eligible in the OSP if the OSF is set by both parties.
Free of payment instructions
The free of payment instructions are eligible for settlement in the MSP and OSP with an input deadline of 18:30 CET.
Settlement processing cycles
Mandatory Settlement Period
Settlement processing of Bridge instructions will continue on a mandatory basis until 14:25 for against payment instructions in all currencies except ARS, CAD, EUR, GBP, MXN, PEN and USD.
Settlement processing of Bridge will continue on a mandatory basis until 15:55 for against payment instructions in EUR and GBP.
Settlement processing of Bridge instructions will continue on a mandatory basis until 17:35 for against payment instructions in ARS, CAD, MXN, PEN and USD.
Optional settlement period
The settlement processing of Bridge against payment instructions will continue on an optional basis until 19:05.
The settlement processing of Bridge free of payment instructions will take place throughout the day until 19:05.
Instruction flags
Receipt instruction | Modification from mandatory only to optional |
All currencies except ARS, CAD, EUR, GBP, MXN, PEN and USD | SD 18:30 |
in EUR and GBP | SD 18 :30 |
in ARS, CAD, MXN, PEN and USD | SD 18 :30 |
Delivery instruction | Modification from mandatory only to optional |
All currencies except ARS, CAD, EUR, GBP, MXN, PEN and USD | SD 18 :30 |
in EUR and GBP | SD 18 :30 |
in ARS, CAD, MXN, PEN and USD | SD 18 :30 |