Settlement services - New Zealand
Pre-matching service
The table below summarises CBL’s pre-matching service for external settlement instructions, as well as the pre-matching method and start time in the market. For details of CBL’s pre-matching services, see Pre-matching services for external settlement instructions.
| Service offered | Method employed | Start (local time) | |
| NZCSD/NZClear-eligible debt securities | |||
Immediate Release Flag available | Automated electronic NZClear matching. Follow up on unmatched trades via email/phone. | SD-1 (or on receipt of instructions) | |
| NZCSD/NZClear-eligible equities | |||
Immediate Release Flag available | Automated electronic NZClear matching. Follow up on unmatched trades via email/phone. | SD-1 (or on receipt of instructions) | |
| Connectivity medium | Instruction format |
Xact Web Portal | Tick to enable the “Immediate Release” option. |
Xact via SWIFT and Xact File Transfer | Field :22F::STCO/CEDE/IREL |
Procedures for domestic counterparties
| Procedure for the domestic counterparty | Deadline |
| Deliver to/Receive from: BNP Paribas Nominees (NZ) Limited NZClear mnemonic: BPSS42 BIC: PARBAU2SLCC In favour of: CEDELULL, A/C 2014755001 | Market deadline |
Allowed countervalue difference
A maximum difference in countervalue of NZD 50 is allowed for the matching and settlement of against payment transactions with domestic counterparties. In the case of a discrepancy, the seller’s amount will prevail.
Back-to-back processing
Back-to-back processing is available for transactions in all dematerialised securities eligible in this market. If both the customer and the domestic counterparty meet their settlement obligations and fulfil the market's back-to-back requirements within the relevant deadlines, the linked receipt and the linked delivery will settle with same-day value. To benefit from this functionality, customers must ensure that their back-to-back instructions contain details in the correct format for the connectivity medium used, as follows:
| Connectivity medium | Pool ID format | Field(s) to be used |
Xact via SWIFT and Xact File Transfer | :POOL//16xa and :SETR//TURN | Field :20C: sequence A1 Field :22F: sequence E |
a. The reference (16x) must neither start nor end with a single slash "/" nor must it contain two consecutive slashes "//".
Management of failed instructions
Instructions for receipts from domestic counterparties that have not settled by the tenth attempted settlement day will be cancelled.
Instructions for deliveries to domestic counterparties that have not settled by the fifth attempted settlement day will be cancelled and the securities re-credited to the customer’s account on that day (first attempted SD+5).
New issues settlement
Customers who successfully tender for a new equity or debt issue must instruct their agent to deliver the securities to CBL's account with BNP. No special information is required other than the normal settlement receipt instruction; regular instruction deadlines apply.