Settlement process - Georgia
Settlement cycles
A T+2 cycle is the market practice applied by the National Bank of Georgia (NBG) and the United Securities Registrar of Georgia.
Settlement flows
Standard securities transfer – Sovereign debt - free of payment
| T+0 | Customer trades with counterparty. |
| T+0/1 | Customer sends MT54X to custodian. Custodian matches and settles instructions in the respective clearing institution. |
| T+2 | Custodian sends the confirmation back to CBL. CBL settles the trades. |
Registration
There is no registration of securities in Georgia as a separate process; an automatic and simultaneous registration process instead applies upon the purchase or sale of securities.
Physical securities
Securities are fully dematerialised.
Stamp duty
No stamp duty applies to the Georgian market.
Penalties
No penalties apply to the Georgian market.
Buy-ins
Buy-ins do not apply to the Georgian market.