Settlement services – Slovenia
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) |
| All securities | ||
PREA instructions are supported | On the local Slovenian market pre-matching is done between settlement counterparties via email. | On receipt of instructions |
Note: The domestic counterparty and the domestic safekeeping account on the buyer/seller side must be stated for matching purposes.
Procedures for domestic counterparties
To arrange pre-matching of instructions, clients should request their domestic counterparties to contact NLB on the following numbers:
NLB d.d.
Attn: Custody Services
Mail: Settlements@nlb.si
Receipt of securities in CBL
For all receipts of securities, clients should advise their domestic counterparty to:
- Pre-match the transactions with NLB as soon as possible;
- Indicate the Clearstream Banking account at KDD, number 3673204;
- Indicate the client's CBL account when pre-matching.
If the transaction is matched successfully and provisions are available, NLB confirms settlement for CBL's real-time processing on SD.
For all against payment receipts of securities, NLB, in accordance with market practice, executes DVP settlement in KDD's system. Cash transfer via RTGS with a separate free receipt of securities is not supported.
Delivery of securities from CBL
For all deliveries, customers should advise their domestic counterparties to:
- Pre-match the transactions with NLB as soon as possible;
- Indicate the Clearstream Banking account at KDD, number 3673204;
- Indicate the client's CBL account when pre-matching.
For all against payment deliveries of securities, NLB, in accordance with market practice, executes DVP settlements in KDD's system. Receipt of incoming funds via RTGS with a separate free delivery of securities is not supported.
Physical deliveries and receipts
The Slovenian market is almost fully dematerialised. Physical securities are not eligible on the CBL link.
Matching service
Matching is mandatory for all transactions settling in T2S. In addition to the mandatory matching criteria in T2S the following fields may, if present, be matching criteria.
Additional matching field
The following additional matching fields are initially not mandatory but, when one of the counterparties provides a value for them in its instruction, matching values must be provided by the other counterparty:
- Opt-out indicator
- CUM/EX indicator
In their instructions to CBL, clients may use the following fields:
Type and purpose of the additional matching field | Xact via Swift and Xact File Transfer |
Opt out indicator Client wishes to opt out from market claims or transformations | :22F::STCO//NOMC |
Cum indicator Client wishes to indicate its transaction as cum coupon | :22F::TTCO//CCPN |
Ex indicator Client wishes to indicate its transaction as ex coupon | :22F::TTCO//XCPN |
Beneficial Ownership Client wishes to indicate No change of beneficial ownership | :22F::BENE//NBEN |
Beneficial Ownership Client wishes to indicate Change of beneficial ownership | :22F::BENE//YBEN |
Optional matching field
The following optional matching fields must match when provided by both counterparties:
- Common reference;
- Client of delivering/receiving CSD participant;
- Securities account of the delivering/receiving CSD participant (mandatory for Settlement via KDD).
Type and purpose of the optional matching field | Xact via Swift and Xact File Transfer |
Common reference Client wishes to indicate a reference agreed with the counterparty | :20C::COMM |
Client of delivering CSD participant Client wishes to specify the BIC11 or local code of the counterparty’s underlying client | :95a::SELL |
Client of receiving CSD participant Client wishes to specify the BIC11 or local code of the counterparty’s underlying client | :95a::BUYR |
Securities account of the delivering party Client wishes to specify the counterparty’s account | :97A::SAFE with:95a::DEAG |
Securities account of the receiving party Client wishes to specify the counterparty’s account | :97A::SAFE with:95a::REAG |
Additional mandatory matching fields
The following mandatory matching fields must match when provided by both counterparties.
In addition to the standard T2S matching criteria clients must mark field :95P: or :95Q: Seller/Buyer in combination with :97A: Safe (Counterparty’s account at KDD) as mandatory.
Securities account of the delivering party It is mandatory for clients to enter the seller’s account at KDD in :97A::SAFE | with :95P::SELL or :95Q::SELL :97A::SAFE | Securities account of the ordering party |
Securities account of the receiving party It is mandatory for clients to enter the buyer’s account at KDD in :97A::SAFE | with :95P::BUYR or :95Q::BUYR :97A::SAFE | Securities account of the beneficiary |
Allegements
Not available in the market.
Identification of CSDs in T2S
In T2S all CSDs will be identified by their BIC11. Clients are required to use the following BIC11 as Place of Settlement for domestic instructions in KDD:
CSD | BIC11 |
KDD via T2S | KDDSSI22XXX |
Identification of the counterparty in T2S
In T2S, the CSD participants are identified exclusively by the combination of their home CSD (SWIFT: PSET), that is, the PSET shall be the BIC of the CSD the counterparty uses to access T2S, and their BIC11 (SWIFT: REAG/DEAG).
If a client uses a BIC8 to identify the Receiving/Delivering Agent, CBL shall be entitled to modify the BIC8 provided and the settlement instructions will be then processed by default with a BIC11 by adding the default XXX suffix to comply with T2S settlement rules.
Accordingly, such clients remain liable for any settlement fails that the use of the BIC8 may cause and the clients furthermore agree to indemnify CBL against losses, liabilities, damages, penalties, expenses and all other costs on any kind suffered by CBL as a result of the client not complying with the above requirement.
Procedures for domestic counterparties
Securities eligible in KDD
Procedure for the domestic counterparty | Deadline |
Receipt in CBL/Delivery from CBL | |
Deliver to/Receive from: BIC LJBASI2XXXX In favour of/by order of: CBL BIC11 and Clearstream account number 3673204 | Market deadline |
Note: T2S does not report the account field with second party level in the allegement messages and we therefore recommend clients to request their counterparties to include the CBL client account number in field :70C::PACO instead of :97A::SAFE.
The securities account number (SAC) is an optional matching criteria in T2S.
Partial settlement
Not applicable.
Allowed countervalue difference
The following T2S cash tolerances will apply to instructions (against payment instructions in EUR only):
- EUR 2 for transactions with an amount equal to or less than EUR 100,000; and
- EUR 25 for transactions with an amount greater than EUR 100,000.
In the event of a discrepancy within the limits, in principle the cash amount of the delivering party will prevail.
Bridge settlement
Slovenian government bonds and Treasury Bills are Bridge-eligible.
Back-to-back processing (Transaction Linking)
Back-to-back processing is not available for transactions in KDD-eligible securities.
New issues settlement
In general, CBL clients must prepay the Lead Manager directly during the official subscription period for the countervalue of new security (equities or government bonds) to which they want to subscribe. The currency in which such payments are to be made is included in the official announcement of the subscription.
Government bonds
Clients must submit a free of payment receipt instruction, in accordance with the deadlines mentioned in Settlement times. When a bid is successful, KDD delivers the newly issued securities to CBL's account 3673204 (with KDD).
Equities
The Lead Manager holds the prepayment in escrow on behalf of investors. If bids are rejected, prepayments are refunded to the investors according to the payment instructions given to the Lead Manager. When a bid is successful, the Lead Manager delivers the allocation of newly subscribed shares to the KDD, which registers the newly issued shares on CBL's account 3673204 with KDD.
Clients must pre-advise CBL of the receipt of securities through transmission of a free of payment receipt instruction.
Settlement Discipline Regime and related domestic market settlement functionalities
Recycling of pending transactions
Unmatched instructions will be cancelled automatically after 20 business days (starting from the intended settlement date or the date of the last status change of the instruction).
Matched, but not settled instructions will be cancelled after 60 business days (starting from the date of receipt or on the day the last modification was sent for this instruction).
Bilateral cancellation
This means that matched instructions can only be cancelled if both domestic counterparties request a cancellation of their instructions.
Until the cancellation confirmation is received from the market, the instruction will remain eligible for settlement, that is, the instruction may be provisioned and proposed for settlement and may be subject to cash penalties.
Hold and release
Hold and Release is not available on this market via CBL.
Partial settlement
Partial settlement is not available on the market.
Matching information
The trade date is a mandatory matching criterion and domestic instructions will follow local market rules.
Cash penalties
Penalties will be calculated and applied on matched settlement instructions that fail to settle, in full or in part, on and after their intended settlement date (ISD), if both the settlement instruction and the relevant financial instrument are subject to cash penalties.
Instruments subject to cash penalties
Any financial instrument listed in the Financial Instruments Reference Data System (FIRDS) database maintained by ESMA will be subject to cash penalties. However, cash penalties will not apply to shares listed in the Short Selling Regulation (SSR) exemption list.