The CSD is open for settlement on TARGET2-Securities opening days. That means the CSD system is operational on local holidays if the TARGET2-Securities platform is open on those days.
The CSD is open for settlement from Monday to Friday. It is closed for any type of settlement on the following days in 2018 in all currencies:
- All Saturdays
- All Sundays
- Easter Monday
- 1st of May (Labour Day)
- 25th of December (Christmas Day)
- 26th of December (Christmas Holiday)
- 1st of January (New Year’s Day)
Only Free of payment (FOP) settlement of securities is possible on the following TARGET2 holidays in 2018:
- Good Friday
For financial instruments which are only settled locally (not via T2S), local market holidays are taken into account, meaning each SSS follows the relevant domestic holidays.
|New Year’s day||Jan 1||X||X||X||X||X|
|Day of Re-Establishment of the State of Lithuania||Feb 16||X|
|Independence Day of Estonia||Feb 24||X|
|Day of Re-Establishment of the independence of Lithuania||Mar 11||X|
|Good Friday||Mar 30||X||X||X|
|Easter Monday||Apr 2||X||X||X||X|
|International Labor Day||May 1||X||X||X||X||X|
|Day of declaration of Independence of Latvia||May 4||X|
|Victory day||Jun 23||X|
|Midsummer Eve||Jun 23||X|
|Midsummer day/St John’s Day||Jun 24||X||X||X|
|Statehood Day||Jul 6||X|
|Assumption Day||Aug 15||X|
|Day of restoration of Independence of Estonia||Aug 20||X|
|All Saint’s Day||Nov 1||X|
|Proclamation of the Republic of Latvia||Nov 18||X|
|Christmas Eve||Dec 24||X||X||X|
|Christmas Day||Dec 25||X||X||X||X||X|
|Boxing Day||Dec 26||X||X||X||X||X|
|New Year’s Eve||Dec 31||X|
“General business hours” of the CSD system is period of time within business day which starts at 08:00 and ends at 19:00. During this time period the following actions are possible:
- Input and matching of settlement instructions
- Input and matching of maintenance instructions
- Transfer of liquidity to payment module account necessary for executing settlement instructions
- Settlement of settlement instructions
- Other operations
Matching and maintenance of settlement instructions is executed continuously during general business hours. Note (!) that a settlement instruction for Baltic T2S instruments will be matched in T2S if it was not initially entered as an already matched settlement instruction.
Free of payment (FOP) settlement instructions are settled continuously in real time during general business hours. FOP settlement is executed until 19:00.
Against payment (DVP) settlement instructions settle continuously in real time during general business hours. DVP settlement is executed until 17:00.
During the end of day period (19:00-21:00):
- CSD system is open for participants’ queries (via GUI and messaging)
- CSD system sends participants subscribed reports
- Between 19:45 and 21:00 CSD sends settlement instructions to T2S for processing in NTS for ISD settlement. Note! ISD starts in T2S on ISD -1 at 21:00.
During night time period (21:00-08:00):
- CSD system is opened for participants’, however it is not foreseen that CSD participants will be using CSD system, therefore CSD Operations are not actively monitoring processes taking place during that time or supporting participants in case of possible erroneous actions.
- CSD system is synchronized with information received from T2S NTS (first NTS cycle shall finish by 23:20) and communicates settlement instruction status advice and/or confirmation messages to CSD participants (if subscribed).