Nasdaq CSD facilitates the following settlement of:
Nasdaq CSD executes account holders’ settlement instructions only if the Account Operators have fulfilled all the requirements set out in the Rulebook and Operating Manual.
Settlement in the Baltic SSS
Settlement services in Nasdaq CSD are provided in accordance with the TARGET2 Securities (T2S) and Framework Agreement (FWA) rules. The system’s functionality serves and operates in and out of T2S, the single pan-European platform for securities settlement in central bank money. Matching and settlement functions are outsourced to T2S for T2S-eligible securities and processed in the system of Nasdaq CSD for other securities.
Nasdaq CSD provides settlement of the cash leg of DvP transfer orders for T2S-eligible securities via dedicated cash accounts (DCAs) at payment banks in T2S and for non-T2S-eligible securities via a cash account in T2 (the real-time gross settlement system owned and operated by the Eurosystem).
Settlement in the Icelandic SSS
As securities registered in the Icelandic SSS are not T2S-eligible, the cash settlement of a DvP transaction or a corporate actions payment in Icelandic krona (ISK) takes place on dedicated CSD-LOM accounts owned by Participants in the Central bank of Iceland’s Real-Time Gross Settlement System (RTGS).