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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.
Nasdaq CSD is a party to the TARGET2-Securities (T2S) Framework Agreement (FWA), thus settlement services for T2S-eligible securities are provided in keeping with the T2S FWA and the T2S 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 transactions and distribution of corporate action proceeds only in euro currency in central bank money (CeBM). The cash leg of DVP transfer orders for T2S-eligible securities is settled via dedicated cash accounts (DCAs) at payment banks in T2S, while the cash leg of DVP transfer orders for non-T2S-eligible securities settled via a cash account in T2 (the real-time gross settlement system owned and operated by the Eurosystem).
As securities registered in the Icelandic Securities Settlement System (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 the Central bank of Iceland’s Real-Time Gross Settlement System (RTGS).