As part of the Foreign Securities Transaction Services, the CSD provides cross-border settlement services to its participants (Operators) for transactions in foreign securities executed by members of ATHEX over the XNET network or through third-party execution service providers .
The cross-border settlement services are provided by the CSD in accordance with the provisions of Law 3756/2009 concerning the establishment of links with foreign central securities depositories directly or through custodians, the Codified Regulation on the Operation of the Dematerialized Securities System (DSS Regulation) and the resolutions of the Board of Directors of ATHEXCSD, ATHEXCSD BoD Resolution 1 - DSS Management and Operation Fees and ATHEXCSD BoD Resolution 4 - Terms of settlement through ATHEXCSD as Central Securities Depository and DSS Administrator.
Cross-border settlement involves OTC orders for the delivery or receipt of securities against or without payment (DVP/DFP - RVP/RFP) entered by an Operator in the OTC transaction management subsystem of the DSS. The terms and conditions of operation as well as the settlement procedures for transactions concluded through the XNET network, are defined by the "Regulatory Framework for the Xnet Network Trading" of the Athens Stock Exchange". The orders are transmitted to the respective depositories for settlement by the CSD, through its providers.
The financial obligations of Operators associated with the cross-border settlement of their transactions are paid through the cash settlement accounts kept by Operators in ECB's Target2 system, for transactions in euros (Central Bank Money), and in AlphaBank, for transactions in currencies other than Euro (Commercial Bank Money).
The entry of orders by Operators and the fulfillment of their financial obligations should follow the specific instructions provided by the ATHEXCSD and be within the time limits specified per market (ATHEXCSD SSI Matrix & Cutoff Times), taking into account the specific arrangements that apply in case of bank holidays (Holidays 2021, Holidays 2022)
We would like to inform you that following the transition to Swiss Depository - SIX SIS and starting from 15/02/2021, Standard Settlement Instructions and Cutoff Times will be as follows: ATHEXCSD SSIs , Cutoff Times
More detailed information on cross-border securities settlement issues are given under Frequently Asked Questions .
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