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How to use the service

  • The service is optional for operations settled on the basis of settlement instructions which are to be matched, as both parties to settlement must allow partial settlement.
    • For instructions which are to be matched, the issuer of a settlement instruction allows partial settlement by accordingly populating a specific field in the settlement instruction with the relevant value.
    • A KDPW participant may also allow partial settlement for a settlement account (it is assumed that partial settlement is disallowed by default). For settlement instructions where the issuer does not allow (or disallow) partial settlement expressly, KDPW will populate the value on the basis of the details of the account of the relevant party to settlement.

  • For operations settled on the basis of settlement instructions which are not to be matched, in particular trades covered by the guarantee system, the service is obligatory for the party which receives securities as only the party which delivers securities allows partial settlement.
    • For settlement instructions of trades on the organised market using novation in clearing, partial settlement will not be expressly allowed in the settlement instructions sent by the clearing house while such instructions are enriched by KDPW with information concerning allowed partial settlement on the basis of a declaration whether the settlement account debited under the instruction is defined by the KDPW participant in the settlement system as an account which allows partial settlement. This means that the decision to allow partial settlement is made by the party which delivers securities while the party credited under the instruction can also participate in partial settlement even though it does not decide whether to allow it.
Last modified:01-08-2014 Go up