CDS – Central Securities Depository

Ecex.Exchange is a computer system for a Central Securities Depository (CSD). It supports the core operations of a CSD, which include:

  •   Trade capture and enrichment
     Integration with multiple trading venues with or without pre-validation
  •   Settlement of instructions on T+n in one or more segregated streams or liquidity pools 
  • DvP
    Payment without delivery
  • Settlement management with support for 
  • Cash or payment agents
     Settlement payment ceilings
     Trading ceilings 
  • Grouping or linking of multiple instructions 
  • Hold and release (conditional settlement) 
  • Priority of buyer and seller
  •   Maintenance of securities accounts
  •   Maintenance of cash liquidity accounts for one or more payment systems
  •   Optimised settlement of securities transactions
  •   Support for the integrated cash model for settlement
  •   Registration of transactions on securities accounts as part of settlement finality
  •   Fulfilment of obligations as an NNA, including integration with ANNA
  •   CSDR compliance
  •   T2S integration Settlement processing is divided into two stages called pre-settlement processing and settlement finalisation. Pre-settlement processing identifies those settlement instructions that need to be processed, validates availability and groups them into a batch to await settlement finalisation. This process does not take place until the day on which settlement is due. Settlement finalisation updates the registered accounts and balances and creates the transaction records required. It is assumed that the payment instructions are issued and executed between the stages of pre-settlement processing and settlement finalisation.