Participants should familiarise themselves with the AIX CSD Business Rules and the AIX CSD Procedures and ensure that they comply with the relevant requirements. To help Participants understand AIX CSD's key requirements and standards, AIX CSD has developed the Guide to the Key Continuing Obligations. If you have any questions concerning the continuing obligations, please contact the Participant Regulation Team.
Participant Profile
It is important for AIX CSD to ensure that its Participant records remain up-to-date so that it has access to the correct information in the event of queries or issues.
A Participant wishing to:
- change its profile (name, address, senior executive officer, compliance officer) may update the relevant details by emailing the Participant Regulation Team;
- update the list of users having access to the post-trade system may send a change request as signed off by the Participant's Responsible Person to the Clearing & Settlement Team;
- update the list of Authorised Signatories or the Responsible Person (AIX CSD Rule 2.9) may send a change request to the Clearing & Settlement Team;
- open a Depository Account (House, Settlement, Market Maker, Domestic Omnibus, Foreign Omnibus) may send an account opening request to the Clearing & Settlement Team.
Participant Oversight Programme
AIX CSD expects its Participants to operate in compliance with AIX CSD Business Rules and AIX CSD Procedures. The Participant Regulation Team conducts annual compliance reviews, during which Participants are required to complete and submit via [email protected] the following documents:
- Compliance Statement;
- Capital Adequacy Statement;
- Wolfsberg Group Correspondent Banking Due Diligence Questionnaire (CBDDQ);
- Supporting documents as specified in the above questionnaires.
Following receipt and review of each completed questionnaire, the AIX CSD Participant Regulation Team determines whether clarifications or further discussions are required, either in a meeting or a conference call.
If you have any questions concerning the oversight programme, please contact the Participant Regulation Team.
Settlement Cycle Schedule
Settlement of on-exchange trades is conducted on a T+2 / BIS model 2 (gross settlement of securities & net settlement of cash) Delivery-vs-Payment (DvP):
- Main Settlement Cycle: between 11:00 and 11:30 on T+2;
- Late Settlement Cycle: between 11:30 and 17:30 on T+2;
- Settlement is considered "failed" if it is not settled before 17:30 on T+3; AIX CSD settlement fail procedures will apply (see Attachment 2 "Settlement Fails" of the AIX CSD Procedures).
- Settlement of off-exchange trades is conducted during a Settlement Day in accordance with the Daily Timetable of Certain AIX CSD Actions set out in Attachment 1 of AIX CSD Procedures.
Please refer to the AIX CSD Fee Schedule for penalties payable by Participants for late settlement and/or contact the Clearing & Settlement Team.
Designated Settlement Banks
AIX CSD partners with a number of commercial banks where cash-settlement accounts are held. Information on cash-settlement banks is provided to Participants at the time of their onboarding or upon request sent to the Clearing & Settlement Team.
Cash-Settlement Facilitation
A cash-settlement facilitation service is available to Participants who can provide evidence (a copy of a SWIFT transfer ticket) that they sent the cash in due time ahead of the cash settlement event. For further details please refer to the Notice on Cash Settlement Facilitation Service and/or contact the Clearing & Settlement Team.
Custody Model
The AIX CSD custody model allows investors under custody to keep their securities and cash at all times with their custodian. When they buy or sell securities, the trade and settlement obligations are transferred by the broker to the custodian who must, in turn, assume them based on instructions from the customer. Please contact the Clearing & Settlement Team for further information.