Settlement times - Bulgaria
The deadlines shown below are valid provided that the client's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL and in the local market. Clients must also ensure that any necessary provision is available. If any of these criteria are not met, CBL cannot guarantee timely settlement.
Important Note: As part of CBL’s internal compliance procedures, all incoming client instructions will be automatically scanned before entering transaction processing. Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the client via their chosen media channel(s), until either being manually released for processing or rejected. In order to ensure that instructions being investigated do not miss the applicable deadlines, Clients are advised to input instructions at least 15 minutes before the associated deadline.
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| BNB - T-bills and government bonds a,b | |||||||
| Receipts | FOP | 21:30 SD-1 | 15:10 SD | 15:10 SD | 08:30 SD | 17:00 SD | |
AP | 21:30 | 11:00 SD | 11:00 SD | 08:30 SD | 17:00 SD | ||
| Deliveries | FOP | 21:30 SD-1 | 15:10 SD | 15:10 SD | 08:30 SD | 17:00 SD | |
AP | 21:30 | 11:00 SD | 11:00 SD | 08:30 SD | 17:00 SD | ||
| CDAD - Equities, investment funds and corporate, mortgage and municipal bonds - SE trades c,d | |||||||
| Receipts | FOP | 21:30 SD-1 | 14:55 SD | 14:55 SD | 08:00 SD | 19:00 SD | |
AP | 21:30 SD-1 | 09:55 SD | 09:55 SD | 16:00 SD | 19:00 SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 14:55 SD | 14:55 SD | 08:00 SD | 19:00 SD | |
AP | 21:30 SD-1 | 09:55 SD | 09:55 SD | 16:00 SD | 19:00 SD | SD | |
a. Matched transactions cannot be unilaterally cancelled by clients. At the end of each settlement date all pending transactions automatically expire in the BNB system. Clients are required to reinstruct with a new SD.
b. For deadlines applicable to settlement of new issues of Bulgarian government securities, please refer to “New issues settlement” under Settlement services.
c. The deadlines do not apply to OTC transactions. The CBL deadline for free of payment OTC instructions is 14:55 SD and for against payment OTC instructions is 14:55 SD-2 (that is, TD). See also "Notes on OTC transactions" below.
d. Cancellations of against payment instructions should be sent by 16:30 CET on SD-1. Any cancellation request received by CBL will be processed on "best efforts" basis. Cancellation of matched transactions requires bilateral cancellation.
Notes on OTC transactions
- The settlement cycle of OTC DVP/RVP is T+2.
- To ensure timely settlement of against payment OTC transactions, clients are required to use immediate release flag (IRL).
- Cancellations of free of payment OTC instructions should be sent by 16:30 CET on SD.
- Matched free of payment OTC instructions cannot be unilaterally cancelled by clients.
- Cancellations of against payment OTC instructions should be sent by 16:30 CET on TD.
- Cancellation of matched against payment OTC transactions requires bilateral cancellation.
- Matching of the instructions free of payment is performed on T+0 and once matched the settlement is executed.
- Matching of DVP transactions is performed on T+1 and settlement is executed on T+2.
- The Custodian/Agent will process cancellations after the set deadlines on best effort basis depending on the status of the instruction in CDAD.