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Participant’s Continuing Obligations

Participants should familiarise themselves with AIX CSD Business Rules and AIX CSD Procedures and ensure that they are in compliance with the relevant requirements. 

To help Participants to understand AIX CSD’s key requirements and standards, AIX CSD has developed the Guide to the Key Continuing Obligations.

If you have questions concerning the continuing obligations, please contact the Participant Regulation Team.

Participant’s 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 and problems. 

Participant, wishing to: 

Participant’s 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 the Participants are required to complete and submit via [email protected] the following documents:

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 conference call.

If you have questions concerning the oversight programme, please contact the Participant Regulation Team.

Settlement Cycle Schedule

Settlement of the on-exchange trades is conducted on a T+2 / BIS model 2 (gross settlement of securities & net settlement of cash) Delivery-vs-Payment (DvP):

  • Prepayment check: T+1 and before 9:00 on T+2;
  • 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 to be “failed”, if it is not settled before 17:00 on T+3; AIX CSD settlement fail procedures would 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 Daily Timetable of Some AIX CSD Actions 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 (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 obligation are given up by the broker to the custodian who must, in turn, take it up based on instructions from the customer. Please contact the Clearing & Settlement Team.