This resolution of the National Bank of Ukraine introduces changes to the procedure for conducting depository and clearing activities, particularly regarding settlements for securities transactions.
Essence of changes:
1. A new settlement mechanism of “delivery versus delivery of securities” is introduced for operations involving domestic government bond (OVDP) exchanges.
2. The procedure for conducting OVDP exchange auctions is detailed, including securities blocking, settlements, and cases of settlement deadline violations.
3. The procedure for servicing external government bonds (OZDP) and government derivatives through foreign depositaries is clarified.
Structure of changes:
– Section I – general provisions and term definitions
– Section II – specifics of depository accounting and settlements
– Section III – procedure for securities transactions
– Section IV – specifics of OZDP servicing
– Annexes – updated balance account codes
Key innovations:
1. Introduction of an OVDP exchange mechanism through auctions with the possibility of value difference payment
2. Detailing the procedure for blocking and unblocking securities during settlements
3. Clarification of interaction with foreign depositaries when servicing OZDP
4. Updating the balance account system for accounting OVDP exchange operations
The resolution concerns operations with government securities and has a significant impact on the functioning of Ukraine’s financial market.
