Schematische weergave van de clearing en settlement (afwikkeling) in de aandelenhandel For Trading and settlement platforms
Clearing and settlement (C&S) is the process whereby a transaction on a trading platform is actually executed.
The position of C&S in the trading of shares is shown in figure 1.
Notes to figure 1:
- A trading transaction is concluded between two trading members, possibly on the instructions of an underlying final investor (buyer or seller).
- The transaction is transmitted to the clearing organisation by the trading platform.
- Clearing is effected between a clearing house and its clearing members.
- Reconciliation is effected between the clearing members and the trading members.
- The clearing house sends instructions for settlement to the settlement platform (CSD).
- The settlement platform then effects the actual share transfers and ensures that the relevant funds are also transferred. The customers of the settlement platform are known as member firms.
- Reconciliation is effected between the member firms and the clearing members.