Central Securities Depository and Clearing House

септембар 2023.

Central Securities Depository and Clearing House (CSD) is one of the pillars carrying the financial market. The CSD records all transactions in financial instruments, holders of such instruments and the rights arising from the instruments, issues unique identification numbers for financial instruments in accordance with international numbering and communication protocols, conducts the clearing and settlement of transactions and processes transactions in a book-entry form. You can read more about the CSD functions and its role on the capital market at the following link: Central Securities Depository and Clearing House as a market participant. Who are the members of the CSD? The following entities can be members of the CSD – the Republic, National Bank of Serbia, investment firms, credit institutions, market operators, regulated markets, investment fund management companies, foreign legal persons that perform clearing and settlement or registration of financial institutions and other persons. They can all be members of the CSD provided they fulfill the conditions for membership specified in the CSD rules.

Members of the CSD
Explanation of terms used:
Regulated market is a trading venue, a trading system involving multiple participants. It is managed and organized by a market operator (stock exchange). It brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with its non-discretionary rules – in a way that results in a contract, under its rules. It is authorized by the Securities Commission.
MTF is an initialism for a multilateral trading facility. It is a trading system involving multiple parties managed by a stock exchange or an investment firm, with non-discretionary rules, and trading resulting in a contract.
OTC is an initialism for over-the-counter and means markets or transactions arranged bilaterally between two principals without the participation of an exchange. It is a secondary market for trading in financial instruments that is not required to have a market operator and whose trading system require negotiation between buyers and sellers of financial instruments for the conclusion of a transaction.

Share in turnover – Stock Exchange and OTC
In the observed period, the highest share (participation) in the turnover of financial instruments on all three market tiers was by authorized banks and the NBS.

Transactions settled per market tiers – the share in the total turnover value (RSD)
The graph illustrates transactions settled per market tiers (regulated market, MTF and OTC) – the share in the total turnover value (RSD), which of the tiers has the highest turnover.  

Transactions settled per market tiers – share of number of transactions

Assets paid out on the basis of corporate services  

Note! These graphs are derived from data which the market participants submit electronically to the Securities Commission by the 15th of the month for the previous month, as part of the Commission's regular supervision carried out on the ongoing basis.