ICMSA Publication


ICMSA Bulletin 201202/52 – ICMSA Recommendation with respect to requirements for Payment Business Days

With the continuing expansion of local currencies now eligible for securities primarily deposited for settlement within Clearstream Banking, Luxembourg and Euroclear Bank SA/NV, the (“ICSDs”), some uncertainty has arisen with regard to the application of ICSDs’ Payment Business Days. A number of countries, particularly within the Middle Eastern Region, maintain business days which fall on a Saturday/Sunday, which are not operative within the ICSDs, and the new revised bulletin is designed to clarify the ICSDs’ position in this regard. The Bulletin sets out all the recommended Payment Business Day criteria to be utilised within newly constituted security documentation as well as for programme updates. In addition, clarification is provided regarding the question of maintaining fungibility for future tap issues.

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