Settlements

    There are two ways to make cash settlement of securities transactions - through the Clearing bank and directly. All the Vilnius Stock Exchange (VSE) transactions and OTC DVP transactions (in Litas) are settled through the Clearing bank. Securities transfers of stock exchange transactions can be executed through the Lithuanian, Latvian and Estonian central depositories. Exchange Members - intermediaries of public trading - can participate in trading on the Exchange without being participants of the Central Depository, however they must enter into agreements with securities and cash custodians who would participate in the Securities Settlement System (SSS) of the Central Depository and the payment system LITAS. Participants of the Central Depository must confirm settlement positions by each VSE transaction wherein they have been referred to by the Exchange member as a securities and (or) cash custodian. During settlement of the VSE transactions, settlement accounts with the Clearing bank are debited only by payment instructions of the Central Depository. The automatically matched securities transactions are guaranteed by the Guarantee fund of the VSE. Settlements are executed according to the DVP (Delivery versus Payment) principle, i.e. securities in the Central Depository and cash in the Clearing bank are transferred between counterparties' accounts simultaneously.

    The detailed scheme of securities and cash movements for the settlement of automatically matched securities transactions concluded on the VSE is given below. The legal basis for these schemes is comprised of:
Membership and Trading Rules of NASDAQ OMX Vilnius ,
Rules on Settlement of Securities Transactions Concluded on the Stock Exchange NASDAQ OMX Vilnius ,
Rules on the Securities Settlement System of the CSDL,
Accounting Rules for Financial Instruments and Their Circulation
and legal documents of Payment system "LITAS" et al.