BA-404 · Lesson 7 of 9

Clearing and Settlement Through the Single Central Securities Depository

Learn what happens after a trade is concluded on BIMx: reporting to the DCU, confirmation of instructions, and the simultaneous transfer of securities and cash at T+2.

10 min read Professional Becoming a BIMx Member
Track contents BIMx Trading Infrastructure
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BA-401 · The ARENA Trading PlatformARENA Trading and the BIMx Operating ModelThe BIMx Trading Session, State by State
BA-402 · Exchange Trader CertificationWho Can Become an Exchange TraderThe Certification Exam and Access Credentials
BA-403 · Trading SimulationsSimulations: The Dress Rehearsal Before the First Session
BA-404 · Becoming a BIMx MemberBecoming an Exchange Member, Step by StepClearing and Settlement Through the Single Central Securities Depository
BA-405 · The Broker's Role in Issuer AdmissionInitiating Participant and Intermediary ParticipantPreparing BVM Issuers and Municipal Bond Issues

The role of the Single Central Securities Depository

According to the announcement of 28 September 2026, connecting the BIMx system to the DCU system is in its final stage, along with setting the operating rules. Settlement becomes operational when trading launches.

The T+2 cycle

  1. T+0: trade dateBIMx sends the DCU the consolidated report of trades executed during the session.
  2. T+1The participants and the DCU confirm the settlement instructions.
  3. T+2Securities and funds are transferred simultaneously, on a delivery versus payment basis.

Settlement is in the national currency (MDL), and T+2 means the second business day after the trade date. Non-business days are not counted.

Delivery versus payment

The delivery versus payment (DvP) principle means that securities are transferred only if the cash is transferred at the same time. This way, neither party risks delivering without receiving the corresponding value.

What the investor sees

For the end client, settlement is usually invisible: they see the order executed on the trade date, and the securities appear in their account after settlement. The broker must be able to explain this time gap clearly, especially to beginner investors buying at a first listing.

WhenWhat the client sees
T+0Confirmation that the order was executed, with price and quantity
T+1The trade pending settlement
T+2The securities in the account (buyer) or the funds available (seller)

Key takeaways

  • The DCU keeps records of securities and settles trades concluded on BIMx.
  • The cycle is T+2: report to the DCU at T+0, confirmation of instructions at T+1, transfer at T+2.
  • Settlement is in MDL, and T+2 is counted in business days.
  • Delivery versus payment ensures securities and cash are transferred simultaneously.
  • The broker is responsible for settling clients' trades and checks available holdings before placing an order.

Check your knowledge

Answer all the questions. If you answer all of them correctly, the lesson is marked as completed automatically.

Question 1 of 3A trade on BIMx is concluded on Friday. When does settlement take place, assuming no public holidays?

Explanation: T+2 is counted in business days: T+1 is Monday, T+2 is Tuesday.

Question 2 of 3What does the “delivery versus payment” principle mean?

Explanation: Delivery versus payment means a simultaneous transfer: securities move only if the cash moves too.

Question 3 of 3What does BIMx send to the DCU on the trade date (T+0)?

Explanation: At T+0, BIMx sends the DCU the consolidated report of trades executed during the session.

Finished the lesson?Mark it as completed to track your progress.

Educational material only. It does not constitute investment, legal or tax advice. Numerical examples are hypothetical.