OTC = Over the Counter Market
- Step (1) When purchasing securities, the purchasing / purchaser’s bank shall send message for transfer of funds from the regular account to the special settlement account in MIPS.
- Step (2а) When purchasing securities, the purchasing / purchaser’s bank shall send a message for transfer of ownership of securities to the Matching System.
- Step (2b) When selling the securities, the selling / seller’s bank shall send message for transfer of ownership of securities to the Matching System.
- Step (3) The Matching System shall compare the elements of the message for the transfer of ownership from steps (2a) and (2b), and if the messages match it shall send a single message for transfer of ownership to the CSD.
- Step (4) The CSD shall transfer the funds from the special account of the purchasing / purchaser’s bank in MIPS to the account of the Central Securities Depository in MIPS, if there is sufficient funds for settlement on the special account of the purchasing / purchaser’s bank in MIPS
- Step (5) CSD shall transfer the funds from the CSD’s account in MIPS to the regular account of the purchasing / purchaser’s bank. Simultaneously, by transferring the funds, the CSD shall transfer the ownership of securities from the seller’s account to the purchaser’s account.
- Step (6) The CSD shall inform the National bank about the outcome of the settlement. The National bank shall submit the notification from the CSD to the participants through the Matching System.
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