The entire process of calculating net financial obligations (the clearing process) and the final settlement of these obligations (the settlement process) arising from transactions in securities — executed on the Exchange or outside it, between specialized financial intermediaries acting on behalf of their own portfolios or their clients' portfolios — is carried out by the financial institutions partnered with the ALSE Exchange, specialized in providing these services.
As regards the clearing and settlement process in monetary value (cash), initially this process is carried out by a second-tier bank designated by the ALSE Exchange. Later, once ALREG is licensed by the Bank of Albania also as a payment institution, this entire process will be carried out in a closed circuit by ALREG.
Clearing and Settlement Institutions
All transactions executed on the ALSE Exchange are cleared and settled by the relevant institutions, specialized and licensed by the AMF.
AFISAR
ActiveThe system managed by the Bank of Albania for the clearing and settlement of securities transactions.
ALREG
Under licensingInstitution in the process of being licensed by the AMF, which will carry out the clearing and settlement of non-Government securities transactions.
Clearing and Settlement Time
ALSE, in cooperation with the clearing institutions, does everything possible to be as rigorous as possible in preventing transaction failures, as these damage market integrity and the trust of the investing public.
Clearing and Settlement Principle
Delivery versus Payment (DvP)
The clearing and settlement process follows international best practices and standards, with the aim of reducing risk. The basic principle for transactions executed on the ALSE Exchange is Delivery versus Payment.