Bond ETP Securities Settlement Quiz
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Questions and Answers

What is the primary role of the Settlement Authority as it pertains to Bond ETP securities?

  • To regulate the trading activities of Primary Dealers.
  • To manage the settlement of transactions and associated risks. (correct)
  • To oversee the operations of the KSE Rules and Directives.
  • To monitor market trends and report to investors.

    • Which statement accurately describes the settlement principles for ETP securities?

  • The buyer is responsible for all settlement arrangements without seller involvement.
  • Transactions are settled on a delayed basis of a minimum of fourteen days.
  • Settlements are conducted monthly to synchronize with financial reports.
  • Settlements occur trade by trade and on a rolling contractual basis. (correct)

    • What is one of the functions the JSE Clearing and Settlement division performs in relation to ETP trades?

  • Issuing fines for violations of trading practices in the Cash Bonds Market. (correct)
  • Determining the price fluctuations of Cash Bonds.
  • Facilitating direct investments into foreign bond markets.
  • Providing investment advice to market participants.

    • How does the Settlement Authority address failed trades in ETP transactions?

    <p>Through managing the ETP fails management trading system.</p> Signup and view all the answers

    Which of the following actions is NOT a function of the Bonds Clearing and Settlement team?

    <p>Issuing guidance on bond structuring strategies.</p> Signup and view all the answers

    What is the latest time a CSDP must commit to settling a transaction in Bond ETP securities on the business day before the settlement date?

    <p>18h00</p> Signup and view all the answers

    Which action is NOT a function that the Settlement Authority can take when settlement is unlikely?

    <p>Revoking trade commitments made by members</p> Signup and view all the answers

    What must a member do if they believe a transaction in Bond ETP securities is unlikely to settle on the settlement date?

    <p>Inform the Settlement Authority immediately</p> Signup and view all the answers

    What is the time frame for a transaction in Bond ETP securities to settle after the trade date?

    <p>Three business days</p> Signup and view all the answers

    What must happen by no later than 17h30 on the business day before the settlement date?

    <p>Members must ensure their CSDP is ready to commit to settlements</p> Signup and view all the answers

    Which of the following actions can the Settlement Authority take in the case of systemic risk?

    <p>Notify the CSD of a deferral</p> Signup and view all the answers

    What is a member prohibited from doing on the settlement date regarding payment?

    <p>Stop payment for CSD settlements</p> Signup and view all the answers

    What is the primary mode of settlement for transactions in Bond ETP securities?

    <p>Electronic settlement through CSD</p> Signup and view all the answers

    What triggers the Settlement Authority to consider rolling a settlement to a later date?

    <p>Notification from a member that they are unable to settle a transaction on the due date.</p> Signup and view all the answers

    What is included in the list obtained by the Settlement Authority from the CSD?

    <p>The failed trade leg as well as the opposite trade leg.</p> Signup and view all the answers

    Who is informed about the revised settlement date after the Settlement Authority makes a decision?

    <p>Both failing and non-failing members involved in the transaction.</p> Signup and view all the answers

    What is required of members after the Settlement Authority rolls the settlement to a revised date?

    <p>Members are instructed to re-book the original transaction at the original yield.</p> Signup and view all the answers

    Under what condition can the Settlement Authority roll the transaction to yet another revised settlement date?

    <p>If circumstances are deemed exceptionally warranted.</p> Signup and view all the answers

    What action does the JSE consider if the Settlement Authority determines the settlement cannot occur on the further revised date?

    <p>Considering the member to be in default.</p> Signup and view all the answers

    What must occur before any rolling of settlement happens?

    <p>A notification and determination from the Settlement Authority.</p> Signup and view all the answers

    What system must members report the transaction to after rolling the settlement?

    <p>The ETP fails management trading system.</p> Signup and view all the answers

    What is the latest time by which a member's CSDP must commit to settle a transaction in Bond ETP securities?

    <p>15h00 on the settlement date</p> Signup and view all the answers

    What action should a member take if their CSDP has not committed to settle a sale transaction by 13h15 on the settlement date?

    <p>Take necessary steps to ensure commitment by 15h00</p> Signup and view all the answers

    If a member is unable to secure commitment from their CSDP by 18h00 the day before settlement, what must they do?

    <p>Notify the Settlement Authority immediately</p> Signup and view all the answers

    What consequence may occur if a member does not cover an uncommitted sale transaction by 14h00?

    <p>The member will be instructed to borrow securities from National Treasury</p> Signup and view all the answers

    Under what condition may a member's CSDP retract their commitment to settle a sale transaction?

    <p>If another transaction in the same bond is pending</p> Signup and view all the answers

    What time do members need to ensure their CSDP commits to settle by on the settlement date?

    <p>15h00</p> Signup and view all the answers

    What is the condition for a transaction to be considered settled by the CSDP?

    <p>The CSDP must commit to the transaction by 8h30 on the settlement date</p> Signup and view all the answers

    What process must a member follow if the Settlement Authority determines that a transaction must be rolled to a later date?

    <p>Act according to the instructions received from the Settlement Authority</p> Signup and view all the answers

    What is the purpose of marking-to-market the unsettled transactions in Bond ETP securities by the JSE?

    <p>To determine necessary adjustments based on market conditions.</p> Signup and view all the answers

    How is the initial margin for transactions in Bond ETP securities calculated?

    <p>Based on methods agreed upon with the Market Committee.</p> Signup and view all the answers

    What consequence can result from a member's failure to pay initial margin and adjustments?

    <p>It may be deemed an act of default by the JSE.</p> Signup and view all the answers

    When is a member required to pay the amount due for mark-to-market adjustments?

    <p>By 12h00 the following business day.</p> Signup and view all the answers

    What relationship does a member's CPD margin account have with their margin obligations?

    <p>It can hold amounts in excess of the margin obligation, which can be withdrawn.</p> Signup and view all the answers

    Who is responsible for charging fees associated with the settlement of Bond ETP securities?

    <p>The Settlement Authority, in consultation with the Market Committee.</p> Signup and view all the answers

    What triggers the determination of when mark-to-market adjustments to the initial margin are to be made?

    <p>The JSE's sole discretion following marking-to-market of transactions.</p> Signup and view all the answers

    What may happen to a margin deposit that is in excess of a member's margin obligation on a particular day?

    <p>It can be withdrawn with Settlement Authority's approval.</p> Signup and view all the answers

    What overarching responsibility does the Settlement Authority hold concerning the management of Bond ETP securities transactions?

    <p>Managing risks associated with the settlement of transactions</p> Signup and view all the answers

    Under which principle is the settlement of Bond ETP securities performed according to the established guidelines?

    <p>On a trade-by-trade basis</p> Signup and view all the answers

    Which action is a part of the regular functions of the JSE Clearing and Settlement division regarding failed settlements?

    <p>Advising members about potential issues with uncommitted positions</p> Signup and view all the answers

    What is one of the primary actions taken by the Settlement Authority in case a transaction is deemed unlikely to settle on the scheduled date?

    <p>Roll the transaction to a revised settlement date</p> Signup and view all the answers

    Which responsibility does the Bonds Clearing and Settlement team NOT perform regarding the Cash Bonds Market?

    <p>Establishing the initial offers for new bonds</p> Signup and view all the answers

    What is the first action taken by the Settlement Authority upon notification of a member's inability to settle a transaction?

    <p>Assess if exceptional circumstances warrant rolling the settlement.</p> Signup and view all the answers

    Which of the following actions is required from members after a settlement is rolled to a revised date?

    <p>Re-book the transaction at the original yield.</p> Signup and view all the answers

    Under what circumstances can the Settlement Authority roll a transaction to another revised settlement date?

    <p>If settlement does not take place on the initially revised date.</p> Signup and view all the answers

    Which information is included in the list obtained by the Settlement Authority from the CSD?

    <p>The failed trade leg and the opposite trade leg.</p> Signup and view all the answers

    What is the next step if the Settlement Authority determines that a further revised settlement date is not feasible?

    <p>The JSE will evaluate if the member is in default.</p> Signup and view all the answers

    How is the revised settlement date determined after an exceptional circumstance assessment?

    <p>The Settlement Authority sets it independently, considering available information.</p> Signup and view all the answers

    What must failing and non-failing members do after the Settlement Authority rolls the settlement?

    <p>Report to the ETP fails management trading system.</p> Signup and view all the answers

    What information does the Settlement Authority rely on to assess rolling a settlement to a later date?

    <p>All available information regarding the current transaction.</p> Signup and view all the answers

    What is the purpose of marking-to-market transactions in Bond ETP securities?

    <p>To ensure adequate margin is maintained to cover potential losses.</p> Signup and view all the answers

    What determines the amount of initial margin to be paid by a member?

    <p>It is calculated by the JSE based on approved methods considering potential losses.</p> Signup and view all the answers

    When are mark-to-market adjustments to initial margin typically calculated by the JSE?

    <p>Daily, unless otherwise agreed upon.</p> Signup and view all the answers

    What consequence may occur if a member fails to pay initial margin and adjustments in accordance with the rules?

    <p>Such failure may be considered an act of default by the JSE.</p> Signup and view all the answers

    What is the latest time a member must pay the amount due for mark-to-market adjustments?

    <p>By 12h00 on the following business day.</p> Signup and view all the answers

    What action can be taken if a member's CPD margin account contains excess funds?

    <p>The member may withdraw the excess with the approval of the Settlement Authority.</p> Signup and view all the answers

    Who determines when mark-to-market adjustments to the initial margin are made?

    <p>The JSE, based on its sole discretion.</p> Signup and view all the answers

    What fees related to Bond ETP securities can the Settlement Authority charge members?

    <p>Any fees associated with settlement as prescribed by directive.</p> Signup and view all the answers

    Which of the following actions may the Settlement Authority take if settlement is unlikely to occur?

    <p>Facilitate rolling of settlement procedures.</p> Signup and view all the answers

    What must a member do to ensure a smooth settlement transaction on the business day before the settlement date?

    <p>Commit to settle by 18h00.</p> Signup and view all the answers

    What is the latest time by which a member must inform the Settlement Authority of an unlikely settlement?

    <p>17h30 on the business day preceding the settlement date.</p> Signup and view all the answers

    What action is permissible for a member's CSDP regarding their commitment to settle?

    <p>Revocation is only possible after consulting the Settlement Authority.</p> Signup and view all the answers

    Which of the following best defines the role of the CSD in Bond ETP securities transactions?

    <p>To electronically process and settle transactions according to established principles.</p> Signup and view all the answers

    What is a key consequence if a transaction in Bond ETP securities does not settle on the expected date?

    <p>The Settlement Authority may deem the transaction as causing systemic risk.</p> Signup and view all the answers

    Which practice is essential for members regarding their CSDP on the business day preceding the settlement date?

    <p>Make arrangements for the CSDP to commit to settlement by 18h00.</p> Signup and view all the answers

    What might trigger the Settlement Authority to consider deferring the settlement of a Bond ETP security?

    <p>A potential systemic risk identified by the authority.</p> Signup and view all the answers

    What is the latest time a member must ensure their CSDP commits to settling a sale transaction in Bond ETP securities on the settlement date?

    <p>15h00</p> Signup and view all the answers

    If a member receives a notification from the Settlement Authority regarding a transaction, what must the member do?

    <p>Act according to the instructions from the Settlement Authority.</p> Signup and view all the answers

    What action may a member's CSDP take if there is a dependency on another transaction that has not been committed to?

    <p>Formally retract their commitment to settle the transaction.</p> Signup and view all the answers

    What must a member do to cover an uncommitted sale transaction by the specified deadline?

    <p>Take necessary steps by 14h00.</p> Signup and view all the answers

    When must a member inform the Settlement Authority if their CSDP has not committed by a certain time?

    <p>By 13h15 on the settlement date.</p> Signup and view all the answers

    Which of the following is a potential consequence for not covering an uncommitted sale transaction by 14h00?

    <p>The Settlement Authority will instruct the member to borrow securities.</p> Signup and view all the answers

    What time does a member's CSDP need to have committed to a transaction by on the settlement date to avoid retraction?

    <p>15h00</p> Signup and view all the answers

    What should a member do immediately after finding out their CSDP cannot settle by the deadline?

    <p>Notify the Settlement Authority.</p> Signup and view all the answers

    Study Notes

    Settlement of Bond ETP Securities

    • The Settlement Authority monitors and ensures the settlement of all Bond ETP Securities.
    • The Settlement Authority facilitates the settlement of transactions in Bond ETP securities through the Bond ETP trading system.
    • The Settlement Authority manages the risks associated with the settlement of transactions in Bond ETP securities.
    • The Settlement Authority may defer the settlement of Bond ETP securities transactions that in its view could cause systemic risk.
    • The Settlement Authority may roll settlements of Bond ETP Securities to a later date.
    • The Settlement Authority can instruct members to borrow relevant securities from National Treasury through the South African Reserve Bank to cover unsettled transactions.
    • The Settlement Authority sets fees associated with settlement of Bond ETP securities.

    Roles of the JSE Clearing and Settlement Division

    • Ensure Settlement Assurance for trades executed in the ETP Market
    • Monitor Bond settlements
    • Perform lender of last resort between SARB and Primary Dealers
    • Lender of last resort for IRC members
    • Balance the daily margin and maintenance levels of the Primary Dealers
    • Assist market regulation with cancellation of ETP trades when required
    • Monitor settlements of all ETP trades
    • Monitor Cash Bond settlements
    • Advise members of all uncommitted positions and potential issues
    • Manage the same same-day window and extension thereof in the Cash Bonds Market
    • Issue fines for transgressions of the Rules and Directives in the Cash Bonds Market
    • Inward listing for bonds reporting

    Settlement Principles for ETP Securities

    • Trade by trade
    • Between buyer and seller
    • On a rolling and contractual basis where transactions become contractually due to be settled a prescribed number of days after the trade date.

    Member Settlement Obligations

    • Members must inform the Settlement Authority of any transaction in Bond ETP securities that is unlikely to settle on the settlement date.
    • Members' CSPDs (Central Securities Depositories) must commit to settling bond ETP securities on behalf of the member by 18:00 on the business day preceding the settlement date.
    • If a member is unable to ensure that their CSDP commits to settling a transaction by 18:00 on the business day preceding the settlement date, the member must immediately notify the Settlement Authority.
    • If a member's CSDP has committed to settling a sale transaction in Bond ETP securities prior to the settlement date, the member may be unable to settle the transaction on the settlement date if there is a dependency on the settlement of another transaction in the same bond.
    • If by 13:15 on the settlement date the member's CSDP has not committed to settle a sale transaction in Bond ETP securities, the member must take all necessary steps to ensure that the member's CSDP is in a position to recommit to settle by 15:00.

    Rolling of Settlement

    • The Settlement Authority will obtain a list of Bond ETP settlements from the CSD that are not going to be effected on the due settlement date, following notification by the failing member and a determination by the Settlement Authority.
    • The failing and non-failing members will be instructed to re-book the original transaction at the original yield for settlement on the revised settlement date.
    • The transaction will be reported by the failing and non-failing members to the ETP fails management trading system. If settlement does not take place on the revised settlement date, the Settlement Authority will, under exceptional circumstances, roll the settlement to another revised settlement date.

    Mark-to-market of Bond ETP Securities

    • The JSE may, in terms of the calculation method set out in the directives, on any business day, mark-to-market the unsettled transactions in Bond ETP securities if the JSE determines that such is necessary in respect of a particular member, or the unsettled transactions of all members of the Bond ETP market; or that the market conditions in respect of Bond ETP securities warrant such a calculation.

    Margin on Bond ETP Securities Transactions

    • Initial margin shall be paid by a member into the member's CPD margin account in an amount calculated by the JSE based on calculation methods agreed with the Market Committee.
    • The JSE shall, in its sole discretion, determine, as a result of the marking-to-market of transactions, when mark-to-market adjustments to initial margin shall be paid to or by a member in respect of a transaction in Bond ETP securities.
    • Failure by a member to pay the initial margin and any adjustments thereto in contravention of these rules may, in the discretion of the JSE, be deemed to be an act of default.
    • A member may establish a margin deposit in the member's CPD margin account in order to meet the member's margin obligation from time to time. Any amount held in a member's CPD margin account which is in excess of the member's margin obligation on a particular day may be withdrawn by the member with the approval of the Settlement Authority.

    Fees

    • The Settlement Authority may charge any member the fees associated with settlement of Bond ETP securities as prescribed by directive.
    • Payment of the fees charged shall be made to the Settlement Authority within five business days of notification.

    Settlement of Bond ETP Securities

    • JSE Clearing and Settlement team is the Settlement Authority for trades in Cash Bond Securities listed on the JSE.
    • Settlement Authority ensures trades are settled according to JSE Rules and Directives.

    Functions of the JSE Clearing and Settlement division - Cash Bonds Market and ETP

    • Ensures Settlement Assurance for trades executed in the ETP Market.
    • Monitors Bond settlement.
    • Acts as a lender of last resort between the SARB and Primary Dealer.
    • Acts as a lender of last resort for IRC members.
    • Balances daily margin and maintenance levels of the Primary Dealers.
    • Assists market regulation with cancellation of ETP trades when required.
    • Monitors settlements of all ETP trades.
    • Monitors Cash Bond settlements.
    • Advises members of all uncommitted positions and potential issues.
    • Manages the same-day window and extension thereof in the Cash Bonds Market.
    • Issues fines for transgressions of the Rules and Directives in the Cash Bonds Market.
    • Handles inward listing for bonds reporting

    Settlement principles for ETP securities

    • Settlement of Bond ETP securities are done:
      • trade by trade
      • between buyer and seller
      • on a rolling and contractual basis, transactions are due to be settled a prescribed number of days after the trade date

    Settlement Authority

    • Manages the settlement of transactions in Bond ETP securities executed on the Bond ETP trading system and the ETP fails management trading system.
    • Manages the risks associated with the settlement of transactions in Bond ETP securities.
    • May take action when the settlement of a transaction in a Bond ETP security will not take place or is unlikely to take place on settlement date:
      • Facilitating the settlement of Bond ETP securities in terms of the rolling of settlement procedures set out in the Bond ETP Rules and Directives, if the relevant circumstances merit such action.
      • Facilitating the settlement of Bond ETP securities in terms of the default procedures as a result of the default of an ETP member.
      • Deferring the settlement of Bond ETP securities transactions that in its view could cause systemic risk if they were not to settle, by way of a notification to the CSD of the deferral and the extension of the timeframes referred to Bond ETP Rules and Directives.

    Settlement of Bond ETP Securities

    • All transactions in Bond ETP securities shall be settled electronically through the CSD, in accordance with the settlement principles.
    • A trade in Bond ETP securities by a member shall:
      • be committed to by the member’s CSDP by no later than 18h00 on the business day preceding the settlement date.
      • be settled on the third business day after the trade date.

    Member settlement obligations

    • A member shall ensure that the settlement of a transaction in Bond ETP securities that has been effected by such member takes place.
    • A member must immediately inform the Settlement Authority of any transaction in Bond ETP securities that in its view is unlikely to settle on the settlement date.
    • No member may, on the settlement date, stop payment in respect of a CSD settlement.
    • If a member's CSDP has committed to settling a transaction in Bond ETP securities on behalf of the member, the member may not instruct the CSDP to revoke its commitment to settle the transaction, unless the member receives an instruction to do so from the Settlement Authority.
    • By no later than 17h30 on the business day preceding the settlement date, a member must make the necessary arrangements to ensure that the CSDP of that member is in a position, by no later than 18h00 on the business day preceding the settlement date, to commit to settle the transactions in Bond ETP securities on the settlement date.
    • A commitment by a CSDP to settle a transaction in Bond ETP securities in respect of a member shall become unconditional as at 8h30 on the settlement date.
    • If a member is unable to ensure that the member’s CSDP commits to settling a transaction in Bond ETP securities by 18h00 on the business day preceding the settlement date, the member shall immediately notify the Settlement Authority.
    • If the Settlement Authority receives notification, the Settlement Authority will determine whether settlement of the relevant transaction will be rolled to a later date and, if so, the member must act in accordance with the instructions received from the Settlement Authority.
    • Despite a member’s CSDP having committed to settle a sale transaction in Bond ETP securities prior to the settlement date, a member may be unable to settle the transaction on the settlement date due to a dependency on the settlement of another transaction in the same bond in respect of which the CSDP of the counterparty to that transaction has not yet committed to settling.
    • If by 13h15 on the settlement date the member's CSDP has not committed to settle a sale transaction in Bond ETP securities, the member must take all necessary steps to ensure that the member's CSDP is in a position to recommit to settle the transaction as soon as possible but by no later than 15h00.
    • To ensure that the member's CSDP is in a position to commit to settle a Bond ETP securities sale transaction by no later than 15h00 on the settlement date if the circumstances arise, a member must take the necessary steps by 14h00 to cover the uncommitted sale transaction, failing which the Settlement Authority will instruct the member to borrow the relevant securities from National Treasury through the South African Reserve Bank to cover the transaction.
    • The member must comply with the instructions given by the Settlement Authority and must ensure that the member's CSDP has recommitted to settling the sale transaction by no later than 15h00.

    Rolling of settlement

    • In the event that the Settlement Authority receives notification from a member that the member is unable to settle a transaction in Bond ETP securities on the settlement date, the Settlement Authority will assess, based on all information available to it at the time, whether exceptional circumstances exist that warrant settlement of the transaction being rolled to a later date and whether the member will be able to settle the transaction on a later date.
    • If the Settlement Authority determines that the circumstances warrant the settlement of the transaction being rolled to a later date and that the member will be able to settle the transaction on a later date, the Settlement Authority may roll the settlement of the transaction.
    • The rolling of settlement of a Bond ETP securities transaction will be carried out in the following manner:
      • The Settlement Authority will obtain a list of Bond ETP settlements from the CSD which are not going to be effected on the due settlement date, following notification by the failing member and a determination by the Settlement Authority. This list will include the failed trade leg as well as the opposite trade leg.
      • The Settlement Authority will advise the failing and non-failing members that the transaction will be rolled to a revised settlement date determined by the Settlement Authority.
      • The failing and non-failing members will be instructed to re-book the original transaction at the original yield for settlement on the revised settlement date.
      • The transaction will be reported by the failing and non-failing members to the ETP fails management trading system.
    • If settlement does not take place on the revised settlement date, the Settlement Authority will, under exceptional circumstances, roll the settlement to another revised settlement date.
    • However, if the Settlement Authority determines that settlement will not be able to take place on the further revised settlement date, the JSE will consider whether the member is in default and, if this is the case, deal with the transaction in terms of those default rules.

    Mark-to-market of Bond ETP securities

    • The JSE may, in terms of the calculation method set out in the directives, on any business day and at any time, mark-to-market the unsettled transactions in Bond ETP securities, if the JSE in its sole discretion determines:
      • that such is necessary in respect of a particular member, or the unsettled transactions of all members of the Bond ETP market; or
      • that the market conditions in respect of Bond ETP securities warrant such a calculation.

    Margin on Bond ETP securities transactions

    • Initial margin
      • Initial margin shall be paid by a member into the member's CPD margin account in an amount calculated by the JSE based on calculation methods agreed with the Market Committee.
      • The initial margin shall be commensurate with the loss that could arise as a result of the default of the member in terms of its settlement obligations that relate to transactions in Bond ETP securities.
    • Mark-to-market adjustments to initial margin
      • The JSE shall, in its sole discretion, determine, as a result of the marking-to-market of transactions, when mark-to-market adjustments to initial margin shall be paid to or by a member in respect of a transaction in Bond ETP securities.
      • Under normal circumstances the JSE will calculate mark-to-market adjustments to the initial margin on a daily basis.
      • The amount due by a member shall be paid by no later than 12h00 on the business day following the day on which such payment was calculated, or at such other time as specifically agreed upon between the member and the JSE.
      • Failure by a member to pay the initial margin and any adjustments thereto in contravention of these rules may, in the discretion of the JSE, be deemed to be an act of default.
      • A member may establish a margin deposit in the member's CPD margin account in order to meet the member's margin obligation from time to time.
      • Any amount held in a member's CPD margin account which is in excess of the member's margin obligation on a particular day may be withdrawn by the member with the approval of the Settlement Authority.

    Fees

    • The Settlement Authority, in consultation with the Market Committee, may charge any member the fees associated with settlement of Bond ETP securities as prescribed by directive.
    • Payment of the fees charged shall be made to the Settlement Authority within five business days of notification.

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    Description

    This quiz covers the key concepts surrounding the settlement of Bond ETP securities, including the roles of the Settlement Authority and the JSE Clearing and Settlement Division. Understand how risks are managed, fees are set, and how transactions are monitored within the Bond ETP trading system.

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