ICMSA Payment Business Days for ICSD


On Feb. 19, ICMSA clarified PBDs for various global jurisdictions.


  • ICMSA issued recommendations regarding requirements for payment business days.
  • Replaced bulletin 090428/11 re requirements for payment business days (PBDs).
  • Context
  • ICMSA noted uncertainty around applying international central securities depository (ICSD) payment business days, as some countries have different business days.
  • Particularly re continued expansion of local currencies eligible for securities primarily deposited for settlement in Clearstream Banking, Luxembourg, Euroclear Bank SA/NV.
  • Some countries particularly within the Middle Eastern region, maintain business days which fall on a Saturday/Sunday, which are not operative within the ICSDs.
  • New revised bulletin is designed to clarify the ICSDs’ position in this regard.
  • Further, ICMSA members are frequently requested to confirm which financial centres are required to be open to effect payments in respect of international securities.
  • Payment Business Day Criteria
  • Bulletin set out all the recommended payment business day criteria to be utilized within newly constituted security documentation as well as for programme updates.
  • Also answered questions around maintaining fungibility for future tap issues.
  • Recommendations
  • To assist the market, ICMSA recommended definitions for PBD for international securities, including key criterion for PBD for instruments in global form should reflect an open business day of the named financial centre for the payment currency.
  • Additional named financial centres may need to be included in the definition of a PBD.
  • TARGET system must be open for euro payments, PBD for instruments in definitive form should reflect open business day of named financial centre for payment currency.
  • PBD for instruments in definitive form should also reflect the place of presentation.
  • Additionally, overriding requirement is that ICSDs must be open for business i.e. on every week day, Monday-Friday, except new year's day (Jan. 1) and Christmas day.
  • This requirement must always maintain notwithstanding that a particular financial centre for an eligible currency may be open when the ICSDs are closed for business.
  • With the globalization of financial institutions, electronic payment systems and other technological developments, definition of PBD need not state financial centre is open for the fiscal agent/principal paying agent, swap-counterparty, trustee or the issuer.

Regulators ICMSA
Entity Types B/D; Bank; Depo; Exch
Reference Bul 201202/52, PR 2/19/2021
Functions Operations; Settlement; Trade Reporting; Trading
Countries Global Regulator
Products Clearing; Custody; Equity; Futures; Payments; Securities
Regions Global
Rule Type Guidance
Rule Date 2/19/2021
Effective Date 2/19/2021
Rule Id 98534
Linked to N/A
Reg. Last Update 2/19/2021
Report Section International

Last substantive update on 02/22/2021