Clearing and settlement in the Forex market

The main elements of the clearing and settlement system on the exchange currency market are:

 

  • National Bank of the Republic of Belarus - a settlement bank, a central counterparty (CCP);
  • JSC "Belarusian currency and stock exchange - a clearing center.

Clearing of trades is carried out by BCSE in the course of the clearing session during the time set by the Operating Rules.

Settlements are based on "delivery versus payment" principle  and can be conducted in the following order:

- Through separate accounts (opened in the National Bank`s account in Belarusian rubles and foreign currency). The National Bank ensures settlements through separate accounts.


- Directly between trade participants.

The National Bank and BCSE are not liable for their obligations upon exchange transactions settled without using separate accounts.