1. Settlement MODEL Presented by Mrs Kaouther RAACH

2. Plan 1. Instructions 2.Settlement Deadlines 3.Settlement Principles AMEDA / April 25-27, 2012Tunisian Central Depository2

3. Instructions From Stock Exchange : On T at about 3 pm all transactions trade by trade From custodians (indirect participant for the stock exchange) : On T+2 obligations for each trade executed for their client or their own account. STICODEVAM receives daily AMEDA / April 25-27, 2012Tunisian Central Depository3

4. Instructions (2/2) Free Of Payment Instructions Intraday Repo between banks and Central bank OTC market Instructions (treasury bonds) Corporate Actions Instructions STICODEVAM receives daily AMEDA / April 25-27, 2012Tunisian Central Depository4

5. Settlement Deadlines T+3 : Stock Market T, T+1, T+2 or T+3 (depending on participant’s choice) : FOP Instructions T+1, T+2 or T+3 (depending on participant’s choice) : OTC Market AMEDA / April 25-27, 2012Tunisian Central Depository5

6. Settlement Principles STICODEVAM applies Delivery Versus Payment principle (DvP) AMEDA / April 25-27, 2012Tunisian Central Depository6

7. Settlement Principles One Settlement Batch at the end of the day for instructions with cash payment and FOP as :  Stock exchange transactions;  FoP  OTC market transactions intraday repo Several batches per day at different hours for FoP instructions STICODEVAM informs banks and brokers about cash to be transferred to banks on T+2 at the end of the day at about 6 P.M If there is no objection from banks or brokers, cash will be transferred to central bank : one amount/per day for each bank to be debited or credited at T+3 morning at about 10 a.m in the central bank Central bank receives cash from STICODEVAM automatically by file (scriptural transfer) at about 10 a.m About 10.30 a.m, STICODEVAM sends securities statements to members AMEDA / April 25-27, 2012Tunisian Central Depository7

8.  The Statement contains details about each settled instruction : -Instruction type (FOP, Transactions, …) -Operation type, -Amount in case of a DvP instruction  If there is pending instruction, the book keeper is informed about all details AMEDA / April 25-27, 2012Tunisian Central Depository8 Settlement Principles

9. Overview Which model : Model 1 or 2 ? - Which are the necessary preconditions that should exist to assert which is the applied model ? - When we can consider that it’s model 1 and not model 2? AMEDA / April 25-27, 2012Tunisian Central Depository9

10. AMEDA / April 25-27, 2012Tunisian Central Depository10