Article 5
Matching and population of settlement instructions
1.
CSDs shall provide to participants a functionality that supports fully automated, continuous real-time matching of settlement instructions throughout each business day.
2.
CSDs shall require participants to match their settlement instructions through the functionality referred to in paragraph 1 prior to their settlement, except in the following circumstances:
(a)
where the CSD has accepted that the settlement instructions have already been matched by trading venues, CCPs or other entities;
(b)
where the CSD itself has matched the settlement instructions;
(c)
in the case of free of payment (‘FoP’) settlement instructions, referred to in point (g)(i) of Article 13(1), which consist of orders for transfers of financial instruments between different accounts opened in the name of the same participant or managed by the same account operator.
Account operators referred to in point (c) shall include entities that have a contractual relationship with a CSD and that operate securities accounts maintained by that CSD by means of recording book entries into those securities accounts.
3.
CSDs shall require participants to use the following matching fields in their settlement instructions for the matching of settlement instructions:
(a)
the type of settlement instruction, as referred to in point (g) of Article 13(1);
(b)
the intended settlement date of the settlement instruction;
(c)
the trade date;
(d)
the currency, except in the case of FoP settlement instructions;
(e)
the settlement amount, except in the case of FoP settlement instructions;
(f)
the nominal value for debt instruments, or the quantity for other financial instruments;
(g)
the delivery or receipt of the financial instruments or cash;
(h)
the ISIN of the financial instrument;
(i)
the identifier of the participant that delivers the financial instruments or cash;
(j)
the identifier of the participant that receives the financial instruments or cash;
(k)
the identifier of the CSD of the participant's counterparty, in the case of CSDs that use a common settlement infrastructure, including in the circumstances referred to in Article 30(5) of Regulation (EU) No 909/2014;
(l)
other matching fields required by the CSD for facilitating the settlement of transactions.
4.
In addition to the fields referred to in paragraph 3, CSDs shall require their participants to use a field indicating the transaction type in their settlement instructions based on the following taxonomy:
(a)
purchase or sale of securities;
(b)
collateral management operations;
(c)
securities lending/borrowing operations;
(d)
repurchase transactions;
(e)
other transactions (which can be identified by more granular ISO codes as provided by the CSD).