Settlement process
The settlement process commences as soon as the instructions are registered in the system. Counterparties will have receipt and delivery instructions paired up in the matching process. Following a positive match between counterparties a verification of holdings and cash will be initiated. If all conditions are fulfilled, instructions are marked ‘ready to settle’ to be included in the one of the settlement cycles.The settlement process – five steps from registration to settlement 
The matching process
As soon as both parties of a trade have registered their instructions in the system, a matching control commences in which the settlement details are checked. The matching of instructions on the market for fixed income follows the same process as for equity market instructions. Parties are able to follow the status of their instructions in real time.
Pre-settlement check and 'ready to settle' marking in the AM and PM sub-markets
The next step in the settlement process is the pre-settlement check of all matched instructions and transfers. The pre-settlement checks in the AM and PM sub-markets are conducted according to the same principles with the exception interest payments and redemptions.
Settlement
Instructions marked ’ready to settle’ in are settled over the nearest following settlement cycle. The sum of all payments from settlement becomes available for Settlement Banks as soon as a settlement cycle has taken place. Matched instructions not settled on the intended settlement day must be registered again with a new intended settlement date by both parties, except for pre-match instructions.
