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If the DEAL.STATUS field in SEC.OPEN.

ORDER is set to TRADED, then on authorisation of


SEC.OPEN.ORDER, execution is skipped and a SEC.TRADE is directly created. During this
process SC.EXE.SEC.ORDERS will not be created, as also no DELIVERY messages would be
generated. The forward accounting entries raised by SEC.OPEN.ORDER will contain SEC.TRADE

The SC.EXE.SEC.ORDERS application is to be used as a window to record executions for each


SEC.OPEN.ORDER. Authorising a SEC.OPEN.ORDER will create a SC.EXE.SEC.ORDERS
record. The TRANSMIT.ORDER field in SC.STD.SEC.TRADE can be used for automatic creation
of the SC.EXE.SEC.ORDERS record. If the TRANSMIT.ORDER field is set to NO then
automatically a SC.EXE.SEC.ORDERS record will be created at the time of authorising a
SEC.OPEN.ORDER record. If TRANSMIT.ORDER field is set to YES then DEAL.STATUS
field in SEC.OPEN.ORDER must be set to TRANSMITTED to create a SC.EXE.SEC.ORDERS
record.
Currently when a securities transaction is authorised on T24 the accounting and security positions
related to that transaction are updated immediately. This is known as contractual settlement, i.e.
when the contract is completed settlement can be assumed. But now there is provision for both
contractual and actual settlement for securities transactions. In the actual settlement scenario the
security positions relating to the transaction are updated in the normal way but there are new fields
added which hold total unsettled purchases and sales and these are updated when the stock is
delivered. The accounting is not updated until the cash had been paid.
Parameter Level
Actual settlement can be switched on by setting the ACTUAL.SETTLEMENT field on the
SC.PARAMETER file to YES. If the ACTUAL.SETTLEMENT field on SC.PARAMETER is left
blank or set to NO you will then continue to use contractual settlement as with previous releases.
Contract Level
If actual settlement is turned on, actual or contractual settlement is controlled at a contract level. It
is available on the following applications: SEC.TRADE ,SECURITY.TRANSFER,
POSITION.TRANSFER and DIARY. Each transaction carries markers to indicate if it is contractual
or actual settlement. The markers are two fields SEC.HOLD.SETTLE and CASH.HOLD.SETTLE,
which have been added to the applications SEC.TRADE, SECURITY.TRANSFER and DIARY or a
single field SEC.HOLD.SETTLE in the case of POSITION.TRANSFER. If the
SEC.HOLD.SETTLE field is YES then actual settlement will be used for the security position
updates resulting from the transaction and if the CASH.HOLD.SETTLE field is YES then actual
settlement will be used for the cash accounting. All NOSTRO portfolio trades with
CASH.HOLD.SETTLE set to YES must have the field AUTO.CUST.SETT also set to YES.
Settlement Level
If either of the fields CASH.HOLD.SETTLE or SEC.HOLD.SETTLE are set to 'YES' on the
original transaction then a settlement record is created with a record status of FHLD. Many of the
details of the original transaction are defaulted into the settlement record. The rest are
input/defaulted at time of settlement. Default Fields The fields SECURITY.NUMBER,
DEPOSITORY, TRADE.DATE, VALUE.DATE, TRADE.CCY, TOTAL.NOMINAL,
TOTAL.BROKER.AMT, TOTAL.CUST.AMT, BROKER.NO, BR.DEL.INSTR,
BR.NOM.OUTSTAND, BR.AMT.OUTSTAND, CU.PORTFOLIO, CU.NOMINEE,
CU.NOM.OUTSTAND, CU.AMT.OUTSTAND, CU.ACC.CCY, CU.AMT.ACY, CU.XRATE.CCY,
CPTY.LIMIT, CPTY.LIMIT.REF and TRANS.CODE are defaulted at the time of creation of the
settlement record. One settlement record is created for each security involved in the original
transaction. Therefore in the case of SEC.TRADE or SECURITY.TRANSFER only one settlement

record is created. For POSITION.TRANSFER or DIARY or ENTITLEMENT more than one


settlement record may be created.
TEMENOS T24 User Guide Page 33 of 128

Securities Trading
The total nominal for all the brokers for that particular security is summed up and defaulted in the
field TOTAL.NOMINAL. TOTAL.NOMINAL is the same for brokers and customers hence just the
one field. TOTAL.BROKER.AMT may contain charges/commissions hence making it different
from the value in TOTAL.CUST.AMT. TRADE.CCY is defaulted by every transaction that uses
settlement except for POSITION.TRANSFER. CU.NOMINEE is defaulted from the original
transaction if specified on it. TRANS.CODE is the transaction code used by the customer in the
original transaction. BR.NOM.DEL.REF, BR.AMT.DEL.REF, BR.NOM.DEL.REF and
CU.AMT.DEL.REF are reserved for future use when delivery is automated. CU.XRATE.ACY is the
exchange rate between the account currency and the trade currency. This is defaulted from the
original transaction and cannot be changed.
Settlement Process
A nominal settlement is first entered in the field BR.NOM.RECD.DEL. The fields
TOTAL.NOM.SETTLED (for broker) and NOMINAL.TO.SETTLE (for customer) are immediately
updated with this settlement nominal by adding them to the existing value in these fields.
Then the user distributes the nominal settled by the broker among the customers in the field
CU.NOM.RECD.DEL. This updates the field NOMINAL.TO SETTLE by subtracting this nominal
from the value in it.
The total nominal distributed among the portfolios cannot exceed the total nominal settled by the
broker i.e. SUM (CU.NOM.RECD.DEL) must be equal to SUM (BR.NOM.RECD.DEL).
The nominal settled for each customer/broker cannot be greater than the nominal outstanding for
that particular customer/broker i.e. BR.NOM.RECD.DEL <= BR.NOM.OUTSTAND.
The total nominal settled by the broker has to be completely distributed among the customer
portfolios i.e. at the time of commitment the field NOMINAL.TO SETTLE must be equal to zero.
A similar process takes place for the amount settlements. When stock settlement takes place for a
portfolio, if there is any cash to be settled, depending upon the percentage of stock settled for that
portfolio, a corresponding amount is suggested for cash settlement. This suggestion can be ignored.
Reversal
The Reverse function is not allowed in the SC.SETTLEMENT application because it is linked to
the original transaction. However, the users are able to amend the previously authorised
SC.SETTLEMENT record by using the Reverse fields on the file.
A nominal settlement can be reversed using the field BR.REVERSE.NOM. This updates the fields
TOTAL.NOM.REVERSED and NOMINAL.TO.REVERSE. Now you can reverse the nominal
from customer portfolios by using the field CU.REVERSE.NOM. For a broker, you cannot reverse
a nominal greater than the value in the field BR.NOM.SETTLED. For a customer, you cannot
reverse a nominal greater than the value of the CU.NOM.SETTLED. SUM (CU.REVERSE.NOM)
has to be equal to SUM
TEMENOS T24 User Guide Page 34 of 128

Accounting
If the field CASH.HOLD.SETTLE is set to YES in the original transaction, on committing the
record, accounting entries are created in the SC.SETT.ENTRIES and can be seen using ENQ
TEMENOS T24 User Guide Page 35 of 128

Securities Trading
SC.SETT.ENTRIES. When the transaction is authorised STMT.ENTRIES are raised for value the
next working day (or the actual value date should the source transaction have a value date of greater
than the next working day) and posted as forward contingent entries in STMT.ENTRY. Once
settlement has taken place the contingent entries become real ones.
Sec Del Control
If the field SEC.HOLD.SETTLE is not set to YES in the original transaction, then
SEC.DEL.CONTROL is updated as usual. But if actual settlement is requested for stock in the
original transaction i.e. SEC.HOLD.SETTLE is set to YES, then SEC.DEL.CONTROL will not be
updated. The user will instead use the settlement application to perform the actual settlement.
Enquiries
SC.SETT.ENTRIES Unauthorised accounting entries for the outstanding unsettled positions.
SC.UNSETTLED Detailed enquiry for each unsettled transaction. Can be drilled down from
SC.UNSETTLED.CUST SC.UNSETTLED.CUST Unsettled transactions by customer
SC.UNSETTLED.RPT All unsettled transactions
Versions
SC.SETTLEMENT, BROKER Broker details only SC.SETTLEMENT, CUSTOMER Customer
details only SC.SETTLEMENT, FULL For full settlement only

Securities Trading
(BR.REVERSE.NOM). Cash settlements can be reversed in the same way. Settlement and reversal
cannot take place at the same time.
A settlement record cannot be committed or authorised unless it has a settlement or reversal taking
place in it
Updates
When the record is committed, the live files SC.SETTLE.CUST and

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