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Securities transfer for payment

Securities transfers for payments are made by agreement of the parties. As a result of such a transaction, the bank transfers the securities from the seller’s securities account to the buyer’s securities account and the money to be paid for the securities from the buyer’s current account to the seller.

The buyer and the seller determine the price and quantity of the security and the value date (the date when the securities change owners) before they send the transaction order.

The buyer of the securities then submits an order for a purchase transaction for payment to their account manager and the seller submits an order for a sale transaction for payment to their account manager.

Both of the parties to the transaction must indicate the following in the order:

  • the securities account number and account manager of the counterparty
  • the quantity of securities
  • the price of securities
  • the transaction date
  • the value date  
     

The transaction is performed if the seller and the buyer have submitted their orders at the right time and the details of the orders match.

On the value date, the bank transfers the money from the buyer’s current account to the seller’s current account and the securities from the seller’s securities account to the buyer’s securities account.

This type of transaction cannot be performed with pension fund units.

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