Following a computerized matching, a final settlement report is produced. All registered and bearer shares or depository documents are physically delivered and received by the brokerage companies. By the completion of the settlement process depository documents are issued and the CSD informs the issuers of the changes in their registers. Cash settlement is presently accomplished by Alpha Credit Bank. CSD calculates each member s cash liabilities or claims and forwards this information to the Alpha Credit Bank three days after the transaction has taken place.
All shares settle physical.
A book-entry system is currently tested and is expected to be operational by February 1999.