Abwicklungsvereinbarungen

Abwicklungsverordnung, translated as settlement regulation, is a regulatory instrument used in German-speaking jurisdictions to govern the post-trade settlement and clearing of financial transactions. It establishes the rules and procedures by which trades are transformed into final delivery of securities and payments, and it defines the roles and responsibilities of the market participants involved in settlement.

The scope typically covers securities settlement, derivatives clearing, and related cash movements arising from trades. It may designate central counterparties, custodians, settlement banks, and payment systems as participants, and codify standard procedures for trade matching, novation, settlement finality, settlement fails, and recall of assets. The regulation also prescribes risk-management requirements, liquidity standards, reporting obligations, and governance arrangements for the infrastructures involved in settlement.

Regulations of this type are usually issued or implemented by national financial regulators and are often aligned with European Union rules. In the EU context, such rules interact with frameworks like the Central Securities Depositories Regulation (CSDR) and EMIR, and national implementations may adapt them to local market structures. The overarching aim is to reduce settlement risk, enhance market transparency, and promote interoperability among market infrastructures.

Updates to settlement regulations reflect evolving market practices, regulatory priorities, and lessons from risk events. They typically address contingency planning, default management, and close-out procedures, ensuring that the post-trade process remains robust and efficient. While the exact content and title of Abwicklungsverordnungen differ by jurisdiction, the concept remains a central component of financial market infrastructure and post-trade efficiency.