Väärtpaberiarveldus

Väärtpaberiarveldus, also known as securities settlement, is the process of transferring ownership of securities and the corresponding payment between buyer and seller. This crucial step in financial markets ensures that trades are completed accurately and efficiently. The settlement process typically involves a central securities depository (CSD) and a settlement bank.

The CSD acts as a custodian for securities, holding them in electronic form and facilitating their transfer. When a trade is executed, the CSD records the change of ownership. Simultaneously, the settlement bank manages the cash leg of the transaction, ensuring that the buyer's funds are transferred to the seller upon receipt of the securities. The timing of settlement varies depending on the type of security and the market, but it generally occurs within a few days of the trade.

The primary goals of väärtpaberiarveldus are to mitigate counterparty risk, which is the risk that one party to a transaction will default, and to ensure market liquidity. By centralizing the process and using established intermediaries, the risks associated with individual trades are significantly reduced. Efficient settlement also contributes to the smooth functioning of financial markets by allowing investors to readily buy and sell securities.

In Estonia, the central securities depository is Nasdaq CSD SE, which plays a key role in the settlement of securities transactions. The Estonian financial infrastructure relies on robust väärtpaberiarveldus systems to maintain trust and facilitate investment.