The AfriClear clearing and settlement platform is integrated seamlessly with the matching engine of Trop-X and as such is an integrated market. Thus trade capture is 100% automated with no manual processes. Trades executed on the Trop-X Automated Trading System (ATS) are automatically fed into the AfriClear Real Time Electronic Clearing and Settlement System (ARTECSS).
Pursuant to the IOSCO DVP Model 1 methodology adopted, both securities and funds (i.e. cash) are settled between relevant accounts on a real time gross basis (trade for trade processing) at the time the transaction is matched on the Trop-X ATS. This eliminates settlement risk and ensures strict delivery versus payment for all transactions in equities listed on Trop-X at the time of the transaction.
AfriClear provides supporting services for issuers of listed securities relating to those corporate action events which impact the securities or funds (cash) accounts of owners of Trop-X listed securities. Examples are as follows:
- New Issues
- Initial Public Offerings
- Stock Splits or Reverse Stock Splits
- Private Placements
- Rights Issues
- Bonus Issues
- Cash Dividends
Issuers and Investors benefit from a dramatically increased level of efficiency and cost effectiveness.
For any queries related to clearing and settlement please contact AfriClear at email@example.com