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Clearing and Settlement Services

The Process

Clearing is the process through which CAVALI establishes the debtor or creditor positions to pay or receive from the participants. This netting process is carried out considering the daily transaction of securities purchase or sale carried out in the secondary market.

The settlement of cash is the process through which the participants with debtor positions deliver the necessary funds to CAVALI, and with these the payment to the participants with creditor positions can be carried out.

The settlement of cash is multi banking since five Settlement Bank and the Central Reserve Bank of Peru (BCRP) participate.  Through them the delivery and reception of cash is carried out.

The cash settlement process is complemented with the delivery of the sold securities (by the seller) to the buyer and the registration in its name, configuring the delivery vs. payment principle. 

The settlement models applied by CAVALI are: