AvenirSettle is the name given to the custody and settlement products. It provides a complete depository solution for either a registry, CSD, or both (the system can operate multiple registries alo ng with a CSD, or each independently). It handles both cash products (equities and bonds) and environmental products (such as carbon). Holdings are valued in real time if the data is available. Full reporting (both statutory and ad-hoc for all participants) is provided.
The system can manage electronic settlement. It receives trades from an exchange, MTF or OTC market via the industry standard FIX interface, or via the native API of the trading platform. Trades are validated and settlement positions created. These settlement positions are updated in real time both for the system operator and the settlement participants. The operator is provided with a real-time graphical indication of the settlement risk across all participants. Comprehensive settlement reports are available to all parties before and after the event.
Settlement itself can be either on CSD or Register using BIS Settlement Model I (gross stock, gross cash) or Model II (gross stock, net cash). Model III (net stock, net cash) is part of the CCP solution. Cash instructions to central or settlement banks are provided using SWIFT ISO15022/20022 messaging. Real DVP is possible.
This software is in production at Avenir Registrars, the UK’s first new CREST eligible share registrar for many years, and in New Zealand (as the preferred registry provider for Snowball Effect crowd funding platform).