Settlement

Austria is proud to have one of the world's most advanced automated settlement systems and central depositories. The Oesterreichische Kontrollbank (OeKB), founded in the 1920s, has acted as the stock exchange clearing agent since 1949 and as central depository since 1965. It presently maintains...

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Bibliographic Details
Published in:Global investor 1994-01 (7), p.68
Main Author: Penstone, David
Format: Magazinearticle
Language:English
Subjects:
Auctions
Banking industry
Banking law
Banks
Brokers
Clearinghouses
Compensation
Electronic trading
Procedures
Recommendations
Securities lending
Securities trading
Settlements & damages
Stock exchanges
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Summary:Austria is proud to have one of the world's most advanced automated settlement systems and central depositories. The Oesterreichische Kontrollbank (OeKB), founded in the 1920s, has acted as the stock exchange clearing agent since 1949 and as central depository since 1965. It presently maintains 3,229 issues for 103 depositors. The OeKB offers an electronic bookkeeping clearance system, known as the arrangement. This is operated by a 2nd division of the OeKB, the Arrangementburo. All officially listed securities are immobilized as bearer certificates with the central depository, a division of the OeKB known as the Wertpapiersammelbank (WSB). All members of the exchange are participants of the OeKB and maintain cash and securities balances with the OeKB and WSB respectively. Members of the stock exchange can trade either by using a broker (on-exchange) or directly among themselves (off-exchange). Electronic data processing developments will once again change the face of the Vienna Stock Exchange.
ISSN:0951-3604