Liquidation of markets
Through the Liquidation of Markets service (LIM, in Spanish) transactions effected in Costa Rica’s stock exchange are liquidated, whether they be from the primary or the secondary market. The National Stock Exchange (Bolsa Nacional de Valores, S.A., BNV) is the only stock exchange operating in the country. The BNV is the country’s body charged with liquidating operations in the various markets it sponsors. The BNV delivers through LIM a multilateral net settlement agreement of securities and cash, so that operations may be liquidated into the accounts that both custodian and liquidator entities keep with Banco Central de Costa Rica.
Operations are liquidated by SINPE through the Interbank Liquidation System (SIL, in Spanish). This system records movements in the Book Entry System (ACV) for the securities result, and Administration of SINPE Account (ACS) for the cash securities, always applying the principle of delivery v payment. In cases where primary market liquidation includes public debt bonds recorded in the book entry system, the issue of bonds is recorded in the RDE service.
Liquidation of due operations
Due issues recorded in the ACV are automatically liquidated at 2.30 pm on the date they are due.
Funds are credited directly into the accounts custodian entities keep with Banco Central de Costa Rica. Such custodian entities may check what bonds will be credited on the following working day as from 5.30 pm.
Liquidation of a due operation involves the following movements in SINPE services:
• RDE: a reduction in the debt balance of the due issue (whenever it is the principal that is due.)
• ACV: a decrease in the bonds recorded in the holder’s account.
• ACS: accreditation off the amounts due to the accounts of custodian entities.
Working hours
Operations are liquidated by the LIM at 2.30 pm.
