Market practices in Malta

Malta
Name of National Central Bank Central Bank of Malta
Phone number of the CCBM unit + 35 62 550 ext: /3609/3606/3602/3604/3610
Fax number of the CCBM unit + 35 62 12 47 487
email backofficeoperations@centralbankmalta.org
Foreign counterparties’ contact for credit claim related issues Romina Azzopardi (+ 35 62 55 03 609) e-mail: azzopardirm@centralbankmalta.org
Sylvana Gatt (+ 35 62 55 03 501) e-mail: gatts@centralbankmalta.org
Publications describing local legal and operational procedures Not available

Legal and Procedural Aspects
Procedural aspects governing a repurchase agreement with the NCB and legal documentation used (if applicable) The Central Bank of Malta (CBM) allows for repurchase agreements (based on an earmarking system) in cross-border collateral in case of Irish securities, securities held with the Finnish Central Securities Depository (FCSD) and securities held with Euroclear France.
This procedural aspect is governed by the Central Bank of Malta Directive No.8 on the Documentation on Monetary Policy Instruments and Procedures (direct link: http://www.centralbankmalta.com/updates/Downloads/pdfs/directive8.pdf)
Procedural aspects governing a pledge towards the NCB and legal documentation used (if applicable) The CBM applies the pledge/pool system for cross-border collateral except in the cases mentioned above. The pledge/pool system is also governed by the Central Bank of Malta Directive No.8 on the Documentation on Monetary Policy Instruments and Procedures.
Specific procedures governing non-marketable assets The procedures governing non-marketable assets in the cross-border context are governed by the Terms and Conditions of Central Bank of Malta when acting as CCB and as Assisting ACB for Credit Claims
(direct link: http://www.centralbankmalta.com/updates/Downloads/pdfs/op_legal_aspects.pdf). Moreover the Central Bank of Malta Directive No.8 on the Documentation on Monetary Policy Instruments and Procedures also specifies the procedures for the use of foreign credit claims as collateral.

Technical Aspects Malta Stock Exchange Central Bank of Malta
Type of eligible assets held All marketable assets Non-marketable assets
Opening hours 8.00 a.m. – 4.00 p.m. 8.00 a.m. – 4.00 p.m.
Number of settlement cycles per day No settlement cycles for collateral No settlement cycles
BIC of SSS(s): XMALMTMT MALTMTMTCCB
Account of NCB in the SSS AT: 9560610; BE: 9560602; CY: 9566732; DE: 9560572; ES: 9560505 (pledge), 9560491 (repo); FI: 9560599; FR: 9563520 (pledge), 9560580 (repo); GR: 9560564; IE: 9560556; IT: 9560548 (pledge), 9560530 (repo); LU: 9560629; NL: 9560483; PT: 9560521; SI: 9560513; UK: 9573909. n.a.
HCB's sub accounts in the SSS (where applicable) n.a. Yes
Matching requirements Yes Yes
Matching/Settlement details    
Special Operating Procedures None None
Homepage of SSS www.borzamalta.com.mt www.centralbankmalta.org