Analysis Of The Effects Of Implemetation Of Cash Netting In Securities Settlement System In Montenegro
In this paper the authors were exploring causes and consequences of implementation of cash netting in securities settlement system in Montenegro. From its foundation in 2000 till the beginning of April 2009 Central Depository Agency (CDA) used real-time gross settlement (RTGS) model. Such model assumed "trade-for-trade" (TFT) principle where cash and securities were settled in real time, on a gross basis for each transaction individualy. From the above manetioned date CDA also introduced cash netting system (CNS) - securities settlement model which assumes cash netting, while secutities are still settling on a gross basis. This "assymetric" settlement model produced some results which authors analysed in the context of the local capital market.
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