Matching settlement instructions

(a) How often should the exchange rate used to determine the tolerance level for settlement instructions in other currencies than EUR (referred to in Article 6 of the RTS on Settlement Discipline) be updated? (b) Are “delivery without matching” instructions (“dump” instructions) allowed under the RTS on Settlement Discipline? In the case of such instructions, there would be no matching at the level of the securities settlement system operated by the CSD, i.e. the delivery of the financial instruments would be settled by the CSD by generating a receipt instruction for settlement and booking into the receiving participant’s securities account, as mentioned in the delivering participant’s instruction, without any prior matching taking place. (c) Is “passive matching” allowed under the RTS on Settlement Discipline? In such a case, participants can give a standing instruction on single account level whether or not they should send a “Receive Free of Payment” instruction whenever another participant submits a “Deliver Free of Payment” instruction against the given account of participant who is supposed to receive the financial instruments. The “passive matching” creates the corresponding required matching instruction for the receiving participant, which is based on the instruction of the delivering participant.