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Albanian Financial Instrument Settlement and Registration System - AFISaR


The system of security settlement and registration – AFISaR (Albanian Financial Instrument Settlement and Registration) is the central system of settlement and registration of the securities issued by the Albanian government, for which Bank of Albania organizes the auction based on the Memorandum of understanding signed with Ministry of Finance. Communication with AFISaR is based on swift-type messages realized through access on the Virtual Private Network (VPN) or through SWIFT.

AFISaR is fully compliant with BIS principles to conduct settlement of the securities transaction respecting the Delivery versus Payment principle. The settlement of the primary market transactions is based on DVP Model 2, while the settlement of the secondary market transactions is based on DVP Model 1.

AFISaR’s participants fall into two categories: direct participants and indirect participants. Direct participants have securities accounts directly into the system and they can operate themselves these accounts by sending orders through VPN or Swift. The indirect participants have their accounts opened and operated by direct participants.

AFISaR went live on 19th January 2015. Except Bank of Albania and Ministry of Finance, there are 16 other direct participants.

The following documents provide more information on AFISaR.

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