Central Securities Depository Of IRAN




Central Securities Depository of Iran created the Settlement Guarantee Fund System to manage the risk of defaults in brokerage firms’ payments and the fund set up to this end.

The principal purpose of the fund is to ensure the involved parties, to the highest possible extent, that if either of the parties fails to fulfill their commitments on the due time, the clearinghouse takes on the duty at the specified time. 

Therefore, this system is responsible to automatically record and manage the brokerage firms are in default and calculate the penalties and declare them to the brokerage firms.

Calculation of each brokerage firm’s qualification share based on its previous defaults in payments, according the amendment to the instructions of the Securities and Exchange Organization (SEO), is another feature of the system.

The feasibility study of this project was implemented in the Winter of 2012. In Spring 2012 it was test-launched and later on in the summer it was officially inaugurated.


Service Provider CSDI
  • CSDI
  • Clearinghouse members
  • SGF members
  • Brokerage firms 
Linking with Other Systems & Entities

1. Recording and managing brokerage firms’ defaults in their payments

2. Managing SGF:

  • Calculating qualification share of the clearinghouse members as members of SGF
  • Supplying  resources for SGF
Unveiling Date 2012



  • Recording and managing brokerage firms’ defaults in their payments
  • Calculating penalties
  • Creating default and penalties declarations for the violating brokerage firms
  • Calculation of brokerage firms’ qualification share based on their previous defaults in payments, in accordance with the amendment to the instructions of the SEO
  • Comparing the amount and limit of credit for each brokerage firm
  • Displaying total list of defaults
  • Offering brokerage firms’ reports and declarations 
SEPAS is only available to CSDI’s personnel
The SGF data is provided to the KARA system via web-service and it is then passed to the brokerage firms.