For participants

MSD provides licensed brokers, custodians, and institutional participants with the post-trade infrastructure needed to operate confidently from settlement and reconciliation to participant reporting and operational support.

Apply to participate Participant forms

At a glance

Settlement cycle
T+2
Settlement model
DvP
Operating days
Sun to Thu
System uptime
99.9%

Who can participate

Built for licensed market intermediaries.

MSD admits regulated entities as participants in the central depository enabling direct access to settlement, custody, and post-trade services for their clients.

Brokers & dealers

Licensed securities brokers executing trades on behalf of investors on the Maldivian capital market.

Custodian banks

Banks providing custody, safekeeping, and settlement services for institutional and retail holdings.

Institutional investors

Pension funds, insurance companies, and asset managers with direct depository participation needs.

Foreign intermediaries

Approved foreign brokers and custodians accessing the Maldivian market through participant arrangements.

Participant services

Operational infrastructure for the post-trade lifecycle.

From trade affirmation and settlement to reconciliation, reporting, and corporate action processing structured workflows built around accuracy and operational clarity.

Operational support

Trade settlement

Delivery-versus-payment (DvP) settlement on a T+2 cycle, with structured workflows aligning brokers, custodians, and the depository.

  • DvP settlement
  • Trade affirmation
  • Failed-trade management

Reconciliation support

Daily reconciliation of participant positions and ownership records with structured exception handling.

  • End-of-day position files
  • Exception reporting
  • Break investigation

Custody & safekeeping

Electronic safekeeping of client securities under participant accounts with full segregation of beneficial ownership.

  • Beneficial owner segregation
  • Omnibus & segregated structures
  • Pledge & lien recording

Corporate action processing

Automated entitlement processing for participant clients dividends, bonus issues, rights, and voting events.

  • Entitlement notifications
  • Election handling
  • Distribution reporting

Reporting & data access

Daily files, holdings reports, and audit-grade data needed for daily operations and regulatory submissions.

  • Settlement & activity reports
  • Holdings & movement files
  • Audit trails

Operational communication

Direct operational channels and notices for time-sensitive participant matters and depository updates.

  • Market notices
  • Operational bulletins
  • Dedicated support contacts

Operating model

A clear, deterministic settlement model.

Trades executed on the exchange follow a structured T+2 settlement cycle through MSD. Settlement is on a delivery-versus-payment (DvP) basis securities and funds move simultaneously across participant accounts.

  1. T

    Trade execution

    Trades matched on the exchange and routed to MSD for clearing.

  2. T+1

    Affirmation & netting

    Trade details affirmed; net obligations calculated and positions confirmed.

  3. T+2

    Settlement (DvP)

    Securities and funds simultaneously moved across accounts.

Eligibility

Participation requirements.

Applicants must meet eligibility criteria established under MSD participant rules covering licensing, financial standing, operational capability, and risk controls.

Regulatory licence

Valid licence from the Capital Market Development Authority (CMDA) or equivalent recognised regulator.

Financial standing

Minimum capital, net-worth, and ongoing financial-soundness requirements as set out in participant rules.

Operational capability

Trained personnel, defined procedures, and the systems needed to interface with the depository.

Risk & compliance

AML/CFT controls, internal audit, and risk-management frameworks aligned with regulatory expectations.

Get started

Becoming an MSD participant.

A defined onboarding path from initial application to live participation with MSD participant relations team coordinating each stage.

  1. 01

    Initial enquiry

    Engage MSD to discuss participation type and operational scope.

  2. 02

    Application

    Submit application with supporting licensing, financial, and governance documents.

  3. 03

    Due diligence

    MSD assesses eligibility against participant rules and regulatory requirements.

  4. 04

    Testing & UAT

    Connectivity, settlement, and reporting workflows validated end-to-end before go-live.

  5. 05

    Live participation

    Participant agreement executed; account activated for clearing and settlement.

Common questions

Participant FAQ.

Answers to the most common questions from prospective and existing participants.

Who can become an MSD participant?

Entities licensed by the Capital Market Development Authority (CMDA) or equivalent recognised regulators including brokers, custodian banks, and qualifying institutional investors may apply, subject to MSD’s participant rules.

What is the settlement cycle?

Trades on the exchange settle on a T+2 basis through MSD, on a delivery-versus-payment (DvP) model with securities and funds moving simultaneously across participant accounts.

How are client assets protected?

Securities are held electronically in the central depository with full segregation of beneficial ownership. Participants may operate omnibus or segregated account structures depending on client and regulatory needs.

What reporting is provided to participants?

MSD provides daily settlement, activity, and holdings reports, end-of-day position files, audit trails, and corporate action notifications supporting both operations and regulatory submissions.

How does MSD manage settlement failures?

Failed trades are managed under MSD’s participant rules, with structured exception handling, buy-in procedures where applicable, and clear participant obligations to remediate fails within defined timeframes.

Are there fees for participation?

Participation fees, settlement charges, and other service fees are published in MSD’s fee schedule. Contact participant relations for the current schedule applicable to your participant category.

Ready to participate?

Join the Maldives’ central depository as a participant.

Talk to participant relations to scope your application, eligibility, and onboarding timeline.

Begin application Participant forms