Albanian Financial Instrument Settlement and Registration - AFISaR

AFISaR is the central system of Albanian Government securities settlement and registration. The Bank of Albania organises the auctions pursuant to the Agreement signed between the Bank of Albania and the Ministry of Finance and Economy on these securities.

The AFISaR is fully compliant with Bank for International Settlements (BIS) principles on the settlement of securities transactions in accordance with the Delivery versus Payment (DvP) principle.

AFISaR participants are divided into two categories:

  • Direct participants have securities accounts directly into the system and they can operate these accounts themselves, by accessing the AFISaR.
  • The indirect participants have their accounts opened and operated by direct participants.

AFISaR has been running live since 19 January 2015.

In addition to the Bank of Albania and the Ministry of Finance and Economy, there are 13 direct participants.