Customers are requested to advise their counterparties about an important change in the settlement instruction format as from the migration date.
The instruction format for domestic settlement instructions will not change for CBL customers, but it will change for their counterparties: the Place of Settlement will become DAKVDEFFXXX for all migrated securities.
On 23 February 2018 at around 12:00 midday, CBL will start moving its position from the omnibus account in ESES to the omnibus account in CBF.
All pending domestic unmatched instructions will be cancelled and customers will be requested to reinstruct with the same format after successful migration has taken place.
As these instructions will settle on Clearstream Banking’s omnibus account at CBF, counterparties will need to instruct with Place of Settlement DAKVDEFFXXX (not SICVFRPPXXX, CIKBBEBBXXX or NECINL2AXXX) in order to match the Clearstream customer’s instructions.
Some ESES-eligible securities will not be part of the migration and will be kept with the current depository.
For these instructions the counterparties must continue to use the Place of Settlement of the local CSD (for example SICVFRPPXXX for the French market).
The above logic will also apply to the Italian market for the migration foreseen in March 2018.