Xemac: Upgrade for the November Release - Update

05.11.2018

Note: This Announcement, originally published on 6 September 2018, has been updated to inform customers on changes regarding Bundesbank collateralisation and supported operating systems.


Following Clearstream Banking AG's1 Announcement D18053, CBF will implement the Xemac® version 5.10 with the release on

19 November 2018

Impact on customers

All participating customers must install Xemac version 5.10 by latest 19 November 2018. From this point on, access to Xemac® version 5.9 will no longer be possible.

The new version will provide a Xemac client with enhanced security features: After five failed password attempts the user will be locked to avoid repetitive malicious attempts.

The software for Xemac version 5.10 will be available for download on 22 October 2018 from the Clearstream website under Xemac technical specifications for Premium users. The Xemac Installation Manual available on the same webpage will also be updated.

The new Xemac® version 5.10 offers customers the following enhancements:

New flush-back time

In the screen “Automatic return”, the checkbox “Circa 11.15” will be introduced in addition to the existing values “At 14.00”, “At 16.00” and “End-of-day”.

With this selection, unused securities will be returned from the reservation account to the source account in Creation after the GC Pooling mass disposition in Xemac (usually around 11:15).

Change of eligible collateral for collateralisation in favour of own Bundesbank proprietary transactions

Deutsche Bundesbank offers as part of the Eurosystem Reserve Management Services (ERMS) to foreign central banks and international organisations the service to invest term deposits on their behalf in the money market.
From a risk perspective the reinvestment is performed with selected counterparties against eligible collateral (subset of the EADB). For the collateralisation certain securities of the EADB are eligible.
For this purpose, Deutsche Bundesbank furnishes the impacted counterparties with an overview of the eligible securities in an electronically readable format per email on a daily basis.

Deutsche Bundesbank decided that securities eligible for own usage (Own-use covered bonds = Y) cannot be used by the issuer or a closely linked entity for the collateralisation in the Collateral account 2 (SIPO2).

Within Xemac will apply a separate, technical eligibility check for securities used in SIPO2 claims.
The related Xemac view „MFI-ID“ will be enhanced with the additional column „Collateral Pool“ which displays the ineligibility / application of additional haircuts for the combination of ISIN - MFI-ID - Collateral pool per participant.

The change in the General Terms and Conditions of Deutsche Bundesbank will become effective on 30 November 2018; please refer to the related publication.

Other changes

The Xemac login screen will display the contact telephone numbers for technical support and the start screen will display the contact telephone numbers for functional support.

SDS batches are no longer mentioned in error messages and bubble helps.

CBF would also like to inform customers that in addition to Windows Server 2012 R2 Standard and Windows 7 Enterprise Edition also Windows 10 Pro, Enterprise is supported for Xemac usage.

Further information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.