IFS: Investor-CSD solution for ESES markets

02.10.2017

Effective

Monday, 26 February 2018

Clearstream Banking’s1  Vestima platform will be enhanced for the implementation of the Investor-CSD solution for investment funds issued in Euroclear France and Euroclear Nederland (ESES CSDs).

Order Issuers (OIs) using CASCADE accounts will be able to issue orders for Euro delivery against payment settlement in those markets, with optional automatic generation of settlement instructions.

OIs using Creation accounts are not impacted by SWIFT format changes described below. The Order Handling Agents (OHAs) using accounts in the ESES CSDs are advised that orders will specify changed settlement details of these OIs. This is because, in the ESES CSDs, CBL’s accounts will be replaced by accounts of CBF also for holdings of CBL’s customers. OHAs using accounts in the ESES CSDs will therefore have to change the counterparty’s place of settlement for Vestima orders to CBF: DAKVDEFFXXX. The specifications below are based on DCP communication mode requirements with T2S.

OIs using CASCADE accounts and their OHAs using ESES CSD accounts should refer to the Vestima User Guides for SWIFT ISO messages for detailed specifications on order and order confirmation messages. For OIs who do not opt for automatic settlement instruction generation should refer to Clearstream’s T2S link guide for CSD customers for the relevant detailed specifications.

Switch orders will be supported2 with FoP settlement.

Changes relevant for OHAs in Euroclear France

MT502 subscription order to OHA

Current1

Current2

Future

:16R:SETPRTY

:95R::REAG//EGSP/000000000641

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//SICVFRPPXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::REAG//OI’s BICa

:97A::SAFE//OI’s Creation accountb

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//CEDELULLXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::BUYR//OI’s BICa

:97A::SAFE//OI’s Creation accountb

:16S:SETPRTY

:16R:SETPRTY

:95P::REAG//CEDELULLXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//DAKVDEFFXXX

:16S:SETPRTY

MT502 redemption order to OHA

 

Current1

Current2

Future

:16R:SETPRTY

:95R::DEAG//EGSP/000000000641

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//SICVFRPPXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::DEAG//OI’s BICa

:97A::SAFE//OI’s Creation accountb

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//CEDELULLXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::SELL//OI’s BICa

:97A::SAFE//OI’s Creation accountb

:16S:SETPRTY

:16R:SETPRTY

:95P::DEAG//CEDELULLXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//DAKVDEFFXXX

:16S:SETPRTY

a CEDELULLXXX if field :97A::SAFE specifies the Fund Market Account (19222) in Clearstream.
b Conditional field, present depending on OI setup or it will specify the Fund Market Account (19222) in Clearstream.

Changes relevant for OHAs in Euroclear Nederland

MT502 subscription order to OHA

Current

Future

:16R:SETPRTY

:95P::REAG//OI’s BICa

:97A::SAFE//OI’s Creation accountb

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//CEDELULLXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::BUYR//OI’s BICa

:97A::SAFE//OI’s Creation accountb

:16S:SETPRTY

:16R:SETPRTY

:95P::REAG//CEDELULLXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//DAKVDEFFXXX

:16S:SETPRTY

MT502 redemption order to OHA

Current

Future

:16R:SETPRTY

:95P::DEAG//OI’s BICa

:97A::SAFE//OI’s Creation accountb

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//CEDELULLXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::SELL//OI’s BICa

:97A::SAFE//OI’s Creation accountb

:16S:SETPRTY

:16R:SETPRTY

:95P::DEAG//CEDELULLXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//DAKVDEFFXXX

:16S:SETPRTY

a CEDELULLXXX if field :97A::SAFE specifies the Fund Market Account (19222) in Clearstream.
b Conditional field, present depending on OI setup or it will specify the Fund Market Account (19222) in Clearstream.

Settlement details specified in orders sent by fax to the OHAs and when displayed in the Vestima web browser based interface will be amended to be in line with the above.

Cutover details

Settlement instructions that were generated by the Vestima automated order routing service will be replaced by Clearstream Banking. Customers will be required to replace any other settlement instruction that has been rejected. More information about the cutover is available in A17129 Process changes due to the OneClearstream migration in 2018.

Further information

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


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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking Frankfurt clients using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.

2. Switch orders between fund share classes not including Euro as NAV-currency and fund share classes including Euro as NAV-currency will not be supported.

3. Depending on their setup in Vestima, OHAs in Euroclear France receive current1 or current2 today. In the future, OHAs will all receive the same information.