IFS: Investor-CSD solution for ESES markets - update

05.02.2018

Note: This announcement, originally published on 2 October 2017, has been updated following the change of migration date for the ESES markets. Changes are highlighted.

Effective

Monday, 9 April 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 and receiving orders via SWIFT or fax 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 details in settlement instructions for Vestima orders to:

Place of settlement: DAKVDEFFXXX

REAG/DEAG: CEDELULLXXX and

BUYR/SELL indication to the Ol's BIC.

OHAs receiving orders via SWIFT will find further details below, based on DCP communication mode requirements with T2S.

Furthermore, OHAs in ESES France are advised that orders will specify changed trading party details: the BUYR/SELL will specify CBF’s account EGSP/000000000607.

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. OIs who do not opt for automatic settlement instruction generation should refer to Clearstream’s market 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 or redemption order to OHA

Current

Future

:16R:ORDRDET

:94B::TRAD//PRIM/FR

:16R:TRADPRTY

:95R::BUYR or SELL/EGSP/000000000641

:97A::SAFE//26880

:20C::PROC//OI’s order reference

:16S:TRADPRTY

:16S:ORDRDET

:16R:SETDET

:16R:SETPRTY

:95R::xEAG//EGSP/000000000641

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//SICVFRPPXXX

:16S:SETPRTY

:16S:SETDET

 

:16R:ORDRDET

:94B::TRAD//PRIM/FR

:16R:TRADPRTY

:95R::BUYR or SELL/EGSP/000000000607

:97A::SAFE//26880

:20C::PROC//OI’s order reference

:16S:TRADPRTY

:16S:ORDRDET

:16R:SETDET

:16R:SETPRTY

:95P::BUYR or SELL//OI’s BICa

:97A::SAFE//OI’s Creation account b

:16S:SETPRTY

:16R:SETPRTY

:95P::xEAG//CEDELULLXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//DAKVDEFFXXX

:16S:SETPRTY

:16S:SETDET

a CEDELULLXXX if field :97A::SAFE specifies the Fund Market Account (19222) in Clearstream.
b Conditional field, the OI’s account for settlement in euro or the Fund Market Account (19222) for settlement in non-euro.

Changes relevant for OHAs in Euroclear Nederland

MT502 subscription or redemption order to OHA

Current

Future

:16R:SETPRTY

:95P::xEAG//OI’s BICa

:97A::SAFE//OI’s Creation accountb

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//CEDELULLXXX

:16S:SETPRTY

:16R:SETPRTY

:95P::BUYR or SELL//OI’s BICa

:97A::SAFE//OI’s Creation accountb

:16S:SETPRTY

:16R:SETPRTY

:95P::xEAG//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, the OI’s account for settlement in euro or the Fund Market Account (19222) for settlement in non-euro.

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 without Euro as a NAV-currency and fund share classes with Euro as a NAV-currency will not be supported.