CASCADE Link Guide - U.S.A.
|Settlement free of payment||Yes|
|Settlement against payment||No|
|Settlement penalty fees||Yes|
|Registered securities||Yes||All securities are registered in the name of DTC's nominee (CEDE & Co).|
|Multi Market Securities||Yes||The DTC/CDS link allows eligibility of certain Canadian securities.|
|Lending and borrowing||No|
|Liquidity Hub Connect||No|
|Sale and purchase of rights||No|
|FATCA GIIN||No||No GIIN required as US entity.|
|Type of link||CSD or settlement method|
|Direct CSD Link||DTC|
CBF-eligible security types
- U.S. securities:
- Selected debt instruments;
- Selected equities and equity-linked securities;
- Selected German securities in collective safe custody.
Note: Eligible securities are securities that have been accepted bilaterally for cross-border transfer by both CBF and the relevant CSD. The eligibility of a given security, as well as the relevant CSD, can be checked by using the WSIS/CS function of CASCADE.
The Depository Trust Company (DTC)
55 Water Street
Passive matching service
Receipt instruction is generated automatically for free of payment transactions in non-German securities in CASCADE. This is valid for accounts that are configured for passive matching as well as for accounts that are configured for active matching.
Receipt instruction is required for German securities. Passive matching service is available.
The deadline by which CBF must receive valid free of payment delivery instructions for same-day settlement with domestic counterparties is 18:00 on SD.
Timely settlement in CASCADE is dependent on the timely receipt of the settlement confirmation from the local CSD.
Domestic counterparties should note that their deliveries to CASCADE for booking on SD should be instructed in DTC before 10:00 EST.
Important Note: As part of CBF’s internal compliance procedures, all incoming customer instructions will be automatically scanned before entering transaction processing. Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the Customer via their chosen media channel(s), until either being manually released for processing or rejected. In order to ensure that instructions being investigated do not miss the applicable deadlines, Customers are advised to input instructions at least 15 minutes before the associated deadline.
Procedures for domestic counterparties
|Procedure for the domestic counterparty||Deadline|
|Receipt in CBF|
|Domestic counterparties delivering securities free of payment in favour of a CBF customer must indicate the following information in their instruction to the DTC:||Market deadline|
|Deliver to:||Account 2000|
|In favour of:||Beneficiary's 4-digit account number in CASCADE (to be entered as Third Party (TRAG))|
|Delivery from CBF|
|Domestic counterparties receiving securities free of payment from a CBF customer must indicate the following information in their settlement confirmation of DTC:||Market deadline|
|Receive from:||Account 2000 (non-German securities)|
Account 6200 (German securities)
|In favour of:||Beneficiary's account number at the DTC|
Allowed countervalue difference
Allowed countervalue difference is not applicable as the link is for free of payment transactions only.