Entitlement Compensation Rules - Germany

16.06.2011

Bonds, interest payment

Market compensation basis:Trade Date
Automatic Compensation Managed by Local CSD:Yes
Restriction on custody events/transaction types:Compensations on stock exchange trades only
Additional information:
By close of business one day before the Ex-Date, CBF performs an automatic compensation on interest payments for pending, late stock exchange trades only.

For detailed information, please refer to the CBF Compensation Rules Guide.
Service offered by CBL:
Two days after the Payment Date (at the latest), CBL will book the cash credits or debits resulting from CBF’s automatic interest compensation on the customer’s account, with value payment day.

Bonds, corporate action

Market compensation basis:Trade Date
Automatic Compensation Managed by Local CSD:Yes
Restriction on custody events/transaction types:Compensations on stock exchange trades only.
Additional information:
By close of business one day before the Ex-Date, CBF performs an automatic compensation on pending stock exchange trades and OTC trades.

For detailed information, please refer to the CBF Compensation Rules Guide.
Service offered by CBL:
Two days after Ex-Date (at the latest), CBL will book the securities credits or debits resulting from CBF’s automatic dividend compensation on the customer’s account, with value payment day.

Equities, dividend payment

Market compensation basis:Trade date
Automatic Compensation Managed by Local CSD:Yes
Restriction on custody events/transaction types:Compensations on stock exchange trades and OTC trades.