Settlement times - Germany

09.10.2017

The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL, CBF, LuxCSD and in the local market. Customers must also ensure that any necessary provision is available. If any of these criteria are not met, Clearstream cannot guarantee timely settlement.

Important Note: As part of CBL, CBF, LuxCSD'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.

InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
AP=Against payment FOP=Free of payment SD=Settlement date
Settlement in EUR
ReceiptsFOP18:05
SD-1 a
17:55
SD b
17:55 SD22:00 SD-1 c18:00
SD
AP18:05
SD-1 a
15:55
SD b
15:55 SD22:00
SD-1 c
18:00
SD
SD
DeliveriesFOP18:05
SD-1 a
17:55
SD b
17:55 SD22:00
SD-1 c
18:00
SD
AP18:05
SD-1 a
15:55
SD b
15:55 SD22:00
SD-1 c
18:00
SD
SD
CBL - Against payment in all other currencies
ReceiptAP18:05
SD-1
17:10
SD
17:10 SD17:00
SD
18:00
SD
SD
DeliveriesAP18:05
SD-1
17:10
SD
17:10 SD17:00
SD
18:00
SD
SD
CBF - Against payment in all other currencies
ReceiptAP20:00
SD-1
17:10
SD
17:30 SD d17:00
SD
18:00
SD
SD
DeliveriesAP20:00
SD-1
17:10
SD
17:30 SD d17:00
SD
18:00
SD
SD

a. Start of provision time for CBF and LuxCSD  is 20:00 SD-1 (start of Night-time Settlement (NTS) for CBF and LuxCSD).

b. Instructions received from CBF and LuxCSD customers after 15:55 (against payment) and 17:55 (free of payment) are settled on a "best efforts" basis only.

c. For CBF and LuxCSD customers, the first results from NTS can be expected around 22:20 SD-1.

d. Determined by reservation CDLR (instruction is on hold) in T2S.

CBF and CBL customers can enter into against payment transactions with counterparties in CBF for settlement in EUR or in the foreign currencies AUD, CAD, CHF, CNY, CZK, DKK, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR.

Physical transactions (CBL only)

InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
FOP=Free of payment SD=Settlement date
ReceiptsSecurities should be sent to the depository with full details of the account to be credited in CBL.
DeliveriesFOP18:05
SD-1
22:00
SD-1
20:30 SD-106:00
SD
18:00
SD