Greece: Changes to settlement of OTC re-registrations in ATHEXCSD
Clearstream Banking1 would like to inform customers of changes to the settlement process of OTC re-registration trades that settle in the Greek Central Securities Depository (ATHEXCSD), effective settlement date
4 May 2016
Note: OTC re-registration trades are defined in the market as the transfer of securities of the same beneficial owner between accounts at ATHEXCSD and should be instructed as free of payment.
Effective 4 May 2016, as a temporary measure until 6 June 2016, OTC re-registration trades that settle in ATHEXCSD can only settle on the last business day of each week (rather than on each settlement day, as is currently the case).
Effective 6 June 2016, OTC re-registration trades can again be settled on each settlement date. In addition, information on the final beneficial owner will become matching criteria in ATHEXCSD and must be provided in each OTC re-registration instruction. The beneficial owner will be able to be identified either by BIC or by free text, for example by name.
Impact on customers
Customers are requested to take the new requirements into consideration when instructing OTC re-registration trades and to align their settlement instructions accordingly.
Effective 4 May 2016 and until 6 June 2016, OTC re-registration trades can only settle on the last business day of each week: During this period, the Requested Settlement Date (RSD) for all settlement instructions must be the last business day of the week.
Effective settlement date 6 June 2016, OTC re-registration trades will again be able to be settled on each settlement date and customers are requested to include the following details in their settlement instructions:
|Type of trade||Creation via SWIFT and CreationDirect||CreationOnline|
|OTC Re-registration (OTC RERE)|
:95P::SELL/BUYR//BIC of final beneficial owner
Type: Place of Trade
The Creation Link Guide - ATHEXCSD (formerly, “Creation Link Guide- HSCD”) will be updated in due course.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and 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.