T2S wave 4: Cross-border transfers of foreign T2S eligible multi-listed securities from remote to home markets between T2S In-CSDs

31.10.2016

Clearstream Banking1 would like to request customers to transfer all positions of impacted TARGET2-Securities (T2S) wave 4 securities in remote common codes to their respective home markets, effective

19 January 2017

This request is to help ensure a smooth transition and migration of securities to the T2S platform.

Customers are reminded that the T2S wave 4 migration will take place on 6 February 2017 for the following six Central Securities Depositories (CSDs), which will all thereby change their settlement processes by outsourcing their settlement activity to T2S:

CountryCSD
AustriaOesterreichische Kontrollbank (OeKB)
GermanyClearstream Banking Frankfurt (CBF)
HungaryKELER
LuxembourgLuxCSD
Slovak RepublicCentralny depozitar cennych papierov SR (CDCP)
SloveniaKlirinško depotna družba d.d. (KDD)

Impact on customers

Multi-market securities where the home and remote markets are both in T2S will no longer be identified with a Remote Common Code. Cross-border transactions between T2S-participating CSDs (“In-CSDs”) will settle in T2S and subsequently, remote common codes will no longer be required. As such, customers are requested to insert the home market in the Place of Safekeeping field. No other field insertion will be processed.

Impacted securities

The foreign securities this announcement applies to are as follows:

Securities that are issued via a T2S In-CSD (home market), but remotely held with another T2S In-CSD (remote market) by CBL customers, and that have already been migrated to T2S in waves 1, 2 and 3. In addition, securities that will migrate to T2S in wave 4.

The following cross-border transfers are impacted:

  • From Austria (remote) to France (home)
  • From Austria (remote) to CBF (home)
  • From Austria (remote) to Italy (home)
  • From Austria (remote) to Netherlands (home)
  • From Belgium (remote) to Germany (home)
  • From Denmark (remote) to Germany (home)
  • From France (remote) to Austria (home)
  • From France (remote) to Germany (home)
  • From Germany (remote) to Austria (home)
  • From Germany (remote) to Belgium (home)
  • From Germany (remote) to Denmark (home)
  • From Germany (remote) to France (home)
  • From Germany (remote) to Italy (home)
  • From Germany (remote) to Netherlands (home)
  • From Italy (remote) to Austria (home)
  • From Italy (remote) to Germany (home)
  • From Netherlands (remote) to Austria (home)
  • From Netherlands (remote) to Germany (home)

There is no impact on cross-border transfers between T2S In-CSDs and markets outside T2S or markets which will migrate after wave 4. Securities impacted by the wave 5 migration will be published in due course.

Note: No new remote securities in the cross-border transfers listed above will be opened, effective immediately.

After 19 January 2017, no action will be required by customers, as Clearstream Banking will process the transfer on their behalf.

Further information

Respective Creation Link Guides and Multi-listed Securities Guide will be updated in due course.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

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1. Clearstream Banking refers to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 and Clearstream Banking AG (for Clearstream Banking Frankfurt (CBF) customers 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.