ESES markets: Identification of settlement parties in T2S - migration and cut-over - update

03.04.2017

This announcement previously published on 29 March 2017 has been updated to change the effective date.

Following Announcement A17024, Clearstream Banking1 kindly reminds customers that effective

Monday 10 April 2017

the use of the Data Source Scheme (DSS) in Xact via SWIFT and Xact File Transfer :95R::DEAG or :95R::REAG, Xact Web Portal Delivering or Receiving Settlement Parties and CreationOnline Delivering Agent or Receiving Agent, will no longer be accepted by Clearstream Banking to identify the counterparty in T2S.

Migration and cut-over details

Released matched and unmatched instructions with requested settlement date (SD) up to and including 7 April 2017 will be automatically converted by BP2S from the DSS into the BIC11 counterparty code.

Pending instructions still containing the DSS and submitted to Clearstream Banking on or up to Friday 7 April, but not yet released to BP2S will be cancelled by Clearstream Banking on Friday 7 March 2017 at 18:00.

Customers must re-instruct in the correct format without DSS to avoid settlement delays.

Pre-matched instructions still containing the DSS must be cancelled by both counterparties and customers are requested to re-instruct once bilateral cancellation is successful.

All T2S eligible transactions released to Clearstream Banking from Monday 10 April 2017 identifying the counterparty in T2S with the local bank code (DSS) instead of a valid BIC11 will be rejected by Clearstream Banking.

Customers will be required to re-instruct to ensure acceptance in Clearstream Banking and matching in T2S by using the BIC11 of the ESES participant in their settlement instruction to Clearstream Banking.

Further information

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

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1. Clearstream Banking refers collectively to 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, and 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.