T2S final wave: Spain - fixed income transaction formats

10.08.2017

Clearstream Banking1 will implement the required adaptations to its systems in order to comply with the T2S transaction type mandatory specifications of the Spanish market as well as those of its agents and depositories on

18 September 2017

From this date, customers must apply the transaction formats, described below, to their settlement instructions sent to Clearstream Banking and align with their counterparties accordingly, where relevant.

Transaction formats

Significant changes apply to the transaction type categories. Incorrect selection of the transaction type could result in settlement failure.

We bring to your attention that the OWNE and OTC transaction type imply the communication of two different registration details. 

As the transaction type is a mandatory field, but not a matching field, and because the customer of the delivering/receiving party is an optional matching field, if the registration details provided by both parties do not match each other, the instructions will remain unmatched.

The unmatched registration details of the counterparty instructions will be reported via an MT548.

In order to avoid unwanted settlement failure, we highly recommend customers to use the appropriate type of transaction and align the registration details with their respective counterparties.

With NO change of beneficial owner

Delivery/Receipt

free or against payment

:22F::SETR//TRAD

Type of Settlement Transaction = Trade Settlement

Sec. transaction type = TRAD -Trade

With change of beneficial owner

Delivery/Receipt

free of payment

:22F::SETR//OWNE

Type of Settlement Transaction = External Own Account Transfer

Sec. transaction type = OWNE - External account transfer

Delivery/Receipt

against payment

:22F::SETR//TRAD

:94B::TRAD//OTCO/OTC

Type of Settlement Transaction = Trade Settlement

Additional places : Type = Place of Trade

     Code = OTC Trades

     Narrative = OTC

Sec. transaction type = TRAD -Trade

Place of trade type = Code

Place of trade identifier = OTCO -Over the counter

Description

Place of trade identification = OTC

Ancillary transactions

:22F::SETR//TRAD

:95P::DEAG or REAG//Counterparty BIC11

:97A::SAFE//account of the Financial Intermediary 35 digits

or

:22F::SETR//TRAD

:70E::SPRO//OAUX

Type of Settlement Transaction = Trade Settlement

Delivering or Receiving Agent/ Party = BIC11 of the CSD / Account = account of the Financial Intermediary 35 digits

or

Type of Settlement Transaction = Trade Settlement

Settlement Processing Narrative = OAUX

Sec. transaction type = TRAD -Trade

Delivering or Receiving Settlement parties / Party 1/ Identifier = BIC11 of the CSD / Safekeeping account = account of the Financial Intermediary 35 digits

or

Sec. transaction type = TRAD -Trade

Settlement instruction processing additional details = OAUX

Cross border trades with other CSDs

:22F::SETR//TRAD

:95P::DEAG or REAG//BIC11 of the CSD

:95a::BUYR or SELL//Participant in the CSD

:97A::SAFE//Participant account in the CSD

Type of Settlement Transaction = Trade Settlement

Delivering or Receiving Agent / Identifier = BIC11 of the CSD

Seller or Buyer / Party = Participant in the CSD / Account = Participant account in the CSD

Sec. transaction type = TRAD -Trade

Delivering or Receiving Settlement parties / Party 1/ Identifier = BIC11 of the CSD

Delivering or Receiving Settlement parties / Party 2/ Identifier = Participant in the CSD / Safekeeping account = Participant account in the CSD

Securities Lending

Initiation

Free or against payment

:22F::SETR//SECL

:22F::SETR//SECB

Type of Settlement Transaction = Securities Lending

Type of Settlement Transaction = Securities Borrowing

Sec. transaction type = SECL - Securities lending

Sec. transaction type = SECB - Securities borrowing

Securities Lending

Return

Free or against payment

:22F::SETR//SECL

:22F::SETR//SECB

Type of Settlement Transaction = Securities Lending

Type of Settlement Transaction = Securities Borrowing

Sec. transaction type = SECL - Securities lending

Sec. transaction type = SECB - Securities borrowing

REPO

:22F::SETR//OWNE

:95P::DEAG or REAG//ESPBESMMCCB

:95P::BUYR or SELL// BIC11 of the final Bank beneficiary

Type of Settlement Transaction = External Own Account Transfer

Delivering or Receiving Agent / Identifier = ESPBESMMCCB

Seller or Buyer /  Party = BIC11 of the final bank beneficiary

Sec. transaction type = OWNE - External account transfer

Delivering or Receiving Settlement parties / Party 1/ Identifier = ESPBESMMCCB

Delivering or Receiving Settlement parties / Party 2/ Identifier = BIC11 of the final bank beneficiary

PLEDGE Initiation

 

:22F::SETR/IBRC/CUPG

:95P::DEAG or REAG// ESPBESMMCCB

:95P::BUYR or SELL// BIC11 of the final bank beneficiary

Type of Settlement Transaction = Pledge Initiation

Delivering or Receiving Agent / Identifier = ESPBESMMCCB

Seller or Buyer /  Party = BIC11 of the final bank beneficiary

Sec. transaction type = IBRC/CUPG - Spanish pledge initiation

Delivering or Receiving Settlement parties / Party 1/ Identifier = ESPBESMMCCB

Delivering or Receiving Settlement parties / Party 2/ Identifier = BIC11 of the final bank beneficiary

PLEDGE Return

:22F::SETR/IBRC/PGCU

:95P::DEAG or REAG// ESPBESMMCCB

:95P::BUYR or SELL// BIC11 of the final bank beneficiary

Type of Settlement Transaction = Pledge Return

Delivering or Receiving Agent / Identifier = ESPBESMMCCB

Seller or Buyer /  Party = BIC11 of the final bank beneficiary

Sec. transaction type = IBRC/PGCU - Spanish Pledge Return

Delivering or Receiving Settlement parties / Party 1/ Identifier = ESPBESMMCCB

Delivering or Receiving Settlement parties / Party 2/ Identifier = BIC11 of the final bank beneficiary

Further information

The Creation Link Guide - Spain will be updated on 18 September 2017.

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

____________________________________________________

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 (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.