Germany: Securities held remotely in Switzerland will be migrated to Germany

27.10.2017

Effective

6 November 2017

Clearstream Banking1 will migrate all German securities held remotely in Switzerland (UBS) to the home market Germany (Clearstream Banking AG) for value Monday 6 November 2017.

On Friday 3  November 2017 realignment instructions will be sent to both UBS and CBF to migrate the German securities for settlement on Monday 6 November 2017.

From Monday 6 November 2017 it will no longer be possible to hold German issued securities via the Swiss market at UBS, they will have to be held in Clearstream Bank Luxembourg via the German market  Clearstream Banking AG (CBF).

Pending transactions

All transactions on the German market with settlement date  of 6 November or later must be instructed via the German market. Clearstream Banking will have a blocking rule in place so any German securities sent via the Swiss market will be rejected and the customer will have to re-instruct.

Settling with Swiss counterparties

It will be possible for customers to instruct transactions in German securities to settle with Swiss counterparties via CBF into Switzerland.

Customers can also settle German transactions with Swiss counterparties via CBF in T2S with SIX SIS T2S account but these have to be free of payment or against payment in EUR only.

To instruct correctly please see formats below.

Instruction specifications - Xact via SWIFT and Xact File Transfer – Germany to Switzerland and T2S

In the following tables, M=Mandatory; O=Optional; C=Conditional;
Seq=SWIFT Message (sub)sequence.

MT540

Receive Free

Seq

O

:20C:

:COMM

//common referencea

A1

M

:98a:

:TRAD

//Trade date/time

B

O

:22F:

:TTCO

//CCPN or XCPNb

 

O

:22F:

:STCO

//NPARc

E

O

:22F:

:STCO

//NOMCc

 

M

:95P:

:PSET

//DAKVDEFFXXX

E1

M

:95P:

:DEAG

// INSECHZZTRA  

O

:97A:

:SAFEa

//Counterparty’s account in T2S

or

:95R:

:DEAG

/DAKV/ 7121 

 

O

:95P:

:SELLa

//Ordering party’s BIC8 or BIC11, if different from DEAG d

or

:95Q:

:SELL

//Ordering party’s name, if different from DEAG

 

or

:95R:

:SELLa

//Ordering party’s proprietary code, if different from DEAG

 

O

:97A:

:SAFE

//Ordering party’s account

O

:95a:e

:BUYR

//Beneficiary

 

MT541

Receive Against Payment

Seq

O

:20C:

:COMM

//common referencea

A1

M

:98a:

:TRAD

//Trade date/time

B

O

:22F:

:TTCO

//CCPN or XCPNb

 

O

:22F:

:STCO

//NPARc

E

O

:22F:

:STCO

//NOMCb

 

M

:95P:

:PSET

//DAKVDEFFXXX

E1

M

:95P:

:DEAG

//  INSECHZZTRA,

O

:97A:

:SAFEa

//Counterparty’s account in T2S

or

:95R:

:DEAG

/DAKV/7121

 

O

:95P:

:SELLa

//Ordering party’s BIC8 or BIC11, if different from DEAG d

 

or

:95Q:

:SELL

//Ordering party’s name, if different from DEAG

 

or

:95R:

:SELLa

//Ordering party’s proprietary code, if different from DEAG

 

O

:97A:

:SAFE

//Ordering party’s account

O

:95a:e

:BUYR

//Beneficiary

 

MT542

Deliver Free

Seq

O

:20C:

:COMM

//common referencea

A1

M

:98a:

:TRAD

//Trade date/time

B

O

:22F:

:TTCO

//CCPN or XCPNb

 

O

:22F:

:STCO

//NPARc

E

O

:22F:

:STCO

//NOMCb

 

M

:95P:

:PSET

//DAKVDEFFXXX

E1

M

:95P:

:REAG

// INSECHZZTRA   

O

:97A:

:SAFEa

//Counterparty’s account in T2S

 

or

:95R:

:REAG

/DAKV/ 7121

 

O

:95P:

:BUYRa

//Beneficiary’s BIC8 or BIC11, if different from REAG d

or

:95Q:

:BUYR

//Beneficiary’s name, if different from REAG

 

or

:95R:

:BUYRa

//Beneficiary’s proprietary code, if different from REAG

 

O

:97A:

:SAFE

//Beneficiary’s account

O

:95a:e

:SELL

//Ordering Party

 

MT543

Deliver Against Payment

Seq

O

:20C:

:COMM

//common referencea

A1

M

:98a:

:TRAD

//Trade date/time

B

O

:22F:

:TTCO

//CCPN or XCPNb

 

O

:22F:

:STCO

//NPARc

E

O

:22F:

:STCO

//NOMCb

 

M

:95P:

:PSET

//DAKVDEFFXXX

E1

M

:95P:

:REAG

// INSECHZZTRA

 

O

:97A:

:SAFEa

//Counterparty’s account in T2S

or

:95R:

:REAG

/DAKV/ 7121

 

O

:95P:

:BUYRa

//Beneficiary’s BIC8 or BIC11, if different from REAG d

or

:95Q:

:BUYR

//Beneficiary’s name, if different from REAG

 

or

:95R:

:BUYRa

//Beneficiary’s proprietary code, if different from REAG

 

O

:97A:

:SAFE

//Beneficiary’s account

O

:95a:e

:SELL

//Ordering Party

 

------------------------------------------
a. Optional matching fields.
b. Additional matching fields. 
c. Only provide in order to prevent partial settlement. CBF only accepts indicators COEX/PARQ and COEX/PARC when instructing in ISO20022.
d. If a customer uses a BIC8, Clearstream Banking shall be entitled to modify the BIC8 by adding the default XXX suffix to comply with T2S settlement rules. Accordingly, such customers remain liable for any settlement fails that the use of the BIC8 may cause.
e. This optional matching field will be forwarded as received. T2S will only match if provided with format BIC or proprietary.  If a customer uses a BIC8, Clearstream Banking will add the default XXX suffix to comply with T2S settlement rules. If not present, Clearstream will default the customer’s matching BIC for the instructing account (refer to Announcement A16033).

Instruction specifications - Xact Web Portal – Germany to Switzerland and T2S

In the following tables, M=Mandatory; O=Optional; C=Conditional.

Receive Free

O

Common IDa

 

M

Trade date

 

O

Trade transaction cond.

XCPN – Ex Coupon or CCPN – Cum Coupon

O

Sett. transaction cond.

NOMC –No automatic Market Claim

O

Partial settlement

PART – Partial allowed ( default in T2S)

NPAR – Partial not allowed

 

Delivering settlement parties

 

M

Depository Format

BIC

Depository Party

DAKVDEFFXXX

M

Party 1 Format  

BIC

 

Party 1 Identifier

INSECHZZTRA  

O

Party 1 Safekeeping accounta

Counterparty’s account in T2S

or

Party 1 Format 

Proprietary

 

Party 1 Issuer

DAKV

 

Party 1 Identifier

Counterparty’s proprietary’s value

 

Party 1 Safekeeping account

7121

O

Party 2 Formata

BIC

Party 2 Identifier

ordering party’s BIC

or

Party 2 Format

Name

 

Party 2 Identifier

ordering party’s Name

or

Party 2 Formata

Proprietary

 

Party 2 Issuer

ordering party’s proprietary (DSS) code

 

Party 2 Identifier

ordering party’s proprietary value

O

Party 2 Safekeeping accounta

ordering party’s account

 

Receiving settlement parties

 

O

Depository Format

BIC

 

Depository Identifier

BIC of receiving settlement party depository

O

Party 1 Format

BIC

 

Party 1 Identifier

CEDELULLXXX (CBL customers only)

 

Party 1 Safekeeping account

(T2S SAC number )

DAKV7201000 (CBL customers only) a

O

Party 2 Format

BIC, Name or Proprietary

 

Party 2 Issuer

If Format is Proprietary:

Buyer’s proprietary (DSS) code

 

Party 2 Identifier

Buyer’s BIC or Name or Proprietary value

 

Receive Against Payment

O

Common IDa

 

M

Trade date

 

O

Trade transaction cond.

XCPN – Ex Coupon or CCPN – Cum Coupon

O

Sett. transaction cond.

NOMC –No automatic Market Claim

O

Partial settlement

PART – Partial allowed ( default in T2S)

NPAR – Partial not allowed

 

Delivering settlement parties

 

M

Depository Format

BIC

Depository Party

DAKVDEFFXXX

M

Party 1 Format  

BIC

 

Party 1 Identifier

INSECHZZTRA

O

Party 1 Safekeeping accounta

Counterparty’s account in T2S

or

Party 1 Format  

Proprietary

 

Party 1 Issuer

DAKV

 

Party 1 Identifier

Counterparty’s proprietary’s value

 

Party 1 Safekeeping account

7121  

O

Party 2 Formata

BIC

Party 2 Identifier

ordering party’s BIC

or

Party 2 Format

Name

 

Party 2 Identifier

ordering party’s Name

or

Party 2 Formata

Proprietary

 

Party 2 Issuer

ordering party’s proprietary (DSS) code

 

Party 2 Identifier

ordering party’s proprietary value

O

Party 2 Safekeeping accounta

ordering party’s account

 

Receiving settlement parties

 

O

Depository Format

BIC

 

Depository Identifier

BIC of receiving settlement party depository

O

Party 1 Format

BIC

 

Party 1 Identifier

CEDELULLXXX (CBL customers only)

 

Party 1 Safekeeping account

(T2S SAC number )

DAKV7201000 (CBL customers only) a

O

Party 2 Format

BIC, Name and Address or Proprietary

 

Party 2 Issuer

If Format is Proprietary:

Buyer’s proprietary (DSS) code

 

Party 2 Identifier

Buyer’s BIC or Name or Proprietary value

Deliver Free

O

Common IDa

 

M

Trade date

 

O

Trade transaction cond.

XCPN – Ex Coupon or CCPN – Cum Coupon

O

Sett. transaction cond.

NOMC –No automatic Market Claim

O

Partial settlement

PART – Partial allowed ( default in T2S)

NPAR – Partial not allowed

 

Receiving settlement parties

 

M

Depository Format

BIC

Depository Party

DAKVDEFFXXX

M

Party 1 Format  

BIC

 

Party 1 Identifier

INSECHZZTRA  

O

Party 1 Safekeeping accounta

Counterparty’s account in T2S

or

Party 1 Format  

Proprietary

 

Party 1 Issuer

DAKV

 

Party 1 Identifier

Counterparty’s proprietary’s value

 

Party 1 Safekeeping account

7121

O

Party 2 Formata

BIC

Party 2 Identifier

beneficiary’s BIC

or

Party 2 Format

Name

 

Party 2 Identifier

beneficiary’s Name

or

Party 2 Formata

Proprietary

 

Party 2 Issuer

beneficiary’s proprietary (DSS) code

 

Party 2 Identifier

beneficiary’s proprietary value

O

Party 2 Safekeeping accounta

beneficiary’s account

 

Delivering settlement parties

 

O

Depository Format

BIC

 

Depository Identifier

BIC of delivering settlement party depository

O

Party 1 Format

BIC

 

Party 1 Identifier

CEDELULLXXX (CBL customers only)

 

Party 1 Safekeeping account

(T2S SAC number )

DAKV7201000 (CBL customers only) a

O

Party 2 Format

BIC, Name or Proprietaryc

 

Party 2 Issuer

If Format is Proprietary:

Seller’s proprietary (DSS) code

 

Party 2 Identifier

Seller’s BIC or Name or Proprietary value

 

Deliver Against Payment

O

Common IDa

 

M

Trade date

 

O

Trade transaction cond.

XCPN – Ex Coupon or CCPN – Cum Coupon

O

Sett. transaction cond.

NOMC –No automatic Market Claim

O

Partial settlement

PART – Partial allowed ( default in T2S)

NPAR – Partial not allowed

 

Receiving settlement parties

 

M

Depository Format

BIC

Depository Party

DAKVDEFFXXX

M

Party 1 Format  

BIC

Party 1 Identifier

INSECHZZTRA

O

Party 1 Safekeeping accounta

Counterparty’saccount in T2S

or

Party 1 Format  

Proprietary

 

Party 1 Issuer

DAKV

 

Party 1 Identifier

Counterparty’s proprietary value

 

Party 1 Safekeeping account

7121

O

Party 2 Formata

BIC

Party 2 Identifier

beneficiary’s BIC

or

Party 2 Format

Name

 

Party 2 Identifier

beneficiary’s Name

or

Party 2 Formata

Proprietary

 

Party 2 Issuer

beneficiary’s proprietary (DSS) code

 

Party 2 Identifier

beneficiary’s proprietary value

O

Party 2 Safekeeping accounta

beneficiary’s account

 

Delivering settlement parties

 

O

Depository Format

BIC

 

Depository Identifier

BIC of delivering settlement party depository

O

Party 1 Format

BIC

 

Party 1 Identifier

CEDELULLXXX (CBL customers only)

 

Party 1 Safekeeping account

(T2S SAC number )

DAKV7201000 (CBL customers only) e

O

Party 2 Format

BIC, Name or Proprietary

 

Party 2 Issuer

If Format is Proprietary:

Seller’s proprietary (DSS) code

 

Party 2 Identifier

Seller’s BIC or Name or Proprietary value

------------------------------------------
a. Optional matching fields.
b. Only provide in order to prevent partial settlement. CBF only accepts indicators COEX/PARQ and COEX/PARC when instructing in ISO20022.
c. This optional matching field will be forwarded as received.  T2S will only match if provided with format BIC or proprietary. If not present, Clearstream will default the customer’s matching BIC for the instructing account (refer to Announcement A16119).
d. Additional matching fields. 

e. The securities account number (SAC) is an optional matching criteria in T2S.

Instruction specifications - CreationOnline – Germany to Switzerland and T2S

In the following tables, M=Mandatory; O=Optional; C=Conditional.

Receive Free

O

Common Referencea

 

O

Partial Settlementb

Partial allowed (default in T2S)

Partial not allowed

M

Trade Date

M

Place of Settlement

BIC

Party

DAKVDEFFXXX - Germany

M

Delivering Agent

BIC

 

Party

 INSECHZZTRA

O

Accounta

 Counterparty’s account in T2S

or

Delivering Agent

Data source scheme

 

Party

Clearstream Banking Frankfurt

 

Account

7121

O

Sellera

BIC

Party

ordering party’s BIC

or

Seller

Name and Address

 

Party

ordering party’s Name

or

Sellera

Data source scheme

 

Party

ordering party’s proprietary code

O

Account

ordering party’s account

O

Other Parties

Type: Buyerc

Format: BIC, Name and Address or Data source scheme

O

Additional Indicators:

Type: Trade Transaction Condition Indicator

Code: Ex Coupon or Cum Coupond

O

Additional Indicators:

Type: Settlement Transaction Condition Indicator

Code: No Automatic Market Claimd

Receive Against Payment

O

Common Referencea

 

O

Partial Settlementb

Partial allowed (default in T2S)

Partial not allowed

M

Trade Date

M

Place of Settlement

BIC

Party

DAKVDEFFXXX - Germany

M

Delivering Agent

BIC

 

Party

 INSECHZZTRA

O

Accounta

Counterparty’s account in T2S

or

Delivering Agent

Data source scheme

 

Party

Clearstream Banking Frankfurt

 

Account

7121

O

Sellera

BIC

Party

ordering party’s BIC

or

Seller

Name and Address

 

Party

ordering party’s Name

or

Sellera

Data source scheme

 

Party

ordering party’s proprietary code

O

Account

ordering party’s account

O

Other Parties

Type: Buyerc

Format: BIC, Name and Address or Data source scheme

O

Additional Indicators:

Type: Trade Transaction Condition Indicator

Code: Ex Coupon or Cum Coupond 

O

Additional Indicators:

Type: Settlement Transaction Condition Indicator

Code: No Automatic Market Claimd

Deliver Free

O

Common Referencea

 

O

Partial Settlementb

Partial allowed (default in T2S)

Partial not allowed

M

Trade Date

M

Place of Settlement

BIC

Party

DAKVDEFFXXX - Germany

M

Receiving Agent

BIC

 

Party

 INSECHZZTRA

O

Accounta

Counterparty’s account in T2S

or

Receiving Agent

Data source scheme

 

Party

Clearstream Banking Frankfurt

 

Account

7121 

O

Buyera

BIC

Party

beneficiary’s BIC

or

Buyer

Name and Address

 

Party

beneficiary’s Name

or

Buyera

Data source scheme

 

Party

beneficiary’s proprietary code

O

Account

beneficiary’s account

O

Other Parties

Type: Sellerc

Format: BIC, Name and Address or Data source scheme

O

Additional Indicators:

Type: Trade Transaction Condition Indicator

Code: Ex Coupon or Cum Coupond 

O

Additional Indicators:

Type: Settlement Transaction Condition Indicator

Code: No Automatic Market Claimd

Deliver Against Payment

O

Common Referencea

 

O

Partial Settlementb

Partial allowed (default in T2S)

Partial not allowed

M

Trade Date

M

Place of Settlement

BIC

Party

DAKVDEFFXXX - Germany

M

Receiving Agent

BIC

Party

 INSECHZZTRA

O

Accounta

Counterparty’s account in T2S

or

Receiving Agent

Data source scheme

 

Party

Clearstream Banking Frankfurt

 

Account

7121

O

Buyera

BIC

Party

beneficiary’s BIC

or

Buyer

Name and Address

 

Party

beneficiary’s Name

or

Buyera

Data source scheme

 

Party

beneficiary’s proprietary code

O

Account

beneficiary’s account

O

Other Parties

Type: Sellerc

Format: BIC, Name and Address or Data source scheme

O

Additional Indicators:

Type: Trade Transaction Condition Indicator

Code: Ex Coupon or Cum Coupond 

O

Additional Indicators:

Type: Settlement Transaction Condition Indicator

Code: No Automatic Market Claimd

------------------------------------------
a. Optional matching fields.
b. Only provide in order to prevent partial settlement. CBF only accepts indicators COEX/PARQ and COEX/PARC when instructing in ISO20022.
c. This optional matching field will be forwarded as received.  T2S will only match if provided with format BIC or proprietary. If not present, Clearstream will default the customer’s matching BIC for the instructing account (refer to Announcement A16033).
d. Additional matching fields. 

Further information

For further information, customers may contact Clearstream Banking 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.