OneClearstream migration to ESES - update

04.04.2018

Note: The attached PDF was updated on 4 April 2018.

Clearstream Banking would like to remind their customers that for all securities that will not be migrated to OneClearstream, T2S counterparties should continue to use the current instruction formats in order to reach CBL participants.

  1. For all migrated securities from 9 April 2018 (main migration) or from 7 May 2018  (securities subject mainly to pending asset servicing events), T2S counterparties should adapt their format in order to reach the CBL omnibus in CBF (change of place of settlement to DAKVDEFFXXX as CBL customer assets will be located in CBF and not in ESES anymore).
    In order to avoid any fail at the respective cutovers, we encourage T2S and local counterparties to check the formats with their local custodians or ESES on how to instruct the CBL omnibus in CBF.
  2. For all non-migrated securities, local counterparties should continue to use the existing formats as CBL will keep these securities on its accounts with ESES or BNP Paribas Securities Services.

Following Clearstream Banking’s 1 announcement A17129 of 28 September 2017, and effective

9 April 2018

Clearstream Banking will deposit and settle ESES T2S eligible assets with Clearstream Banking AG (CBF) in order to enable future OneClearstream service upgrades.

This forms part of our ongoing efforts to harmonise our services allowing customers to benefit from advantages across multiple areas of our business.

Clearstream Banking will access the ESES CSDs for settlement in T2S via CBF as follows:

Country

CSD

Type of link

Securities eligible

Belgium

Euroclear Belgium (EBE) SA/NV

Relayed link via Clearstream Banking AG, Frankfurt (All T2S eligible assets) to Euroclear Belgium

Corporate bonds, equities and warrants eligible in Euroclear Belgium and T2S

France

Euroclear France (EF)

Relayed link via Clearstream Banking AG, Frankfurt (All T2S eligible assets) to Euroclear France

Fixed income, equities, warrants and investment funds eligible in Euroclear France and T2S

Netherlands

Euroclear Nederland (EN)

Relayed link via Clearstream Banking AG, Frankfurt (All T2S eligible assets) to Euroclear Nederland

Fixed income,  equities, warrants and investment funds eligible in Euroclear Nederland and T2S

Some ESES and T2S eligible securities (that is, French registered shares in both bearer and registered forms and some Dutch investment funds – see the exception lists attached below) and also multi-listed securities where ESES act as Investor-CSD (T2S CSD out) will not migrate to CBF and will continue to be settled via BNP Paribas Securities Services as account operator of the CBL account in ESES.

Clearstream Banking will continue to use BNP Paribas Securities Services for non-T2S and non-ESES eligible assets. Those non-T2S assets will therefore not be migrated to CBF.

Please refer to the PDF attached below for  more information about the scope of securities relevant for the migration and the impact on customers and their counterparties highlighting specific details on the migration in addition to the generic migration and cut-over details published on 28 September 2017.

The Market Link Guides for Belgium, France and the Netherlands, with validity from 9 April 2018 are available on the Clearstream Banking website.

Further information

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