Year-end processing and instruction deadlines 2018 - update II

28.12.2018

Note: This Announcement first published on 20 December 2018 and updated on 21 December 2018 has been further updated to include changed deadlines for Norway. The changes have been highlighted.

Clearstream Banking1 reminds customers of the impact of the year-end processing holidays on settlement and cash.

All times in this Announcement are Central European Time (CET).

Clearstream Banking year-end processing

25 December 2018 and 1 January 2019 will be Clearstream Banking non-business days.

The night-time processing on 24 December 2018 (between Clearstream Banking and Euroclear Bank) will be delayed and run on 25 December 2018 at 21:00. Reports will be available on 25 December 2018 at the usual time.

The night-time processing on 31 December 2018 (between Clearstream Banking and Euroclear Bank) will be delayed and run on 1 January 2019 at 21:00. Reports will be available on 1 January 2019 at the usual time.

The 24 December and 31 December 2018 end of day reports will be available as usual.

Instruction timings for Clearstream Banking customers

Please pay special attention to the following details related to securities instructions that contain a requested settlement date that is the same as a Clearstream non-business day.

For domestic, internal and Bridge instructions, the following special procedures will apply.

For internal and Bridge instructions:

  • Instructions received with a requested settlement date of 25 December 2018 or 1 January 2019 will not be processed for settlement until the next Clearstream Banking business day, being 26 December 2018 or 2 January 2019, respectively.

As a consequence, for all internal and Bridge instructions, the debit and credit of cash will be given the value of 26 December 2018 or 2 January 2019, provided the instructions settle on those days.

For domestic instructions, the following special procedures will apply:

  • The effective settlement date for instructions with a requested settlement date of 25 December 2018 or 1 January 2019 will be the first Clearstream Banking business day following the Clearstream non-business day, being 26 December 2018 or 2 January 2019, respectively, under the condition that the instructions settle in the market with the requested settlement dates.
  • For receipt instructions that settle on the market on 25 December 2018 or 1 January 2019, the cash countervalue of the trade will be debited with value 25 December 2018 or 1 January 2019, respectively. The debit of cash in Clearstream Banking will be booked on 26 December 2018 or 2 January 2019, respectively.
  • For delivery instructions that settle on the market on 25 December 2018 or 1 January 2019, the cash countervalue of the trade will be credited with value date 26 December 2018 or 2 January 2019, respectively. The credit of cash in Clearstream Banking will be booked on 26 December 2018 or 2 January 2019 respectively

Securities and cash instructions

Customers are reminded that processing holidays are shown in the Cash and Securities Holidays, which are updated as soon as information is available.

In the below-mentioned markets, however, exceptional deadlines or exceptional arrangements apply:

Canada

Changed deadlines on 24 and 31 December 2018.

Clearstream Banking deadlines are as follows:

Settlement instructions against payment

18:00

Settlement instructions free of payment

unchanged

Cash payments

VD 18:00

Greece – ATHEXCSD (equities and corporate bonds)

Changed deadlines for securities transactions with a requested settlement date of 31 December 2018:

ATHEXCSD-eligible securities deposited in Citibank Europe Plc Greece branch

VD 12:55

Iceland

Changed deadline on 31 December 2018.

Clearstream Banking deadline is as follows:

NASDAQ CSD OMX Iceland13:00

Mexico

Changed deadlines on 24 and 31 December 2018.

Clearstream Banking deadlines are as follows:

Settlement instructions against payment

18:00

Settlement instructions free of payment

unchanged

Cash payments

VD 18:00

Norway

Changed deadline on 31 December 2018.

Clearstream Banking deadline is as follows:

Cash12:30

Poland

Changed deadlines in the Polish Market on 24 December 2018.Clearstream Banking deadlines are as follows:

WSE  transactions

closed

All OTC transactions
(DVP, FOP, equities, T-bonds, T-bills, covered, corporate and municipal bonds)

10:30

Cash

VD 09:30

Changed deadlines in the Polish Market on 31 December 2018.

Clearstream Banking deadlines are as follows:

WSE  transactions

closed

All OTC transactions
(DVP, FOP, equities, T-bonds, T-bills, covered, corporate and municipal bonds)

10:30

Cash

VD 09:30

United Kingdom

Changed deadlines on 24 December 2018.

Clearstream Banking deadlines are as follows:

Against payment - Securities deposited in Citibank UK12:00
Against payment -Gilts12:00

Cash pre-advices and withdrawals of funds

12:00

Changed deadlines on 31 December 2018.

Clearstream Banking deadlines are as follows:

Against payment - Securities deposited in Citibank UK

10:00

Against payment -Gilts

10:00

Cash pre-advices and withdrawals of funds

10:00

Instructions transmitted after the above Clearstream Banking deadline, but for the same requested settlement date, could still settle on the requested settlement date and therefore could affect customer cash balances at close of business.

For more details, please refer to Announcement A18142.

U.S.A.

Changed deadlines on 24 and 31 December 2018

Clearstream Banking deadlines are as follows:

Settlement instructions against payment

18:00

Settlement instructions free of payment

unchanged

Cash payments

VD 18:00

Instructions transmitted after the above Clearstream Banking deadline, but for the same requested settlement date, could still settle on the requested settlement date and therefore could affect customer cash balances at close of business.

The above-mentioned Clearstream Banking deadlines are valid provided that the customer’s instructions are complete, accurate and eligible for straight-through processing (STP) in Clearstream Banking and in the local market. Customers must also ensure that any necessary provision is available. If any of these criteria are not met, Clearstream Banking cannot guarantee timely settlement.

Christmas Day 2018 and New Year's Day 2019

Clearstream Banking will be closed on Christmas Day 2018 and New Year's Day 2019.

Business will be as usual on 26 December 2018 and on 2 January 2019.

Seasonal greetings

We would like to take this opportunity to wish all customers an enjoyable and peaceful end of year and a prosperous and happy 2019.

Further information

For further information please contact Clearstream Banking Client Services or your 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 (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.