T2S Wave 4: Foreign currency matching tolerance amounts

19.01.2017

Clearstream Banking AG, Frankfurt1 would like to inform customers that CBF will align the matching tolerance amounts for foreign currencies in CASCADE with the respective matching tolerance amounts of TARGET2-Securities (T2S) where the T2S amount is higher than the current amount in CBF. This adaptation in CASCADE is part of the preparation activities of CBF for the migration of Wave 4. The aligned tolerance amounts will apply in CASCADE starting from

Monday, 23 January 2017

With the migration of CBF to T2S, the matching tolerances apply for settlement as configured in T2S. CBFis implementing the following tolerance amounts to streamline the validation of cash amounts. The matching tolerance amounts are also available in CASCADE Online, in CASCADE HOST via transaction “KVAV” function “IW” and CASCADE PC via “bank-information / currency parameters”.

Currency

Country

Tolerance amount in CASCADE

Status

AUD

Australian Dollar

Australia

37.00

Updated

CAD

Canadian Dollar

Canada

38.00

Updated

CHF

Swiss Franc

Switzerland

27.00

Updated

CNY

Chinese Renminbi

China

200.00

 

CZK

Czech Koruna

Czech Republic

900.00

 

DKK

Danish Krone

Denmark

187.00

Updated

EUR

Euro

European monetary area

25.00

 

GBP

Pound Sterling

UK

18.00

Updated

HKD

Hong Kong Dollar

Hong Kong

280.00

 

HUF

Hungarian Forint

Hungary

7,900.00

Updated

JPY

Japanese Yen

Japan

3,500.00

 

MXN

Mexican Peso

Mexico

473.00

Updated

NOK

Norwegian Krone

Norway

240.00

Updated

NZD

New Zealand Dollar

New Zealand

40.00

Updated

PLN

Polish Zloty

Poland

107.00

Updated

RUB

Russian Ruble

Russia

2,017.00

Updated

SEK

Swedish Krona

Sweden

230.00

Updated

SGD

Singapore Dollar

Singapore

50.00

 

TRY

New Turkish Lira

Turkey

79.00

Updated

USD

US-Dollar

USA

27.00

Updated

ZAR

South African Rand

South Africa

424.00

Updated

The update of matching tolerance amounts has no impact on instructions that have already been matched. The new tolerance amounts will be considered for matching starting from 23 January 2017. The current matching procedures in CASCADE continue to apply.

Starting with the migration of CBF to T2S, instructions that settle in T2S are also matched by T2S. For these transactions the CBF matching rules no longer apply and will be replaced by T2S matching rules.

Note: T2S applies two matching tolerance amounts per currency, a higher tolerance for high settlement amounts and a lower tolerance for low settlement amounts. If the allowed tolerance is exceeded, instructions remain unmatched. T2S does not report reasons why instructions remain unmatched.

Further information regarding matching rules in T2S is available, for example in the CBF Customer Handbook valid as of 6 February 2017, the DFD Domestic OTC Settlement and in the respective T2S documentation as published on the ECB website.

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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.