Changes to the settlement account details for the exchange and re-exchange of global bearer certificates for UK and Irish ETFs

16.05.2018

Clearstream Banking1 informs customers that CBF will change the participant ID used in the EUI Crest settlement system for the exchange and re-exchange of global bearer certificates (GBC) for UK and Irish ETFs effective

26 May 2018

Impact on customers

Customers and their counterparties must

  • make arrangements on pending and future settlement transactions by close of business 25 May 2018; and
  • amend the delivering and receiving party in their exchange and re-exchange settlement instructions for the UK and Irish markets as indicated below.

For the relevant account details per security please refer to the attached list of ISINs.

Impact on settlement instructions


What will happen?
Friday, 25 May 2018
After close of business

Pending customer external settlement instructions and pending unmatched realignments will be cancelled following the change of static data in the securities database. Customers should re-instruct accordingly. No separate announcement will go out.

For matched domestic instructions in the UK or Irish markets customers and their counterparties should cancel both legs and re-instruct with the new account details.

Monday, 28 May 2018
Start of business
New participant CREST IDs are to be used by the counterparties to deliver in the UK or Irish market from settlement date Monday, 28 May 2018.

Impacts on customers trading or clearing in DE ISINs on Xetra

Stock exchange trades in the various markets will remain possible (unless announced otherwise), but customers are requested to check with their counterparties that the settlement details are duly updated for settlement date Monday, 28 May 2018.

OTC trades with new settlement details for value date Monday, 28 May 2018 will not be accepted until the change in static data is completed, that is, not before Saturday, 26 May 2018.

The list of GBC ISINs with the new account details is attached to this announcement.

Further information

The Exchange and Re-exchange of Global Bearer Certificates Guide offers further details on how the Global Bearer Certificate structure helps meet the post-trade challenges of the ETF market.

For further information, customers may contact contact Clearstream Banking Client Services.

------------------------------------------

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.