Romania: Link to Depozitarul Central S.A. for Romanian municipal bonds

24.04.2015

Effective settlement date

4 May 2015

Clearstream Banking1 will deposit assets and settle all transactions for municipal bonds indirectly in RoClear (the Depozitarul Central S.A. settlement system) on the account opened in the name of Bancpost S.A. – Clienti Clearstream Banking.

This new indirect account will enable future service upgrades and will continue to be operated by our Romanian depository, Bancpost S.A., who will act as Clearstream Banking’s custodian for municipal bonds

Highlights of the new service

  • Internal transactions within Clearstream Banking free of payment and against payment; and
  • In the Romanian market transactions against payment in Romanian Leu (RON) and free of payment.

Impact on customers

  • There is no change to the service and communication.
  • Romanian municipal bonds will not be Bridge eligible.
  • Against payment of Romanian municipal bonds will have a SD-1 deadline.
  • Ad-hoc Clearstream customer disclosure may be requested by the Romanian Financial Supervisory Authority (FSA), by the CSD or by any other entity for which such right is recognised by law.
  • Holding and transaction restrictions will remain as currently described in the Market Profile - Romania.

Impact on domestic counterparties

Domestic counterparties will continue to provide trade confirmations and pre-match the settlement instructions with Clearstream Banking’s depository Bancpost S.A.

Customers should inform their counterparties of the revised information to be indicated in their settlement instructions regarding Clearstream Banking’s indirect account with the Depozitarul Central S.A as follows:

Procedure for domestic counterparties

Deadline

FoP Receipt/Delivery in CBL

Deliver to/receive from:

Clearstream Banking Luxembourg

(BIC: CEDELULL)

 

For/from:             

Clearstream Banking Luxembourg (BIC: CEDELULL)
Account number:  5542 (CBL account at Bancpost)
By order of:          CBL customer account number

SD 09:55 (CET) 

DvP Receipt/Delivery in CBL

Deliver to/receive from:

Clearstream Banking Luxembourg

(BIC: CEDELULL)

 

For/from:             

Clearstream Banking Luxembourg (BIC: CEDELULL)
Account number:  5542 (CBL account at Bancpost)
By order of:          CBL customer account number

SD-1 09:55 (CET)

Further information

The Creation Link Guide (Romania) will be updated in due course.

For further information, please contact the Clearstream Banking Client Services or your Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and 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.