Partial settlement: Additional windows for Bridge settlement
Further to Announcement A23096, Clearstream Banking1 informs clients that effective
9 September 2024
in order to further enhance the settlement efficiency, velocity and intra-day liquidity of Bridge settlement transactions, Euroclear Bank (EB) and Clearstream Banking S.A. (CBL) have agreed to further increase the number of partial settlement runs during the Bridge settlement day.
From the effective date, the number of partial settlement runs will increase to 16 for each international central securities depository (ICSD).
Benefits for clients
The 16 partial settlement runs will be spread over six time windows, compared to four today, to better cover the Bridge settlement day.
During these windows, partial settlement will be possible for both internal and Bridge instructions.
The table below gives an overview of the time windows during which partial settlement of internal and/or Bridge settlement instructions will be attempted throughout the day:
Situation prior to | Situation on and after | Transaction type | |||
Partial settlement windows timings a | Number of partial runs per ICSD b | Partial settlement windows timings a | Number of partial runs per ICSD b | ||
1 |
| 1 | Around 22:30 on SD-1 (start of the day) | 1 | Internal only |
2 | Around 06:05 on SD | 1 | Around 06:05 on SD | 1 | Internal only |
3 | Around 07:05 on SD | 1 | Around 07:05 on SD | 1 | Internal only |
4 | n/a | 08:25 - 09:25 | 2 | Internal and Bridge | |
5 | n/a | 10:15 - 11:15 | 2 | Internal and Bridge | |
6 | 13:50-14:25 | 1 | 13:05 - 14:25 | 3 | Internal and Bridge |
7 | 15:20-15:55 | 1 | 14:35 - 15:55 | 3 | Internal and Bridge |
8 | 17:00-17:35 | 1 | 16:15 - 17:35 | 3 | Internal and Bridge |
9 | 18:30-19:05 | 1 | 17:45- 19:05 | 3 | Internal and Bridge |
10 | Around 20:00 on SD (end of day) | 1 | Around 20:00 on SD (end of day) | 1 | Internal only |
a. Timings are indicative and represent the periods during which each ICSD, for Bridge transactions, will propose partial deliveries to the other ICSD and receive partial settlement feedback. b. Each ICSD processes the same number of partial runs during a period. | |||||
Further information
For further information, please contact your Relationship Officer.
The CBL Client Handbook will be updated accordingly in due course.
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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 clients 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.