CFF in T2S: Credit Suisse funds migrate to T2S - updated

Note: This announcement, originally published on 24 January 2017, has been updated with amendments relating to transfer instructions. The changes have been highlighted.

Effective

Monday 6 February 2017

some of the investment fund shares handled by Credit Suisse Fund Services (Luxembourg) S.A. as Order Handling Agent, and listed in the attached spreadsheet, will migrate to T2S settlement.

All customers of Clearstream Banking¹ that hold positions in these investment fund shares will continue to benefit from the CFF process and asset services with the amendments noted below.

Note: To ensure the uninterrupted quality of services for holdings and transactions in the fund shares that migrate to T2S issuance, Clearstream Banking reserves the right, but is not obliged, to initiate settings on the relevant customer data with regards to the “matching BIC” of an account and the “allegement account” of a BIC. Please refer to Announcement A16033, dated 12 August 2016, for further information.

The fund shares that are in scope for T2S issuance and settlement will be updated from time to time, and can be identified in the Published Fund List (new version) as having the “CBL PoSK id” set to “YN” (and “T2S active” set to “Y”).

Transfers in investment funds issued in LuxCSD are instructed as per the specifications given in the Creation Link Guide - Luxembourg - LuxCSD.

Migration details

Time-line for process adaptations:

• Pending settlements from MD-1 and earlier continue to be settled with the existing process.
• Clearstream Banking will automatically transfer all positions in the overnight processing preceding MD. No action is required by Clearstream Banking account holders.
• Pending instructions for settlement against the FIA that do not follow the CFF processes in T2S on MD will be rejected. Instructions that were generated by the Vestima automated order routing service will be replaced by Clearstream Banking. Customers will be required to replace any other settlement instruction that has been rejected.
• All trades with settlement date MD and later will use the CFF processes in T2S and settle against FIA LUXC0048022² in LuxCSD (place of settlement: LUXCLULLXXX), as listed in the associated spreadsheet.

Further information

For more detailed information about CFF please refer to the Clearstream Banking Customer Handbook.

For further information, please contact as appropriate:

For more general information regarding Clearstream Banking products and services, customers may contact their Relationship Officer.

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

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 Frankfurt (CBF) customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.
2. Customers can use the Fund Market Account of CFF (“FMA01”) as Counterparty account in their settlement instructions, however the place of settlement for the migrated fund shares must be LuxCSD S.A. with BIC: LUXCLULLXXX.