Vestima: Settlement details of the counterparty - update

30.10.2020

Clearstream Banking1

informs Vestima Order Issuers (OIs) and Order Handling Agents (OHAs) that effective

Monday, 7 December 2020

orders and order confirmations will specify the settlement details of the counterparty to the transaction.

The following customer groups will be impacted:

  • Vestima OHAs using a CASCADE account for settlement where the other party is using a Creation account for settlement
  • Vestima OIs using a CASCADE account for settlement where the other party is using a Creation account for settlement

Detailed change descriptions can be found below. All changes described are based on a subscription order. The changes equally apply to redemption orders in the opposite direction.

Note:

  • OIs or OHAs who subscribed to the automatic settlement instruction generation on their behalf by Vestima need to ensure that the changes announced do not interfere with standing settlement instruction rules currently implemented on their side.
  • This change only applies to messages received from Vestima, there is no change to the specifications of settlement instructions sent to Clearstream Banking.

Settlement details in orders and confirmations sent by Vestima to OIs and OHAs that are using CASCADE for settlement will be updated for orders/confirmations where the other party is using Creation for settlement. Where previously the settlement details indicated CEDELULLXXX as the place of settlement with the OI respectively OHA as receiving or delivering agent, the updated place of settlement will be DAKVDEFFXXX, with CEDELULLXXX account 7201 as receiving or delivering agent and the OI respectively OHA as second level settlement party.

Impacts on OHAs using a CASCADE account with counterparty OI using a Creation account:

MT502 subscription order to OHA using a CASCADE account with counterparty OI using a Creation account

Current

Future

16R:SETPRTY

:95P::REAG//OI’s BIC

:97A::SAFE//OI’s Creation account

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//CEDELULLXXX

:16S:SETPRTY


:16R:SETPRTY

:95P::BUYR//OI’s BIC

:97A::SAFE//OI’s Creation account

:16S:SETPRTY

:16R:SETPRTY

:95P::REAG//CEDELULLXXX

:97A::SAFE//7201

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//DAKVDEFFXXX

:16S:SETPRTY

setr.010 subscription order to OHA using a CASCADE account with counterparty OI using a Creation account

Current

Future

<SttlmAndCtdyDtls>

 <SttlmPlc>

  <BICOrBEI>CEDELULLXXX</BICOrBEI>

 </SttlmPlc>

 <SctiesSttlmSysId>DVP</SctiesSttlmSysId>

 <RcvgSdDtls>

  <RcvgAgtDtls>

   <PtyId>

    <BICOrBEI>OI’s BIC</BICOrBEI>

   </PtyId>

   <AcctId>

    <Prtry>

     <Id>OI’s Creation account</Id>

    </Prtry>

   </AcctId>

  </RcvgAgtDtls>

 </RcvgSdDtls>

</SttlmAndCtdyDtls>


<SttlmAndCtdyDtls>

 <SttlmPlc>

  <BICOrBEI>DAKVDEFFXXX</BICOrBEI>

 </SttlmPlc>

 <SctiesSttlmSysId>DVP</SctiesSttlmSysId>

 <RcvgSdDtls>

  <RcvrsCtdnDtls>

   <PtyId>

    <BICOrBEI>OI’s BIC</BICOrBEI>

   </PtyId>

   <AcctId>

    <Prtry>

     <Id>OI’s Creation account</Id>

    </Prtry>

   </AcctId>

  </RcvrsCtdnDtls>

  <RcvgAgtDtls>

   <PtyId>

    <BICOrBEI>CEDELULLXXX</BICOrBEI>

   </PtyId>

   <AcctId>

    <Prtry>

     <Id>7201</Id>

    </Prtry>

   </AcctId>

  </RcvgAgtDtls>

 </RcvgSdDtls>

</SttlmAndCtdyDtls>

Impacts on OIs using a CASCADE account with counterparty OHA using a Creation account:

MT515 subscription confirmation to OI using a CASCADE account with counterparty OHA using a Creation account

Current

Future

16R:SETPRTY

:95P::DEAG//OHA’s BIC

:97A::SAFE//OHA’s Creation account

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//CEDELULLXXX

:16S:SETPRTY


:16R:SETPRTY

:95P::SELL//OHA’s BIC

:97A::SAFE//OHA’s Creation account

:16S:SETPRTY

:16R:SETPRTY

:95P::DEAG//CEDELULLXXX

:97A::SAFE//7201

:16S:SETPRTY

:16R:SETPRTY

:95P::PSET//DAKVDEFFXXX

:16S:SETPRTY

setr.012 subscription confirmation to OI using a CASCADE account with counterparty OHA using a Creation account

Current

Future

<SttlmAndCtdyDtls>

 <SttlmPlc>

  <BICOrBEI>CEDELULLXXX</BICOrBEI>

 </SttlmPlc>

 <SctiesSttlmSysId>DVP</SctiesSttlmSysId>

 <DlvrgSdDtls>

  <DlvrgAgtDtls>

   <PtyId>

    <BICOrBEI>OHA’s BIC</BICOrBEI>

   </PtyId>

   <AcctId>

    <Prtry>

     <Id>OHA’s Creation account</Id>

    </Prtry>

   </AcctId>

  </DlvrgAgtDtls>

 </DlvrgSdDtls>

</SttlmAndCtdyDtls>


<SttlmAndCtdyDtls>

 <SttlmPlc>

  <BICOrBEI>DAKVDEFFXXX</BICOrBEI>

 </SttlmPlc>

 <SctiesSttlmSysId>DVP</SctiesSttlmSysId>

 <DlvrgSdDtls>

  <DlvrrsCtdnDtls>

   <PtyId>

    <BICOrBEI>OHA’s BIC</BICOrBEI>

   </PtyId>

   <AcctId>

    <Prtry>

     <Id>OHA’s Creation account</Id>

    </Prtry>

   </AcctId>

  </DlvrrsCtdnDtls>

  <DlvrgAgtDtls>

   <PtyId>

    <BICOrBEI>CEDELULLXXX</BICOrBEI>

   </PtyId>

   <AcctId>

    <Prtry>

     <Id>7201</Id>

    </Prtry>

   </AcctId>

  </DlvrgAgtDtls>

 </DlvrgSdDtls>

</SttlmAndCtdyDtls>

Further information

For further information, please contact:

 

Clearstream Banking
Vestima Client Services

Email:

csvestima@clearstream.com

Telephone:

+352-243-32833

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

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 customers 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.