Enhanced cash sweep service for redemption orders on Vestima
Clearstream Banking1 informs customers that for Order Issuers (OIs), effective
9 January 2023
a new Cash Sweep service for redemption orders will be offered for both Vestima and Vestima Prime eligible securities. This service is available to customers who have completed the migration of their Vestima Prime funds on their CBL or CBF-i account and that have subscribed to the Automatic Settlement service.
Cash Sweep service set-up can be managed by the OIs directly in Vestima Graphical User Interface (GUI), upon activation of the service. The service can be activated either by subscribing through the Service Application Form (SAF) or by sending a free format message to the attention of the Global Funds Operations Vestima Service Design & Implementation team using the following template:
Attn: Vestima Service Design and Implementation team (OIN)
Please note that we would like to subscribe to the Cash Sweep Service for redemption orders as per the following details:
Portfolio(s) (by default all portfolio already linked to the participant will be taken into consideration, if not specified):
Once the cash sweep service has been enabled after confirmation from Clearstream Banking, customers will be able to enter the cash details via the Vestima portal. (Subject to business users with cash sweep profile). Customer will need to use the Cash Correspondent Bank (CCB) of its own network for this service.
For further information, customers may contact their Relationship Manager at Clearstream, or alternatively, Client Services within Investment Funds Services as follows:
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.