Xact via SWIFT: Transaction management enhancements - Update II
Note: This announcement originally published on 22 December 2020 and updated on 4 March 2021, has been further updated to clarify the enhancements in the 70E::SPRO field and which parts are valid for CBL and which ones for CBF OneClearstream. Changes have been highlighted.
Clearstream Banking1 would like to inform customers about reporting and functionality enhancements related to market/reverse claims and transformations for internal trades.
The implementation of the enhancements will take place during
14 June 2021
Reporting enhancements for Xact via SWIFT messages
New referencing in MT544-MT547 “Settlement Confirmation” and MT548 “Settlement Status and Processing Advice” messages as follows:
Field in MT544-MT547 and MT548
For CBL, SEME of settlement instructions generated from market claims and transformations.
For CBL and CBF OneClearstream, reporting will be enriched by SEME of the underlying instruction (original instruction subject to market/reverse claim or transformation) at the beginning of the last line:
Please note that this structure replaces the former format for messages which already included the reference to the underlying instruction after the keyword “RELA”.
Modifications and cancellations of market/reverse claims and transformations in Xact via SWIFT (applicable to CBL)
With the change of referencing in messages related to settlement instructions generated from market claims and transformations, customers will be able to modify or cancel market/reverse claim instructions or transformation settlement instructions.
At present, these functionalities are only possible via Xact Web Portal and now they will be extended to Xact via SWIFT.
Customers will be required to use the reference populated in field :20C::PCTI of MT548 and include it in field :20C::PREV of their MT530 or MT540-MT543(CANC) messages.
- Modification via MT530: Change of the hold/release status;
- Cancellation via MT540-MT543 (23G:CANC).
Instructions to be modified or to be cancelled must contain:
- :22F::SETR//CLAI for market/reverse claims;
- :22F::SETR//TRAD and 22F::STCO//TRAN for transformations.
Extension of transformation period (applicable to CBL and CBF OneClearstream)
At present, Clearstream Banking performs transformations for pending matched trades only at the end of the day at 20:30 CET (on record date/entitlement date). If instructions are generated after the transformation process has taken place, those instructions will be rejected.
New processing cycles to transform pending matched trades will be introduced at 03:00 CET, 10:00 CET, 14:00 CET and 17:00 CET on maturity date (extension of the transformation period by one business day).
Customers instructing on an old or matured ISIN must respect the final deadline on maturity date at 16:45 CET.
Instructions on maturity date after 16:45 CET, will not be transformed but remain pending until they get rejected at 20:30 CET.
Changes will only apply for internal trades. Bridge and domestic trades are excluded.
The Xact via SWIFT user guide and Customer Handbooks will be updated in due course.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
The relevant contact details are available on the website under Contacts & Client Services.
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, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.