Market Specifications – Investment Funds – Australia
Please note that the customer should always provide the APIR and/or Australia (AU) ISIN code where known when requesting for fund setup.
Stapled security fund types are processed via VestimaPrime.
Please note that CBL will not round up the dividend rate to 6 decimal places. CBL will allow for up to 12 decimal places for the dividend rates of Australia domiciled funds.
Same Cash Value Date
In Australia, it is market practice to send the contract note linked to a redemption few days after the payment of the redemption proceed.
In such cases, CBL will only transfer the redemption proceed to the customer’s cash account upon receipt of the contract notes.
CBL will indicate the date of the receipt of the proceeds as the Effective Settlement Date (98A::ESET field in the ISO 15022 format) and value date (98A::VALU field) in the following messages:
- In the Effective Settlement Date (98A::ESET field) and Value Date (98A::VALU field) in Settlement confirmation (MT547),
- In the Value date and Entry date (:61: field) in Money statement report (MT950), and
- In the Effective Settlement Date (98A::ESET field) in Statement of transactions (MT536)
Customer will not incur any overdraft fees for redemption monies held in the customer’s account from the date that CBL receives the monies till the date the contract note is received and processed by CBL.
Order Quantity Truncation Service
Customer who subscribes to the Order Quantity Truncation Service will allow CBL to modify their orders so as to reduce the probability of order rejection.
- Decimal Compliance Truncation Service
In the event of quantity of order stipulated by customer on Vestima having decimal digits exceeding the number of digits allowed by fund, Vestima will truncate the last decimals of order’s quantity as per fund’s digit limitation instead of rejecting the customer order.
- 13-digit compliant Truncation Service
For orders by quantity entered into Vestima by customers:
- If the quantity’s integer part exceeds 13 digits, Vestima will reject the order.
- If the quantity’s integer part is not greater than 13 and the quantity exceeds 13 digits, Vestima will truncate the last decimal places so that the quantity will have exactly 13 digits.
Note: Quantity integer refers to the number of digits before the decimal. Eg.123456.12 Quantity integer is 6 digits.
The information contained in the Market-specific Specifications is based on the market practice that CBL was made aware of from different sources and CBL's requirements. This is not intended to be a comprehensive guide of all local market practices, and CBL disclaims any responsibility as to the accuracy and completeness of the information. Where there is discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Market-specific Specifications do not constitute legal advice and customers should seek advice from independent professional counsel.
Customers are responsible for ensuring compliance with the Market Specifications (where applicable) and agree to indemnify and hold harmless CBL for any loss, expense, liability, damage or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.