IFS: Investor-CSD solution for ESES markets (French and Dutch)

28.05.2019

Effective

24 June 2019

Clearstream Banking1 informs customers that further investment fund share classes will be migrated to the Investor-CSD solution for investment funds issued in Euroclear France (EFR) and Euroclear Nederland (ENL), together the ESES CSDs.

The following customer groups will be impacted:

  • Order Issuers (OIs) with a settlement account in Creation (Creation OIs) placing orders in Vestima in the NL ISINs2 attached to this announcement (please refer “Changes for Creation OIs for orders in impacted ENL issued ISINs”).
  • EFR OHAs receiving orders via Vestima in EUR for DvP settlement from Creation OIs (please refer to “Changes for OHAs for orders in impacted EFR issued ISINs”).

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

Switch orders will be supported3 with FoP settlement.

Note: Settlement instructions submitted by OIs and OHA are recommended to be aligned with the indications given in the settlement detail level of the respective MT515/setr.012 and MT502/setr.010 messages.

Changes for Creation OIs for orders in impacted ENL issued ISINs

For Creation OIs placing orders in Vestima for the NL ISINs attached to this announcement in EUR currency for DvP settlement with BNP Paribas Securities Services as OHA, settlement details indicated in MT515/setr.012 will change as the SAFE account against which the OI will need to instruct settlement in DEAG/REAG will change from 19222 to the OHA’s BIC in ENL.
Furthermore, the place of settlement will change from CBL to ENL.

MT515 subscription order confirmation to OIs using a Creation account for settlement in ENL-Clearstream link eligible EUR currency from OHAs using an account in ENL for settlement

Current

Future

:16R:CONFPRTY
:95P::SELL//OHA-BIC
:97A::SAFE//19222
:16S:CONFPRTY
:16S:CONFDET
:16R:SETDET
:22F::SETR//TRAD
:22F::STCO/CEDE/MANU
:16R:SETPRTY
:95P::DEAG//OHA's BIC
:97A::SAFE//19222
:16S:SETPRTY
:95P::PSET//CEDELULLXXX
:16S:SETPRTY

:16R:CONFPRTY
:95P::SELL//OHA-BIC

:16S:CONFPRTY
:16S:CONFDET
:16R:SETDET
:22F::SETR//TRAD
:22F::STCO/CEDE/MANU
:16R:SETPRTY
:95P::DEAG//OHA's BIC
:16S:SETPRTY
:16R:SETPRTY
:95P::PSET//NECINL2AXXX
:16S:SETPRTY

setr.012 subscription order confirmation to OIs using a Creation account for settlement in ENL-Clearstream link eligibleEUR currencies from OHAs using an account in ENL for settlement with 1 settlement party for settlement

Current

Future

<SttlmAndCtdyDtls>
<SttlmPlc><Pty><AnyBIC> CEDELULLXXX
<DlvrgSdDtls>
<DlvrgAgtDtls><PtyId><Pty><AnyBIC>OHA’s BIC
<AcctId>19222

<SttlmAndCtdyDtls>
<SttlmPlc><Pty><AnyBIC> NECINL2AXXX
<DlvrgSdDtls>
<DlvrgAgtDtls><PtyId><Pty><AnyBIC>OHA’s BIC
 

Changes for OHAs for orders in impacted EFR issued ISINs

For EFR OHAs receiving orders via Vestima in EUR for DvP settlement from Creation OIs, settlement details indicated in MT502 will change as PSET will change from SICVFRPPXXX to DAKVDEFFXXX and DEAG/REAG OI’s BIC or CEDELULLXXX, depending on the account location of the OI. The BUYR/SELL indication will show the Ol's BIC or not be present, depending on the account location of the OI. Finally, OHAs in EFR are advised that orders will specify changed trading party details: the BUYR/SELL will specify CBF’s account EGSP/000000000607.

MT502 subscription order in EUR to OHAs using an account in EFR for settlement receiving orders from OIs using an account in Creation

Current

Future

:16R:ORDRDET
:94B::TRAD//PRIM/FR
:16R:TRADPRTY
:95R::BUYR /EGSP/000000000641
:97A::SAFE//26880
:20C::PROC//OI’s order reference
:16S:TRADPRTY
:16S:ORDRDET
:16R:SETDET




:16R:SETPRTY
:95R::REAG//EGSP/000000000641
:16S:SETPRTY
:16R:SETPRTY
:95P::PSET//SICVFRPPXXX
:16S:SETPRTY
:16S:SETDET

:16R:ORDRDET
:94B::TRAD//PRIM/FR
:16R:TRADPRTY
:95R::BUYR /EGSP/000000000607
:97A::SAFE//26880
:20C::PROC//OI’s order reference
:16S:TRADPRTY
:16S:ORDRDET
:16R:SETDET
:16R:SETPRTY
:95P::BUYR //OI’s BICa
:97A::SAFE//OI’s Creation account 
:16S:SETPRTY
:16R:SETPRTY
:95P::REAG//CEDELULLXXX
:16S:SETPRTY
:16R:SETPRTY
:95P::PSET//DAKVDEFFXXX
:16S:SETPRTY
:16S:SETDET

MT502 subscription order in EUR to OHAs using an account in EFR for settlement receiving orders from OIs using an account in CASCADE

Current

Future


n/a

:16R:ORDRDET
:94B::TRAD//PRIM/FR
:16R:TRADPRTY
:95R::BUYR /EGSP/000000000607
:97A::SAFE//26880
:20C::PROC//OI’s order reference
:16S:TRADPRTY
:16S:ORDRDET
:16R:SETDET
:16R:SETPRTY
:95P::REAG//OI’s BIC
:16S:SETPRTY
:16R:SETPRTY
:95P::PSET//DAKVDEFFXXX
:16S:SETPRTY
:16S:SETDET

a CEDELULLXXX if field :97A::SAFE specifies the Fund Market Account (19222) in Clearstream.

Cutover

Creation OIs that have not opted for automatic generation of settlement instructions by Vestima are impacted at the cutover, as a pending settlement instruction could be cancelled and will need to be reinstructed by the Creation OI.

Creation OIs that have opted for automatic generation of settlement instructions by Vestima will not be impacted at the cutover as Vestima will take care of replacement of instructions on OI’s behalf.

ENL and EFR’s OHAs facing a Creation OI counterparties may be impacted by cutover and cancelled pending instructions and they might need to reinstruct.

More information about the cutover is available at OneClearstream Rollout documentation.

Further information

For further information, customers may contact Clearstream Banking Client Services or 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 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.

2. OIs using Creation accounts placing orders in any other non-NL ISIN are not impacted by SWIFT format changes described below.

3. Switch orders between fund share classes without Euro as a NAV-currency and fund share classes with Euro as a NAV-currency will not be supported.