Custody and other services - U.S.A.

04.09.2017

Income collection

Service offeredRemarks
Notification to customersNo specific deviations from standard reporting provided by CBF apply to the U.S. market.
General information on income proceeds is available in WSS data (database in CASCADE).

Information on income proceeds (interest and dividend) can be retrieved using CASCADE's online KVGI function or CASCADE-PC, under the Custody Services section. This information is available from the 14th business day preceding the payment of proceeds.
Payment of proceeds
The distribution of interest and dividends on U.S. securities is executed via Creation. The proceeds are credited to the customer's account in Creation on payment date during daytime processing with good value.

Compensation rules for German equities settled through DTC

If a transaction gives rise to an entitlement compensation, the following differences that exist between the German and the U.S. markets will impact the resulting compensated amount as well as the delay of its payment:

  • Any compensation that is triggered by a late settlement in DTC will be compensated in USD only (not in EUR).
  • The trade date is not taken into account for free of payment transaction in DTC, but only the settlement date versus the Ex-date, where the trade date is taken into account on the German market.

Corporate actions

Service offeredRemarks
Notification to customersNo specific deviations from standard reporting provided by CBF apply to the U.S. market.
General information on corporate events is available in WSS data (database in CASCADE).

Information on mandatory and voluntary corporate actions, as well as the maturity date on individual corporate actions can be retrieved using CASCADE's online KVGI function or CASCADE-PC, under the Custody Services section. This information is available from the 14th business day preceding the ex-date or the beginning of the corporate action period.
Instruction to CBF
For events for which the notification is published in WSS, customers can instruct CBF to carry out options foreseen in the terms and conditions of the underlying security. These options include, but are not limited to, put options, conversions, exercises of warrants, exchanges, detachment of warrants etc.

Depository service fees charged on ADRs

The depository service fees charged by Depository Receipt Agents (DR agents) for American Depository Receipts (ADRs) in collective safe custody accounts will be passed on to position owners.

Clearstream Banking will continue to charge DR depository fees only once per month. In line with Clearstream's monthly billing schedule, each position that is received from the agent between the first and last day of the respective calendar month will be debited individually in USD on the Creation customer account on the 15th day of the following month, or on the next possible business day if the 15th falls on a weekend.

For all DR expenses incurred in a given month, customers will receive a “statement of pass-through expenses” with their monthly billing. The “statement of pass-through expenses” will list all payments posted within a given calendar month, the underlying ISIN, the record date, the corresponding nominal, the underlying CASCADE account, the book-entry and value date, as well as the amount entered in the books, are listed.

Proxy Voting procedures

Proxy voting services are not available in CBF for this market.

Back-to-back processing

Back-to-back processing is not available.

Other services

Holding restrictions

Please refer to the Investment regulation section of the Market Profile - USA.