Asset servicing - Cyprus

10.09.2019

Income collection

Debt securities

Service offeredRemarks
Notification to customers
Standard Asset Servicing reporting via SWIFT MT56x, Xact Web Portal, CreationOnline and Xact File Transfer.

See Section 8 “Asset servicing” of the Customer Handbook

See Connectivity manuals on the Clearstream website.

Payment of proceeds

Interest on bonds will be credited in EUR to the customer's account based on the positions recorded at the close of business on the record date and paid to the customer's account upon successful receipt and reconciliation of funds. Proceeds will be paid with the value with which they are received. 

Funds under the Available for Cash Loan (ACL) concept, when applicable, are paid with good value.  

The payment method to be applied is reported via MT564 IPAR and Xact Web Portal IPAR.

For further details on entries qualified as ACL, please refer to the section “5.6 Financing: availability of funds” of the Customer Handbook.

Equities

Service offeredRemarks
Notification to customers
Standard Asset Servicing reporting via SWIFT MT56x, Xact Web Portal, CreationOnline and Xact File Transfer.

See Section 8 “Asset servicing” of the Customer Handbook

See Connectivity manuals on the Clearstream website.

Payment of proceeds

Market record date =
Ex-date +1 business day.  

Proceeds are calculated based on the positions recorded at the close of business on the record date and paid to the customer's account upon successful receipt and reconciliation of funds. Proceeds will be paid with the value with which they are received. 

Funds under the Available for Cash Loan (ACL) concept, when applicable, are paid with good value.  

The payment method to be applied is reported via MT564 IPAR and Xact Web Portal IPAR.

For further details on entries qualified as ACL, please refer to the section “5.6 Financing: availability of funds” of the Customer Handbook.

Corporate actions

Service offeredRemarks
Notification to customers
Standard reporting.No specific deviations from standard reporting provided by CBL apply to the Cypriot market.
Instruction to CBL
Customers can instruct CBL to carry out options foreseen in the terms and conditions of the underlying security type.In addition, CBL informs customers, on an “as and if received” basis, of unscheduled securities events occurring on account holdings, such as rights offers, reinvestment options, exchange offers, purchase offers etc.

Mandatory and voluntary events

For mandatory events, security proceeds are credited on an “upon receipt” basis.

For voluntary events, the securities deposited with Cyprus CSD are registered in CBL’s name. Split instructions or oversubscription may not be accepted by all issuers unless the entire holding on CBL account in Cyprus CSD has been exercised in full. CBL will inform customers of any restrictions as and if received.

Sale and purchase of rights

Sale and purchase of rights are not applicable to corporate actions in the Cypriot market. Customers can only trade rights via settlement instructions.

Proxy Voting procedures

Proxy voting services are available in CBL for this market.

The securities deposited with Cyprus CSD are registered in the name of CBL. Customers that want to exercise voting rights can do so only via proxy voting through CBL.

For details of the proxy voting services offered by CBL, please refer to the CBL Customer Handbook and, for the market specific practices, please refer to the Market Profile - Cyprus.

Entitlement compensation rules

Please refer to Entitlement Compensation Rules - Cyprus.