Local settlement of Bridge-eligible securities - France

13.12.2013

As an alternative to settling transactions in Bridge-eligible securities via the Bridge between Clearstream Banking and Euroclear Bank, such transactions can also be settled via Euroclear France and BP2S Paris.

Details of the deadlines and instructions for each of the above markets are given below.

Free of and against payment transactions can be settled during the day. The trade date must be on/before the settlement date.

Instruction specifications

Following are details, for all instruments for local settlement of Bridge-eligible securities, of delivery instructions to a Bridge counterparty from CBL and receipt instructions from a Bridge counterparty to CBL for the Xact via SWIFT and Xact File Transfer connectivity media.

In the following tables, M=Mandatory; O=Optional; C=Conditional;
Seq=SWIFT Message (sub)sequence.

Xact via SWIFT and Xact File Transfer

MT540Receive FreeSeq
M:98a::TRAD//Trade date/time aB
O:90a::DEAL//Deal price
M:95P::PSET//SICVFRPP[XXX]E1
M:95R::DEAG/EGSP/611
or:95P::DEAG//MGTCBEBE
M:95P::SELL//Ordering party’s BIC b
or:95R::SELL/ECLR/EB participant account
C c:97A::SAFE//EOC/nnnnn (nnnnn = ordering party’s Euroclear account)


MT541


Receive Against Payment


Seq
M:98a::TRAD//Trade date/time aB
O:90a::DEAL//Deal price
M:95P::PSET//SICVFRPP[XXX]E1
M:95R::DEAG/EGSP/611
or:95P::DEAG//MGTCBEBE
M:95P::SELL//Ordering party’s BIC b
or:95R::SELL/ECLR/EB participant account
C c:97A::SAFE//EOC/nnnnn (nnnnn = ordering party’s Euroclear account)


MT542


Deliver Free


Seq
M:98a::TRAD//Trade date/time aB
O:90a::DEAL//Deal price
M:95P::PSET//SICVFRPP[XXX]E1
M:95R::REAG/EGSP/611
or:95P::REAG//MGTCBEBE
M:95P::BUYR//Beneficiary’s BIC b
or:95R::BUYR/ECLR/EB participant account
C c:97A::SAFE//EOC/nnnnn (nnnnn = ordering party’s Euroclear account)


MT543


Deliver Against Payment


Seq
M:98a::TRAD//Trade date/time aB
O:90a::DEAL//Deal price
M:95P::PSET//SICVFRPP[XXX]E1
M:95R::REAG/EGSP/611
or:95P::REAG//MGTCBEBE
M:95P::BUYR//Beneficiary’s BIC b
or:95R::BUYR/ECLR/EB participant account
C c:97A::SAFE//EOC/nnnnn (nnnnn = ordering party’s Euroclear account)

------------------------------------------
a. Settlement Date must not be more than 10 business days after Trade Date.
b. If no BIC exists for the Seller/Buyer, the :95Q: Name and Address field can be used instead in each case. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. Mandatory if Seller/Buyer is :95P:/:95Q:; otherwise, omit.

CreationOnline

Receive Free
MTrade Datea
ODeal Price
MPlace of SettlementBIC
PartySICVFRPPXXX - France Euroclear France
MDelivering AgentEuronext - BE, FR, NL
Party611
orDelivering AgentBIC
PartyMGTCBEBE
MSellerBIC b
Partyordering party’s BIC b
orSellerEuroclear
PartyEB participant account
C cAccount/EOC/nnnnn (nnnnn = ordering party’s Euroclear account)


Receive Against Payment
MTrade Datea
ODeal Price
MPlace of SettlementBIC
PartySICVFRPPXXX - France Euroclear France
MDelivering AgentEuronext - BE, FR, NL
Party611
orDelivering AgentBIC
PartyMGTCBEBE
MSellerBIC b
Partyordering party’s BIC b
orSellerEuroclear
PartyEB participant account
C cAccount/EOC/nnnnn (nnnnn = ordering party’s Euroclear account)


Deliver Free
MTrade Datea
ODeal Price
MPlace of SettlementBIC
PartySICVFRPPXXX - France Euroclear France
MReceiving AgentEuronext - BE, FR, NL
Party611
orReceiving AgentBIC
PartyMGTCBEBE
MBuyerBIC b
Partybeneficiary’s BIC b
orBuyerEuroclear
PartyEB participant account
C cAccount/EOC/nnnnn (nnnnn = ordering party’s Euroclear account)


Deliver Against Payment
MTrade Datea
ODeal Price
MPlace of SettlementBIC
PartySICVFRPPXXX - France Euroclear France
MReceiving AgentEuronext - BE, FR, NL
Party611
orReceiving AgentBIC
PartyMGTCBEBE
MBuyerBIC b
Partybeneficiary’s BIC b
orBuyerEuroclear
PartyEB participant account
C cAccount/EOC/nnnnn (nnnnn = ordering party’s Euroclear account)

------------------------------------------
a. Settlement Date must not be more than 10 business days after Trade Date..
b. If no BIC exists for the Seller/Buyer, the Name and Address option can be used instead in each case. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. Mandatory if Seller/Buyer is BIC/Name and Address; otherwise, omit.

Impact on the Euroclear Bank instruction specifications

Following are details of the deliver instructions to a CBL counterparty from Euroclear Bank and the receive instructions from a CBL counterparty to Euroclear Bank via the various connectivity media.

Note: Details of Euroclear Bank are provided here for information purposes only. For more information concerning these instructions, your Bridge counterparty should refer to his/her commercial officer at Euroclear Bank, Brussels directly.

For detailed information about Euroclear Bank instructions, we kindly ask you to check the Euroclear Bank website under ISO 15022 specific instruction requirements.

SWIFT ISO 15022 instruction specifications

  • Receive free of or against payment from the French market

    :98A::TRAD//yyyymmdd
    :95P::PSET//SICVFRPP
    :95R::DEAG/ECLR/98912
    :95P::SELL//CEDELULL

    The trade date must be on or before the settlement date.
  • Deliver free of or against payment to the French market

    :98A::TRAD//yyyymmdd
    :95P::PSET//SICVFRPP
    :95R::REAG/ECLR/98912
    :95P::BUYR//CEDELULL

    The trade date must be on or before the settlement date.