Norway: Change of depository – further information and cut-over details

26.11.2018

Clearstream Banking1 is pleased to announce that effective settlement date

3 December 2018

Danske Bank A/S, Copenhagen, will become operator of Clearstream Banking’s Nominee account at the Norwegian Central Securities Depository, Verdipapirsentralen ASA, and replace current operator DNB Bank ASA, Oslo, who has decided to exit the sub-custody business.

Impact on customers

Customers of Clearstream Banking are requested to take note of the new custodian details as follows and to update their records and advise their counterparties accordingly:

CSD details

Verdipapirsentralen ASA (VPS)
Fred Olsens gate 1
PO Box 1174 Sentrum
NO-0107 Oslo
Norway

New account operator details

Danske Bank A/S, Copenhagen
Custody Operations - Custodian Services
2-12, Holmens Kanal
DK-1092 Copenhagen
Denmark

Depository Code: 2A

BIC address: DABADKKK

Note: DNB Bank ASA will remain Clearstream Banking’s cash correspondent bank for the Norwegian Krone (NOK).

New procedure for domestic counterparties

For instructions with a requested settlement date on or after 3 December 2018, customers must advise their counterparties to use the following new standard settlement instructions:

Domestic counterparties must include the following information (Subsequence E1 of SWIFT MT54x) in their instructions to VPS:

Receipts in CBL

Deliveries from CBL

:95P::REAG//CEDELLULLXXX

:95P::DEAG//CEDELLULLXXX

or

or

:95R::REAG/VPSN/15330

:95R::DEAG/VPSN/15330

:97A::SAFE// 0153300000145 a

:97A::SAFE// 0153300000145 a

:95P::BUYR/BIC of CBL customer

:95P::SELL//BIC of CBL customer

a. This field is optional

Instruction specifications

Instruction specifications for Xact via SWIFT, Xact File Transfer and CreationOnline remain unchanged.

Settlement timing

Settlement deadlines remain unchanged.

Disclosure Requirements

Disclosure requirements remain unchanged.

Customer guidelines for the cut-over

Specific settlement instruction process on 30 November 2018

  • In order to facilitate the transfer, customers of Clearstream Banking are required to send their latest instruction by 10:55 CET.
  • All OTC instructions with requested settlement date up to Friday 30 November 2018 will be processed through DNB Bank ASA, Oslo.
  • All instructions with requested settlement date up to 30 November 2018 that are received after the cut- off time of 10:55 CET will be automatically rejected.
  • Clearstream Banking recommends that customers request their counterparties to send their matching instructions as soon as possible to avoid possible cancellation.
  • Clearstream Banking reminds its customers that instructions with requested settlement date 3 December and beyond must be sent no earlier than 19:00 CET on 30 November 2018.

Handling of pending trades on transfer date 30 November 2018

  • Unmatched instructions for settlement date up to and including 30 November 2018 that are still pending at the end of the second settlement batch of VPS (around 12:30 CET) will be cancelled.
  • Customers impacted will be informed via MT548. Customers will need to reinstruct after the successful completion of the migration, on Friday 30 November 2018 19:00 CET, and in accordance with the new details.
  • For matched instructions pending settlement, that have been instructed up to 30 November, that have not settled by end of day Monday 3 December, we request customers to contact their counterparty to cancel the instruction and reinstruct in the new format.

Further information

The Market Link Guide – Norway will be updated accordingly and available on the effective date to reflect the changes.

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.