OneClearstream: Instruction specification changes for CBL counterparties

15.03.2019

Clearstream Banking S.A. (CBL1) informs customers that Clearstream Banking AG (CBF) will be used as a gateway to T2S for Bank of Greece settlement system (BOGS) eligible securities from 24 June 2019.

For the migrated securities, CBL will no longer access BOGS via its direct account, but will instead access BOGS through its account in CBF.

As a consequence, T2S counterparties that want to instruct against CBL customers on BOGS eligible securities, should no longer instruct against the CBL account in BOGS, but against the CBL account in CBF and standing settlement instructions must be updated accordingly.

Customer impacts

  • No impact on Bridge or internal instructions;
  • No impact on domestic instructions for CBL customers but a change for their counterparties (change of Place of Settlement from the BIC11 of local CSDs to DAKVDEFFXXX for all migrated securities);
  • The change of Place of Settlement is applicable to all CBL T2S counterparties (even if the counterparty is not located in BOGS)2 that wish transact with a CBL customer on BOGS eligible and migrated securities;
  • A new Realignment guides will be published to reflect the specification changes for the migrated securities;

All T2S/BOGS eligible securities currently held in CBL will be eligible for settlement in CBF-T2S with the exception of  some securities with an upcoming maturity date (if any).

Please find below the recommended formats that should be used by your counterparties from 24 June 2019.

For ICP counterparties  (SWIFT ISO 15022)

Note: ICP counterparties should ask their domestic CSDs or agents for the proper formats to reach the CBL omnibus in CBF. Some CSDs or agents may still have proprietary formats that differ from the below

Settlement party details of CBL

Migrated securities

Non-migrated securities

Place of settlement (PSET)

DAKVDEFFXXX

BNGRGRAASSS

Delivering/Receiving Agent (:95P::DEAG/REAG)

CEDELULLXXX

CEDELULLXXX

:97A::SAFE of the DEAG/REAG

Should not be specified. If specified, it must be the valid CBL SAC within CBF for the given market

Should not be specified. If specified, it must be the valid CBL SAC within the BOGS

Buyer/Seller (BUYR/SELL)

BIC11 of the CBL customer

BIC11 of the CBL customer

For DCP counterparties (SWIFT ISO 20022)

Settlement party details of CBL

Migrated securities

Non-migrated securities

Depository

DAKVDEFFXXX

BNGRGRAASSS

Party 1

CEDELULLXXX

(Party 1 SAC should not be specified. If specified, it must be the valid CBL SAC within CBF for the given market)

CEDELULLXXX

(Party 1 SAC should not be specified. If specified, it must be the valid CBL SAC within BOGS)

Party 2

BIC11 of the CBL customer

BIC11 of the CBL customer


DEAG/REAG - Party 1 (safekeeping account) recommendation

We encourage our customers to ask their counterparties not to include the safekeeping account of the DEAG/REAG- Party 1 in their instructions to avoid any matching issues. If counterparties still wish to do so, please be advised that the T2S SAC of CBL at CBF for migrated securities are:

BOGSDAKV7201105

It must be the valid CBL SAC for the given market, for example, DAKV7201107 DAKV7201105 for BoGS eligible securities.

By not mentioning the CBL T2S SAC in the instruction, the counterparty will be able to benefit from one single instruction specification for all OneClearstream migrated securities.

BUYR/SELL - Party 2 recommendation

As T2S only matches BIC code (:95P:) with BIC code; or proprietary code (:95R:) with proprietary code the customer and its counterparty must ensure that they use identical BIC11s or identical proprietary codes in the BUYR/SELL – Party 2 information.

If the customer has not identified himself in the instruction, CBL will default the matching BIC linked to the account in their T2S instruction, if the counterparty uses a proprietary code this may lead to mismatches unless the customer has specified a proprietary code in its instruction. Please see Announcement A16033.

Therefore, Clearstream Banking always recommends that customers and their counterparty use a BIC11 rather than a proprietary code for the BUYR/SELL- Party 2 information.

Further information

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


1. CBL 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. Provided that the counterparty CSD has established the relevant set-up to allow Cross-CSD settlement with CBF for these securities.