United Kingdom: Debt securities - New mandatory fields in the CREST system - postponed

20.03.2020

This announcement, originally published on 16 March 2020, is no longer valid as Euroclear UK and Ireland has announced the postponement of the changes initially planned for 4 May 2020. No new date is available at the moment. We will keep you informed of any changes.

Clearstream Banking1 informs customers that effective

4 May 2020

trade date, place of trade MIC (Market Identification Code) and type of transaction will become mandatory fields in the Euroclear UK and Ireland (EUI) CREST system for settlement instructions. EUI have stated that the change is required to support the new transaction data requirements relating to CSDR.

If the fields are omitted where required or a value is not recognised by the CREST system, the instructions will be rejected by CREST.

Customers are recommended to take the necessary actions to ensure understanding of the new requirements and population of the appropriate values to avoid instructions being rejected.

Note: While the CREST changes are applicable to transactions on all instrument types, this Announcement is related to Clearstream Banking’s direct link to CREST system and transactions on UK debt securities such as UK gilts. Further information on the impact on Clearstream Banking’s indirect link via Citibank to CREST system (UK equities and Irish equities) please refer to separate Announcements A20024 and A20025.

Impact on customers

Overview of requirements

Field

Mandatory

Matching

Trade dateYesYes

Place of trade MIC

Yes

No

Type of transaction

Yes

No

Mandatory fields to be used in instructions

Trade date

Connectivity medium

Fields to be used

Xact via SWIFT and Xact File Transfer

:98a::TRAD//Trade date/time

CreationOnline

Trade date

Xact Web Portal

Trade date

Place of trade MIC

Connectivity medium

Fields to be used

Remarks

Xact via SWIFT and Xact File Transfer

:94B::TRAD//EXCH/XXXX

XXXX being the MIC code of the trading venue such as XLON for the LSE or XOFF for OTC trades

CreationOnline

Additional Places: Type Place of trade

Additional places: Code

Identification of the place of trade as appropriate

Xact Web Portal

Place of trade type Code
P. of trade identifier
P. of trade identification

Identification of the place of trade as appropriate

Type of transaction

Connectivity medium

Fields to be used

Remarks

Xact via SWIFT and Xact File Transfer

:22F::SETR//XXXX

OR

22F::STCO//CRST/XXXX

XXXX being the code for the type of transaction (for example, TRAD, SECB, SECL)

CreationOnline

Type of Settlement Transaction

Identification of the type of transaction as appropriate (for example, Trade Settlement, Securities Borrowing, Securities Lending)

Xact Web Portal

Sec. transaction type

Identification of the type of transaction as appropriate (for example, TRAD - Trade, SECB - Securities Borrowing, SECL - Securities Lending)

Further information

We will provide further details to customers about the qualifiers accepted by CREST and impact on pending instructions in due course.

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

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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.