Canada: Cancellation period process extended to 30 days for cross-border flips between CDS and DTC

18.11.2020

Clearstream Banking1 would like to inform its customers that effective

1 December 2020

our depository in Canada, RBC Investor & Treasury Services (RBC I&TS) will modify the purge cancellation process currently in place for cross-border flips between the Clearing Depository Services Inc. (CDS) and Depository Trust Company (DTC), respectively the local Canadian and U.S. Central Securities Depository.

RBC I&TS will cancel pending unsettled transactions between CDS and DTC after 30 days instead of the current auto cancellation of 14 days. RBC I&TS will continue to cancel local pending transactions unsettled with CDS after 14 days.

Impact on customers

The following changes must be taken into account for DTC settlement:

  • Receive instructions (Northbound Flips).

The depository will automatically cancel Clearstream Banking settlement instructions

received via SWIFT MT54X which are still unsettled at the end of the 30th business day after the requested settlement date.

Further information

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.