OneClearstream (Iberclear): Instruction specification changes for CBL counterparties in T2S - reminder

27.11.2020

As previously communicated in Announcement A20145, Clearstream Bankingreminds customers that  Spanish T2S counterparties that want to instruct against CBL customers for migrated securities as of Monday 30 November 2020, should no longer instruct against the CBL account in BBVA , but against the CBL account in CBF and standing settlement instructions must be updated accordingly.

Customers are reminded, that the following instruction format should be used by Spanish CBL counterparties to settle against the CBL account in CBF as of Monday 30 Nov. 2020


Settlement party details of CBL

Migrated securities

Place of settlement (PSET)

IBRCESMMXXX

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

CEDELULLXXX

:97A::SAFE of the DEAG/REAG

DAKV7201102

Should be specified as required by Iberclear to identify CBF as CSD in T2S.

Buyer/Seller (BUYR/SELL)

BIC11 of the CBL customer

Important Note:

There is no change in the Place of Settlement for Spanish counterparties. All Spanish ICPs should continue to use the BIC11 of Iberclear (IBRCESMMXXX) in the Place of Settlement.

Some of the securities may not be part of the migration and may be kept with the current depository.  The exact list is available on the OneClearstream homepage. For these non-migrated securities, the counterparties must continue to use the current instruction format specifications.

Cross-border settlement between CSDs in T2S is only possible, if the corresponding technical configuration in T2S for cross-border links has been established by the CSDs linked to each other. For T2S Cross-border settlement in Spanish securities between non-Iberclear counterparties and Clearstream, the T2S standard applies. This means that non-Spanish counterparties (i.e. Monte Titoli participants) need to instruction against DAKVDEFFXXX in the Place of Settlement.

ICP counterparties should ask their domestic CSDs or agents for the proper formats to instruct against the CBL omnibus account in CBF. Some CSDs or agents may still have proprietary formats that differ from the format published in the table above.

Further information

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

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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.