Greece: Migration of securities to omnibus account in AthexCSD
Further to the announcement A21037, Clearstream Banking1 would like to inform customers of the migration procedure of AthexCSD eligible securities to the new omnibus account.
12 April 2021
Clearstream Banking, together with its custodian Citibank Athens, will transfer the securities from the existing account to the new omnibus account made available by AthexCSD. .
Migration impacts on customers
Settlement time on 9 April 2021
On 9 April 2021, to facilitate the market migration process, early deadline of 12:00 CET will apply for customers’ against payment and free of payment instructions with domestic counterparty with settlement date 9 April 2021.
Handling of domestic instructions
AthexCSD has advised that only transactions with trade date on or after 12 April can settle on the new omnibus account. To allow the market migration to proceed smoothly, customers are requested to consider the following:
Transactions with trade date before 12 April 2021
Customers are requested to send their settlement instructions to Clearstream Banking as soon as the trade has been concluded.
Customers are requested to use the “Immediate Release” functionality
Transactions with trade date on or after 12 April 2021
Customers are requested to send their settlement instructions to Clearstream Banking starting from 18:00 CET on 9 April 2021.
Clearstream Banking reserves the right to cancel any pending instructions that are unmatched on Friday 9 April 2021 at 12:00 CET. In such case, customers are requested to reinstruct. The settlement at AthexCSD will follow the standard process including cancellation of any unsettled transactions by AthexCSD at the end of day.
Securities to be migrated
An indicative list of impacted ISINs is attached to this announcement. The list includes ISINs that will be eligible for holding and settlement on the omnibus account and provides information if the ISIN is related to a taxable or non-taxable product.
Procedures for domestic counterparties in AthexCSD
There is no change to the procedures for domestic counterparties and the information published in the Settlement services – Greece AthexCSD remains valid.
Settlement instruction formats
There is no change to the instruction formats to be used by customers and the formats published in the Market Link Guide – Greece AthexCSD remain valid.
The updated Market Link Guide will be posted on the Clearstream website on 12 April 2021. 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.