OneClearstream migration to the Baltics (NASDAQ CSD - Estonia, Latvia, Lithuania) and Malta (MSE)
As a next milestone in implementing our enhanced Investor-CSD solution, effective
2 December 2019
Clearstream Banking AG1 is pleased to announce the activation of the direct access to the Baltics (NASDAQ CSD) and the eligibility of the NASDAQ CSD issued securities for settlement in T2S.
At the same time, OneClearstream services will be activated for the existing link from CBF to the Maltese CSD (MSE).
The Functional Specifications document should be read in conjunction with the Release Notes published prior to each implementation of the OneClearstream services and with the additional announcements that address the needs of particular product or service in order to understand future service and Legacy impacts. These can be found on the OneClearstream Rollout documentation page.
Customer benefits of the new link to NASDAQ CSD
- CBF as a single access to the securities issued in NASDAQ CSD;
- All NASDAQ CSD-eligible instruments available for increased liquidity pooling;
- Settlement of NASDAQ CSD eligible securities in central bank money;
- New Connectivity solutions, with single user interface and harmonised A2A formats.
Type of assets
All NASDAQ CSD securities that are available in CBL and T2S eligible will be made CBF-T2S eligible with Non-Collective Safe Custody (NCSC-T) status and OneClearstream asset servicing.
The securities to be eligible for holding in CBF in NCSC-T are, but not limited to:
- Commercial papers (money market)
- Government bonds
- Municipal bonds
- Corporate bonds
- NASDAQ-eligible investment funds
The following high-level settlement services will be available via the new CBF link to NASDAQ CSD:
- OTC transactions with another CBF/CBL participant (intra-CSD) or T2S participants (cross-CSD)3 ;
- Stock-exchange instructions coming from LION (non cleared) will be routed to CBF accounts (instead of CBFi accounts) as soon as these instruments are made eligible in CBF with the NCSC-T status;
- Stock-exchange instructions cleared by Eurex Clearing will continue to settle in CBFi accounts (as today);
- Customers can realign their position from their CBFi accounts to their CBF accounts and vice versa.
For the detailed market specifics for the NASDAQ CSD and MSE issued securities, please refer to the OneClearstream Functional Specifications as published on the Clearstream website.
Further details on the OneClearstream service activation as well as the new Market link Guides and Realignment Guides will be available in due course.
1. This announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.
2. All securities will be eligible upon activation of the link. The scope of ISINs to be made eligible at OneClearstream activation will follow the same rules as for previous OneClearstream activations.
3. Provided that the counterparty CSD has established the relevant set-up to allow cross-CSD settlement with CBF for these securities.