Spain and Portugal: OneClearstream service activation for Iberclear and Interbolsa
Note: This announcement, originally published on 22 September 2020 has been updated to include information for the second migration for Spain starting on 15 January 2021. The changes have been highlighted.
Further to Announcement C20041, Clearstream Banking1 would like to provide CBF account holders with cutover information on the enhanced OneClearstream Investor-CSD service rollout for Iberclear and Interbolsa issued securities effective
30 November 2020 and 18 January 2021 (Spain) and 14 December 2020 (Portugal)
Customers are reminded that the description of the future OneClearstream Investor-CSD service for Spain and Portugal can be found in the OneClearstream Functional Specifications published on the website.
The Functional Specifications document must be read in conjunction with the Release Notes published prior to each implementation of the OneClearstream services and with additional announcements that address the needs of particular products or services in order to understand future service and Legacy impacts.
The OneClearstream service will introduce the changes affecting the following areas in relation to Iberclear and Interbolsa issued securities:
- Securities static data;
- Account structure;
- OTC and CCP/stock exchange settlement;
- Asset servicing;
- Xemac activity.
In order to become acquainted with the new service offering and understand the impacts, customers are strongly encouraged to participate in testing (upon subscription) and explore the new Xact Web Portal features. Please contact the Connectivity Helpdesk for further information.
Scope of securities eligible for CBF OneClearstream service
As of 30 November 2020 and 18 January 2021 for Spain and 14 December 2020 for Portugal, the T2S eligible securities issued by Iberclear/Interbolsa and currently held in CBL2, will be eligible for settlement in CBF-T2S with the Collective Safe Custody (CSC) status for Iberclear and the Non-Collective Safe Custody (NCSC) for Portugal. They will become part of the OneClearstream service, with the exception of:
- Some Spanish securities with an upcoming maturity date (if any).
- Spanish Securities subject to ongoing corporate action events (with key dates around 27 or 30 November 2020), will remain in the former setup (under CBL depository code 87) for 35 T2S business days after the migration date. The second migration will take place on Friday 15 January 2021.
- All multi-listed securities, with the home CSD outside of T2S, that are settled via BBVA or BP2S today will remain under CBL depositories 87 (Spain) and 2P (Portugal).
The activation of the new service will be completed in two steps on the following dates:
CBF will make the first pool of ISINs CSC (Spain) /NCSC (Portugal) eligible.
Those securities will be a selection of ISINs that have been active in CBL within the last twelve months and have no ongoing corporate action events.
Those securities will be setup as:
Those additional ISINs, made eligible in CBF, will not automatically trigger the migration of customer holdings from their CBF 6-series accounts/CBL accounts to CBF accounts. We leave it to the customer’s discretion to migrate its portfolio of securities if needed.
SE trades: Customers must be aware that as of 30 November/18 January 2021 (Spain)/14 December (Portugal), all non-cleared stock exchange trades (LION) for those securities and cleared stock exchange trades will settle on the CBF accounts. Fixed income instruments, cleared by Eurex Clearing, will continue to settle on CBF 6-series accounts/CBL accounts, independent of the CSC/NCSC status.
GSF collateral management services: Those securities will not be made available for GSF collateral management services on CBF CASCADE accounts and therefore should remain available on CBF 6-series accounts/CBL accounts.
a. “Datum ab LMP” is a field in WSS Online Plus that helps customers to identify the Investor CSD securities migrated to OneClearstream.
There will be no second migration iteration for Portugal.
List of impacted ISINs
The list of the impacted ISINs (existing and new) will be available on the website. The preliminary lists with all impacted ISINs, as well as the list of non-migrating instruments, will be published one month before the migration and then, two weeks before the migration. The final list of ISINs will be published on Thursday prior to each migration date.
The list will be in Excel format and will provide the following information:
- Security long name;
- Security T2S short name;
- Issuer CSD;
- Current Custody value (NCSC);
- OneClearstream Custody value (CSC/NCSC)
- Financial instrument category (debt, equity, warrant, unit, right);
- Listed on German stock exchange (Yes or No);
- Current WM values WM-GD400;
- Current WM values WM-GD100A;
- Current WN values WM-GD420;
- OneClearstream WM values WM-GD400;
- OneClearstream WM values WM-GD420;
- Subject to OneClearstream asset servicing (either contains the “Datum ab LMP” date or is empty).
Customers are reminded that all OneClearstream asset servicing bookings in T2S-eligible proceeds and its related reporting will be done at the customer's sub-account level.
Ahead of the OneClearstream activation, customers are requested to make sure that each sub-account has an appropriate account setup and is well subscribed to the relevant reporting.
To ensure a smooth OneClearstream activation on 30 November (Spain) and 14 December 2020 (Portugal) (and if not done yet with the previous OneClearstream activations):
- The customer's sub-accounts without the appropriate reporting subscription will be subject to a default reporting setup by Clearstream Banking as described in the OneClearstream Migration Guide.
- The customer's sub-accounts without the appropriate T2S setup will be linked by default by Clearstream Banking to the DCA of their main account. This default linkage is a technical setup and only applies to debits and credits originated by OneClearstream. The current DVP participation flag setup remains unchanged.
Non-migrating Spanish ISINs
The list of non-migrating Spanish ISINs currently held in CBL and not in the scope of the migration will be available, if any, prior to migration on the Clearstream website in addition to the list of impacted ISINs.
Note: After migration, to accept in CBF any new Iberclear/Interbolsa issued securities supported by OneClearstream, customers should contact their dedicated Client Services officer.
Migration impacts on customers
The overview of the generic customer migration impacts can be found in the OneClearstream Migration Guide (please refer to section 2.1).
For information about the migration impacts on your CBF 6-series accounts or CBL accounts, please refer to Announcement C20041, dated 22 September 2020.
Note: This is the current situation based on the latest information, should there be any changes or additional information we will inform you accordingly.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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. Any T2S eligible securities issued by Iberclear/Interbolsa for which a position was not held on the ICSD (CBL) within the last 12 months will not be made available in CBF upon activation.