CASCADE main account – Individual allocation of settlement accounts

05.07.2019

Clearstream Banking AG, Frankfurt1 informs customers that the master data for CASCADE main account and related sub-accounts has been enhanced. This enhancement offers customers effective

immediately

the option to allocate individual CBF-i2 and CBL settlement accounts for the business cases where the securities settlement or cash clearing is performed on Creation3.

Enhancement of account service

CBF enables the individual allocation of CBF-i and CBL settlement accounts for the following business cases:

  • Cash clearing of OTC transactions in a currency not supported on T2S;
  • Corporate action with payment in a currency not supported on T2S;
  • Corporate action in stocks resulting in a security not T2S eligible.

Customers have the option to allocate an already existing CBF-i or CBL account to each of the above business cases. For this, an own CBF-i or CBL account or an CBF-i account of an appointed correspondent bank can be used. If an external account is specified, the third party must formally confirm the allocation.

Setup of new account allocation

The individual allocation of CBF-i and CBL settlement accounts is an optional service. For an existing CASCADE main account and related sub-accounts, the existing link to an account on Creation remains unchanged. Customers who wish to make a new allocation need to send by naming the CBF account master (4-digit), the business case and the required CBF-i or CBL account number:

  • A written request with the legally binding signatures of the account holders to Clearstream Banking AG, Account Administration Frankfurt (OSM), 60485 Frankfurt am Main; or 
  • An MT599 to our SWIFT address DAKVDEFFXXX. 
    Requests issued via automated connectivity channels can only contain the allocation of own CBF-i or CBL accounts.

CBF has enhanced the CASCADE Main Account Opening Form for the allocation of CBF-i or CBL accounts. As of now, it is possible to define the preferred accounts during the creation process.

Contact

For further information, customers may contact their Relationship Officer.

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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. CBF-i accounts are the 6-series accounts on the Creation platform, which are technically and legally independent and governed by German law.

3. Creation is the settlement platform of Clearstream Banking S.A., Luxemburg (CBL).