Greece: HELEX confirms migration to T+2 settlement

Market Coverage | Greece

Reference

Code

M14025

Service level

CBL

Last Updated

20.06.2014

Hellenic Exchanges (HELEX) has officially announced that, with effect from 6 October 2014, it will migrate to the T+2 settlement cycle.

This is further to our Marketflash M14021, dated 4 June 2014.

Impact on settlement

Currently, the settlement cycle for bonds is T+1 and for all other securities is T+3.

On Monday 6 October 2014, the settlement cycle of transactions executed in listed securities traded on the regulated and alternative securities markets will be changed to T+2.

Trades in securities other than bonds executed until Friday 3 October 2014 will be settled following a T+3 settlement cycle.
Trades in bonds executed until Friday 3 October 2014 will be settled following the T+1 settlement cycle.
Trades in securities (including bonds) executed as of Monday 6 October 2014 will be settled following a T+2 settlement cycle

Impact on corporate actions and income payments

For any corporate actions and income payments with Record Date on/after Wednesday 8 October 2014, the following will apply:

Ex-Date will be one business day (instead of two) before Record Date; that is:

Ex-Date will = Record Date -1
Last Trading Date applicable to conversions of shares from one category to another (for example, reverse split) will be set to two business days (instead of three) before Record Date; that is:

Last Trading Date will = Record Date -2

Schedule in the market

July 2014	Implementation of the required changes in the test environment of the Dematerialised Securities System and execution of migration tests.
September 2014	Implementation of the required changes to the Regulatory Framework.
October 2014	Migration of the Dematerialised Securities System to the production environment.

Further details and documentation on the migration are available on the HELEX website.

This Marketflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Marketflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Marketflash does not constitute legal or tax advice.