Unified for New Opportunities: Wave 4 market activation for Argentina, Hungary, Indonesia, Israel, Japan, Romania, Thailand and German ADRs – General information and milestones - Update

Note: This announcement originally published on 7 October 2026 has been updated. Contrary to earlier communications, Transfer Agents - mutual funds will not be included in the Wave 4 activation (domestic mutual funds and domestic ETFs in the markets covered by Wave 4 remain within the scope of the Wave 4 activation). A revised timeline for the activation of Transfer Agents - mutual funds will be announced separately later in October. Changes have been highlighted.

General information

As part of the Unified for New Opportunities (UNO) initiative, Clearstream Europe AG¹ is pleased to confirm the upcoming Wave 4 market activation for Argentina, Hungary, Indonesia, Israel, Japan, Romania, Thailand, and German ADRs. This is scheduled for

Friday, 4 December 2026 (first day in production)

To support client preparation, a list of ISINs in scope will be published in Excel format under Unified for New Opportunities rollout documentation. Three versions of the list will be made available:

• First version: Four weeks prior to activation (5 November 2026);
• Second version: Two weeks prior to activation (19 November 2026);
• Final version: Thursday, 3 December 2026.

The scope includes all NCSC ISINs that are eligible on German stock exchanges, as well as those with client activity on 6-series accounts, defined as either current holdings or settlement activity within the past 12 months.

German ADRs will be part of the Wave 4 activation scope as previously mentioned in Announcement D26009.

Note: Contrary to earlier communications, Transfer Agents - mutual funds will not be included in the Wave 4 activation (domestic mutual funds and domestic ETFs in the markets covered by Wave 4 remain within the scope of the Wave 4 activation). A revised timeline for the activation of mutual funds will be announced separately later in October.

On Thursday, 3 December 2026, after the change of business day, static data will be updated, in coordination with WM. This includes:

• Updating the custody type of in-scope securities to NCSC-T. This change will be reflected in the Thursday evening GAT file distributed by WM, to ensure alignment on Friday morning.
• Activating OneClearstream Asset Services (OneCAS) for CEU clients on Thursday evening, with an effective activation date of Friday, 4 December 2026.
• Enabling the new T2S security CSD links for CEU clients via the Clearstream Banking S.A., Luxembourg (CBL) network.

As a result, Friday, 4 December 2026 will be the first business day under the new model for the securities in scope. From that point forward, securities will be eligible for settlement in T2S via the CBL network.

6-series accounts will remain open until the final migration and account closure planned for end of Q2 2027. In the interim, they will continue to be used for activities related to CEU accounts, such as non-EUR settlement, and payment of proceeds from non-T2S eligible asset servicing.

From a settlement perspective:

• Non-cleared and cleared German stock exchange trades received before Friday, 4 December 2026 (timestamp of the instructions) will settle in 6-series accounts.
• Non-cleared and cleared German stock exchange trades received from Friday, 4 December 2026 onwards (timestamp of the instructions) will settle in CEU accounts, in line with the settlement process described in German Stock Exchange and central counterparty (CCP) transactions for NCSC-T instruments (in a T+2 environment, trades concluded and received on Friday will settle in CEU on Tuesday). Affected clients will need to move securities to their CEU account to support their activities. To ensure a smooth settlement and re-alignment process between CEU and CBL, for all markets in scope of the UNO initiative, please refer to the following guides, outlining the required formats for transferring holdings from 6-series/CBL accounts to your CEU accounts:
  • Instruction specifications - International (CBL)
  • Instruction specifications - International (CEU)
• OTC trades on securities in scope can be conducted from CEU accounts, 6-series or CBL accounts after the activation.
• No cancellation or re-instruction is required.
• All German ADRs (including the 16 German ADRs previously moved from CSC to NCSC via the process described in Announcement D26009) will change the custody type from NCSC to NCSC-T with Wave 4 and will follow the standard market activation approach, where clients have to transfer holdings to CEU to support their German Stock Exchange activities.  
• For the markets in scope, transfers from 6-series accounts to CEU or CBL, completed within the first two weeks following activation, will benefit from a fee waiver as outlined in Announcement D26017.

From an asset servicing perspective:

OneCAS will be activated for CEU clients from Friday, 4 December 2026, for all ISINs in scope.

Key milestones

The key milestones that will be communicated to clients throughout the activation process are depicted below. A final notification will be sent upon the successful completion of the market activation activities.

All timings are indicative and subject to change. Clients will be informed in case of any significant deviations from the schedule.

Further information

For further support or questions please refer to the Unified for New Opportunities rollout documentation web page or contact UNO@clearstream.com.

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1. This Announcement is published by Clearstream Europe AG (CEU), 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.