Argentina: Transfer of securities

Effective

19 June 2015

Further to our announcement A15105, dated 2 June 2015, Clearstream Banking¹ will use its direct account at the Argentinian Central Securities Depository, Caja de Valores S.A. (CVSA) to safekeep and service all its Argentinian securities, which were previously held at Citibank Argentina.

New depository details

CAJA DE VALORES S.A.
25 De Mayo 362
C1002ABH
Buenos Aires
Argentina

Depository code: 3A
BIC Address: CAVLARBA

Cash

Cash services for Argentine Pesos will continue to be provided by Citibank Argentina N.A., Buenos Aires, and the account number remains unchanged.

Reminder of Cash correspondent details

Currency:	Argentine Peso (ARS)
CCB name:	CITIBANK N.A., BUENOS AIRES
CBL account:	5806635016
SWIFT address:	CITIUS33ARR

Impact on customers

Cash

Cash deadlines will improve from 19:00 to 19:30 CET.

Clearstream Banking repatriation service offered for income proceeds will be reinstated as of 19 June 2015. The existing procedure for Argentine Pesos (ARS) to be converted to United States Dollars (USD), which is available for Argentine non-residents, remains in place. Please refer to the section Foreign exchange - exception to repatriation limit in the Creation Link Guide - Argentina.

Cash instruction formats will remain unchanged. Please refer to the Creation Link Guide - Argentina for BCRA mandatory requirements for inclusion in cash instructions (SWIFT MT103 and MT202).

Settlement

New procedures for domestic counterparties

Clearstream Banking‘s counterparty in CVSA shall instruct CVSA as follows:

In order to	Clearstream Banking account details at CVSA	Number to indicate
receive from/deliver to^a	Clearstream Banking depositante account at CVSA	8500
by order of/in favour of^a	The comitente sub-account of Clearstream Banking	0004

a. As applicable.

New Instruction specifications Creation via SWIFT and CreationDirect

CreationOnline

In the following tables, M=Mandatory; O=Optional; C=Conditional.

Book-entry transactions, counterparties in CVSA

	Receive Free
M	Trade Date
O	Deal Price
M	Place of Settlement	BIC
	Party	CAVLARBAXXX - Argentina CVSA
M	Delivering Agent	Caja De Valores
	Party	Delivering Agent's CVSA depositante account (no leading zeroes)
O	Account	counterparty's comitente sub-account in CVSA
O	Seller	BIC
	Party	counterparty’s BIC
or	Seller	Name and Address (if BIC does not exist)
	Party	counterparty’s name
C	Account	counterparty's comitente sub-account in CVSA if not provided with Delivering Agent
	Deliver Free
M	Trade Date
O	Deal Price
M	Place of Settlement	BIC
	Party	CAVLARBAXXX - Argentina CVSA
M	Receiving Agent	Caja De Valores
	Party	Receiving Agent’s CVSA depositante account (no leading zeroes)
O	Account	counterparty's comitente sub-account in CVSA
O	Buyer	BIC
	Party	counterparty’s BIC
or	Buyer	Name and Address (if BIC does not exist)
	Party	counterparty’s name
C	Account	counterparty’s comitente sub-account in CVSA if not provided with Receiving Agent

SWIFT

In the following tables, M=Mandatory; O=Optional; C=Conditional;
Seq=SWIFT Message (sub)sequence.

Book-entry transactions, counterparties in CVSA

MT540	Receive Free			Seq
M	:98a:	:TRAD	//Trade date/time	B
O	:90a:	:DEAL	//Deal price
M	:95P:	:PSET	//CAVLARBA[XXX]	E1
M	:95R:	:DEAG	/CAVL/xxxx (Delivering agent’s CVSA depositante account)
O	:97A:	:SAFE	//Counterparty’s comitente sub-account in CVSA
O	:95P:	:SELL	//Counterparty's BIC, if different from DEAG
or	:95Q:	:SELL	//Counterparty’s name, if different from DEAG (if BIC does not exist)
C	:97A:	:SAFE	//Counterparty’s comitente sub-account in CVSA if not provided with DEAG
MT542	Deliver Free			Seq
M	:98a:	:TRAD	//Trade date/time	B
O	:90a:	:DEAL	//Deal price
M	:95P:	:PSET	//CAVLARBA[XXX]	E1
M	:95R:	:REAG	/CAVL/xxxx (Receiving Agent’s CVSA depositante account)
O	:97A:	:SAFE	//Counterparty's comitente sub-account in CVSA
O	:95P:	:BUYR	//Counterparty's BIC, if different from REAG
or	:95Q:	:BUYR	//Counterparty’s name, if different from REAG (if BIC does not exist)
C	:97A:	:SAFE	//Counterparty’s comitente sub-account in CVSA if not provided with REAG

Note: The Argentine market does not use delivery versus payment principles. CVSA transfers the securities free of payment. Cash is to be moved separately.

Settlement timings remain unchanged and are as follows

29 March 2015 - 24 October 2015 – CET

Instruction		Provisioning		Deadline for receipt of valid instruction	Expected settlement results
Instruction		start	end	Deadline for receipt of valid instruction	from	to
FOP=Free of payment SD=Settlement date
Receipts	FOP	21:30 SD-1	20:35 SD	20:00 SD	14:00 SD	17:00 SD+1
Deliveries	FOP	21:30 SD-1	20:35 SD	20:00 SD^b	14:00 SD	17:00 SD+

29 March 2015 - 24 October 2015 – Buenos Aires time

Instruction		Provisioning		Deadline for receipt of valid instruction	Expected settlement results
Instruction		start	end	Deadline for receipt of valid instruction	from	to
FOP=Free of payment SD=Settlement date
Receipts	FOP	16:30 SD-1	15:00 SD	15:00 SD	09:00 SD	12:00 SD+1
Deliveries	FOP	16:30 SD-1	15:00 SD	15:00 SD	09:00 SD	12:00 SD+1

Customer guidelines for the Cutover

The transfer of holdings from Citi Argentina to CVSA will start on Thursday 18 June 2015 based on 18 June 2015 position, and will be effective on Friday 19 June 2015.

All instructions with requested settlement date until 18 June 2015 will be processed by Citi Argentina.

All instructions with requested settlement date from 19 June 2015 onwards, will be processed by CVSA.

Customers must advise their counterparties accordingly.

Specific settlement instruction deadline on 18 June 2015

In order to facilitate the transfer, we ask customers to enter their domestic instructions with requested settlement date on 18 June 2015 by 17:00 CET at the latest. We also recommend customers to inform their counterparties to send their matching instructions as soon as possible to avoid any potential cancellation.

Instruction		Provisioning		Deadline for receipt of valid instruction	Expected settlement results		Value
Instruction		start	end	Deadline for receipt of valid instruction	from	to
FOP=Free of payment SD=Settlement date
Receipts	FOP	21:30 SD-1	17:00 SD	17:00 SD	14:00 SD	17:00 SD+1	SD
Deliveries	FOP	21:30 SD-1	17:00 SD	17:00 SD	14:00 SD	17:00 SD+1	SD

Handling of pending trades on transfer date (18 June 2015)

Instructions matched for settlement date up to and including 18 June 2015 still pending at the last settlement cycle that day will remain pending until settled, or will be reversed by Citi Argentina at the end of the day. Once these instructions will be settled (receipts) or reversed (deliveries), the resulting new security positions will be subject to a separate transfer by Clearstream Banking to the new depository, CVSA.
Unmatched instructions provisioned (or not) before transfer on 18 June 2015 will be cancelled by Clearstream Banking from 17:00 CET onwards, with notice to the impacted customers (SWIFT MT548 confirmation of cancellation).
Customers will need to re-instruct any instructions that have been cancelled or reversed with the new depository details of CVSA for further settlement from 19 June.
We remind our customers that they should only send instructions with requested settlement date on or after 19 June 2015 as from 21:00 CET on 18 June 2015 to avoid cancellations and ensure appropriate settlement with the new depository.
On the transfer date 18 June 2015, the posting of settlement confirmation for value date 18 June 2015 may face delays.

Further information

An updated Creation Link Guide - Argentina will be available on our website on the effective date to reflect the changes.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.