Sweden: Euroclear Sweden closure of U.S. CSD Link - update
Following Announcement A22171, Clearstream Banking1 reminds customers that Euroclear Sweden will no longer offer safekeeping or settlement of instruments held in Euroclear Sweden’s account with Depository Trust & Clearing Corporation (“DTCC”).
Customers are required to take action to ensure that the following instruments, are delivered out of Euroclear Sweden no later than
1 April 2023
- Pfizer Inc., ISIN US7170811035;
- Infinera Cooperation, ISIN US45667G1031;
- Immune Pharmaceuticals Inc., ISIN US45254C2008;
- Oncotelic Therapeutics Inc., ISIN US57667K1097;
- Powerwave Technologies Inc., ISIN US7393633075.
Impact on customers
Pfizer Inc., ISIN US7170811035
Euroclear Sweden has not identified any obstacles to transfer these securities to a custodian with access to DTCC. The security is fully tradeable in the U.S. market, registered in DTCC and can be held in safekeeping with custodians with access to the U.S. market.
The security is currently being traded at Nasdaq Stockholm. As communicated by Nasdaq, the last trading day will be 28 February 2023.
For customers who have not taken the necessary action by 1 April 2023, it is most likely that Euroclear Sweden will appoint a sales agent to sell all remaining holdings in Pfizer Inc., ISIN US7170811035.
Proceeds will be paid out to the cash account connected to your securities account.
Infinera Corporation, ISIN US45667G1031
Euroclear Sweden has not identified any obstacles to transfer these securities to a custodian with access to DTCC. The security is fully tradeable in the U.S. market, registered in DTCC and can be held in safekeeping with custodians with access to the U.S. market.
For customers who have not taken the necessary actions by 1 April 2023, it is most likely the Euroclear Sweden will appoint a sales agent to sell all remaining holdings in Infinera Corporation, ISIN US45667G1031.
Proceeds will be paid out to the cash account connected to your securities account.
Low Priced Securities
The following securities are considered to be Low Priced Securities (LPS) and as explained in Announcement A22090, these will not be accepted by Clearstream Banking’s custodian Citibank N.A., New York.
Euroclear Sweden have announced that as these securities are classified as LPS, any remaining holdings in the below securities will be renounced and removed by Euroclear on 1 April 2023.
Immune Pharmaceuticals Inc., ISIN US45254C2008
The share is open for sale on the OTC market and is transferable within DTCC.
No transfer to DTCC using Citibank N.A., New York will be possible.
Oncotelic Therapeutics Inc., ISIN US6283411097
The share is open for sale on the OTC market and is transferable within DTCC.
No transfer to DTCC using Citibank N.A., New York will be possible.
Powerwave Technologies Inc., ISIN US7393633075
The share is a PREMed security, meaning it is eligible for destruction through the DTCC’s Position Removal (“PREM”) function and considered worthless.
Given the status of this instrument, it is recognised that it is not possible to find an alternative custodian and the securities will be removed by Euroclear Sweden.
Further information
For further information, please contact Clearstream Banking Client Services or your Relationship Officer.
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1. Clearstream Banking refers collectively 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, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.