Electronic securities: New entry portal and life cycle management introduced


Following Announcement D21030, Clearstream Banking1 informs customers about the introduction of a new entry portal for the issuance of electronic securities (e-securities) as well as about the implementation of enhancements to the central register starting on

4 July 2022

New entry portal for issuance - DI (Digital Instrument) Execution

As part of the D7 platform, a new entry portal for the issuance of e-securities will be introduced – DI Execution – and thereby enabling the creation and processing of digital instruments (digital description of an e-security) along their value chain. The new application will be connected to the central register and at first enable the issuance as well as the life cycle management for bonus certificates and knock-out warrants. In parallel, the existing possibility for the issuance of e-securities via eMISSION will be deactivated. The issuance of physical securities will continue to be offered via eMISSION.

Services offered to customers issuing via Clearstream Banking AG (CBF)

Customers who want to issue e-securities via CBF must connect via Xact Web Portal authentication to the new application DI Execution. To trigger an issuance (also same-day issuance possible), instrument specific templates must be filled out and afterwards issuance can be initiated. It is possible to issue e-securities for bonus certificates and knock-out warrants with limited up to nominals and trigger markup or markdown events, as well as the redemption process. Customers will be offered the possibility to monitor at any time the actual status of the e-security and the issued nominal as well as its history via a customised access to the central register. In accordance with the eWpG, Clearstream Banking will always publish the terms and conditions of the e-securities to any person, through a dedicated section on its website (including corresponding meta data).

To make use of the DI Execution services, issuers will be required to sign a DI Execution order form where they can select the scope of services, they wish to utilise.

Further details on the pricing model will be announced in due course via the usual communication channels.

Note: Customers may also benefit from the AutoDispo Service for e-securities which automatically generates necessary markups or removes all unsold securities from the customer’s account (markdown) at the end of the business day. Due to the omission of printing physical global notes, as well as the possibility to conduct same-day issuances, the pre-admission service will not be offered for e-securities.

Details regarding markup and markdown

Customers will have the possibility to trigger a markup or markdown for e-securities via the central register GUI (not via CASCADE online anymore), in addition to the existing possibility via MT540/MT542. It will not be possible to send cancellation requests.

Details regarding settlement

Any optional fields (for example, coupon date, coupon number, denomination choice, certificate number, client references, vaults transaction types for deposits) used by customers in MT540/542 messages will become obsolete for the processing of markup or markdown for e-securities. Consequently, any settlement reporting (for example, status update, settlement confirmation) sent to customers will no longer contain those fields.

For the settlement of e-securities, instruction types AA01/AA02 will be used instead of AA16/AA18. Consequently, fields that are present in the screens for AA16/AA18 but not available in the screens for AA01/AA02 have been classified as vaults specific fields and not relevant for deposits and withdrawals of e-securities.

Rejections will be sent from the central register (MT548), that is, “Fehlernummer” and “Text” in field :70D::REAS – Reason narrative will look different.

The current CASCADE field “Geschäftsart“ will be extended by the value “W” for “Wertebereich”.

Further Information

For further information please contact NDM-projects@deutsche-boerse.com.

1. Clearstream Banking refers to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.