Corporate Action Harmonisation: Information on the production launch in July 2023

Clearstream Banking AG, Frankfurt¹ reminds clients about the upcoming deployment of the Corporate Action Harmonisation project (CAH - KADI DE Migration to OneCAS) on

the weekend 1 and 2 July 2023
for business day in production, Monday, 3 July 2023

Background

Client simulation activities were successfully conducted between 2 May 2023 and 8 June 2023. In total, 28 clients (including Investor-CSDs), representing more than 90% of the German market share, have participated in the testing. Without no major issues identified, this client simulation result serves as a stable indication of the overall market readiness for the implementation of the KADI DE Migration to OneCAS.

Migration procedure

There is no change to the T2S Operational Day and respective reporting during the deployment weekend. Please refer to the indicative timeline of migration procedures below. The Client Migration Guide serves as a further source to inform clients about migration activities.

As indicated in the indicative timeline, “Operational News” will be published on the Clearstream website to inform clients about the progress of the migration. Clients are highly recommended to subscribe to the "Operational News" alerts. The alerts can be selected in the MyClearstream section under Subscriptions / Real-time alerts / Operational News.

Reporting readiness

In order to ensure complete readiness on the reporting connectivity, clients are highly recommended to verify their subscriptions in Xact Web Portal.

For clients, current subscriptions for corporate action messages from KADI exist in LIMA. These will continue to apply for non-migrated events/securities.​

After the CAH, corporate action messages for migrated events will be sent based on the subscription in Xact Web Portal​. If a subscription is already in place (for OneClearstream markets), this subscription will also apply to the migrated German market​. Clients should ensure that this existing subscription fits to their needs in the German market. If no subscription exits, it will need to be created in Xact Web Portal.

Furthermore, it needs to be considered that subscriptions via LIMA are at the level of the 4-digit account master (“Kontenstamm”) and automatically cover all sub-accounts. Subscriptions in Xact Web Portal are at the 7-digit sub-account level. Even if subscriptions have been created during the OneClearstream migration, they may not cover all sub-accounts (especially newly opened ones). Clients are therefore asked to verify that the subscription covers all the relevant sub-accounts.

For main paying agents (MPAs) and lead managers, current subscriptions for corporate action messages from KADI exist in LIMA or the CASCADE screens are used.​

After the CAH, corporate action messages on migrated events will be sent and the new Excel report will be created based on the subscription in Xact Web Portal. ​As the MPA subscriptions are newly created in Xact Web Portal, no previous subscription is available. MPAs should create either a Swift message subscription or an MPA Excel report subscription, based on their needs​.

​Further information

For further information, clients may contact the OneClearstream Client Readiness Team (OneClearstream@clearstream.com), Clearstream Client Services or their Relationship Officer.

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1. This Announcement is published by Clearstream Banking AG (CBF), 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.