Xact Web Portal: New report details options for German non-cleared stock exchange instructions - Update
Note: This announcement, originally published on 6 November 2020 and updated on 3 June 2021, has been further amended to provide additional information on the associated fees. Changes have been highlighted.
Clearstream Banking1 would like to inform customers on an upgrade to “Report details” options in Xact Web Portal. The introduction of the new selection will be delivered in steps. The extension of the service offering is related to the changes to be implemented for the project "Stock Exchange Instructions Go OTC (SET-GO)".
In November 2021, the SET-GO Phase 1 (ICSD Migration) will be launched. On 23 November 2020, new report options have been introduced. These enhanced subscriptions enable a segregation of over-the-counter (OTC) and German non-cleared stock exchange instructions.
Customers can select under "Report details" one of the following "Business types":
- Option 1: All instructions;
- Option 2: OTC instructions only;
- Option 3: Non-cleared stock exchange instruction only.
Effective 14 June 2021, if one of these options has been activated, the reports will start being generated as scheduled.
Functional description
The business type “stock exchange instruction” will be used for Clearstream Banking S.A. (CBL) internal instructions that are provided with the Instructing Party “DAKVDEFFLIO”. In Xact Web Portal, the “Settlement Transaction Type” corresponding to SWIFT :22F::SETR will bear the value “CEDE/SENO”.
The subscription options will be available for all CBL internal instructions types:
- Receive free instructions (4F);
- Deliver free instructions (5F);
- Receive against payment (41);
- Deliver against payment (51).
The report subscription options introduced in November 2020 allow customers to set up reports for CBL and CBF-i2 accounts related to:
- Settlement Confirmation (MT544-MT547);
- Settlement Status and Processing Advice (MT548);
- Statement of Pending Transactions Report (MT537);
- Money Suspense Report (MT940); and
- Interim Money Suspense Report (MT942).
Report subscription
Customers can select under "Report details" one of the following "Business types":
- All instructions;
- OTC instructions only;
- Stock Exchange instructions only.
To enlarge click on the image
The following definitions apply for the report subscription when using the “business type”:
All instructions
If this option is used, the current reporting will not be affected. The reports will contain the settlement results for OTC and Stock Exchange instructions. This report subscription will remain valid and is will not be impacted by the implementation of SET-GO Phase 1 (ICSD Migration).
OTC instructions only
If this option is selected, only settlement results for OTC instructions will be presented in the associated reports. This subscription enables a distinction between OTC and Stock Exchange instructions. This definition will also be valid beyond the implementation of SET-GO Phase 1 (ICSD Migration).
Reporting fees for stock exchange instructions
With the introduction of SET-GO ICSD Migration (Phase 1), the extended report definitions for stock exchange instructions will be active. Customers subscribing to “Stock Exchange instructions only” reports, will benefit from the updated Clearstream Banking fee schedule.
If the following settlement information provision services are subscribed to, for stock exchange instructions:
- Settlement Confirmation (MT544-MT547);
- Settlement Status and Processing Advice (MT548);
- Money Suspense Report (MT940); and
- Interim Money Suspense Report (MT942),
the related fees otherwise charged at section 5 of the Clearstream Banking fee schedule are included in the settlement life cycle settlement fee. This is valid for the following items:
- Special settlement lifecycle reports (defined in section 5.1.3.);
- Price for reported items (defined in section 5.1.5.); and
- SWIFT data transport fees (defined in section 5.3.1).
End of September 2021 with an effective date on 22 November 2021, the updated version of the Clearstream Banking fee schedule will be published.
For further details, please refer to the Clearstream fee schedule under section “Information Provision Services” under point 2.2.5.
Stock exchange instruction only (Non-cleared)
The content of the associated reports relates to the selected message type and is linked the implementation of SET-GO Phase 1 (ICSD Migration) in November 2021:
- Settlement Confirmations (MT54x):
-> If subscribed to prior to 20 November 2021, the report will provide information about “LION” instructions. During the deployment weekend and with the introduction of SET-GO Phase 1 (ICSD Migration) the content will change. That is as of 20 November 2021, Stock Exchange instructions will be presented in an OTC-like mode; - Transaction reporting of pending instructions (MT537), Status and processing advice (MT548), and Cash management information (MT94x): -> The subscription can be set up, but these reports will not contain information until SET-GO Phase 1 (ICSD Migration) has been successfully launched and stock exchange instructions are processed in an OTC-like mode via Creation.
Potential customer impact
The new report subscription options are optional. Customers that would like to receive the settlement reporting as offered today do not need to maintain the settings. In general, the existing report definition for CBF-i accounts corresponds to “Option 1” providing the information for all OTC instructions including stock exchange instructions.
If customers would like to activate options “OTC instructions only” or “Stock exchange instruction only”, the start date for the reporting needs to be considered. Clearstream Banking recommends customers being a member of a German stock exchange location or acting as a settlement agent to enable the reporting with a start date 20 November 2021. If no start date is defined, the subscription status will be “Active (Xact)”. This means the report creation will be immediately productive and the reporting will be transmitted to the defined technical receiver. Customers that will enter report subscriptions before the go-live of the June 2021 Release will receive the reporting as of 14 June 2021.
Further information
For further information, please contact the Clearstream Banking Connectivity Helpdesk or your Relationship Officer.
Customers may also refer to the Xact Web Portal User Manual.
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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.
2. CBF-i accounts are the 6-series accounts on the Creation platform, which are technically and legally independent and governed by German law.