CBF Release in May 2017: Advance announcement of changes
Clearstream Banking1 would like to inform customers in advance of some updates that will be implemented on
Monday, 15 May 2017
with the CBF Release as these enhancements may lead to system changes for customers.
We will inform you about further updates that will come into effect as a result of the CBF Release in May 2017 and, if necessary, provide additional details on the changes listed below at a later date.
The following enhancements will be introduced in the context of the WM changes:
- New qualifier RATE in the SECMOVE debit sequence for event type TA140 (partial redemption with reduction of nominal)to illustrate the complete redemption rate
The redemption rate will be displayed in the SECMOVE debit sequence with the RATE qualifier in the whole MT564 and MT566 cycle to provide complete information for the partial redemption, including the pay-down part as well as the loss part.
The requirements for the CASHMOVE sequence, previously announced, will be dropped; a further alignment with the German market practice group is necessary.
- New selection rule for liquidation to differentiate between withdrawal with and without securities
For tax purposes, a distinction must be made between liquidations with or without withdrawal of securities. Events with the exchange reason 06 (”Liquidation”) without withdrawal (reduction type = without securities) will, therefore, be processed as event type 125 in future. Events with the exchange reason 06 (”Liquidation”) with withdrawal (reduction type = with securities) will be processed as event type 133. Corporate action event indicator will be LIQU in both cases.
- New event indicator for new conversion reason ”Split”, event type TA232
Whenever the conversion reason is set to Split “ET” in the Conversion segment, the event indicator CAEV will be set to SPLF in the whole SWIFT message chain.
- Event indicator for the new conversion reason "Issue Premium Payment"
Whenever the conversion reason is set to Issue premium payment “ES” in the Conversion segment, the event indicator CAEV will be set to SHPR in the whole SWIFT message chain.
- New CBF-WSS fields relating to the dual currency bonds
These new fields will be introduced to display the currency selection, eligibility, exchange rates and conversion rates in the CBF-WSS Income segment (“Erträgnissegment”) and Redemption segment (“Tilgungssegment”).
With the CBF Release May 2017, a new CASCADE-PC client 9.2 will be available. It will include minor new business functionalities as well as be fully compatible with MS Windows versions 8.1 and 10. The installation is mandatory, that is, all earlier versions of CASCADE-PC cannot be used after the CBF Release in May 2017 has gone live.
Extended deadline for DvP settlement in CHF against account 7215 via SIX SIS AG (Out CSD)
The Swiss National Bank announced the extension of the deadline for DvP settlement in CHF effective from 15 May 2017. Until now the deadline for DvP settlement in CHF with SIX SIS counterparties was 14:00. CBF will follow the Swiss market and extend the DvP deadline in CHF for transactions of this kind to 16:00. Instructions for the same value date must be entered and matched by the counterparties by the deadline of 16:00 in order for the transactions to be settled on the same day. The deadline for FoP settlement remains unchanged. An updated version of the CBF Link Guide (Switzerland) will be provided on the Clearstream website when the changes are implemented.
KUSTA (account master data)
Changes in the bank information
As all users in T2S are solely identified by means of the T2S party BIC, an account overview containing the customer information on cross-border markets linked to CBF is no longer necessary. The account data of the CSD users for CSDs already migrated to T2S are being removed from the bank information (alpha search and direct entry). In CASCADE Online this affects transaction “KVAV” function “IA” and function “IB” in CASCADE HOST and “bank-information / bank search” in CASCADE-PC. Therefore, the entry for the following markets will be removed from the international market overview with the implementation of the May Release:
- 02 OEKB
- 03 EFR
- 06 CBL INV
- 20 VP
- 26 HELEX
- 46 SIS CUSTODIAN
With the deletion of the markets in the bank information the recipients from the KUSTA data carrier will automatically receive deletion messages for the participant data of the deleted markets.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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.