Settlement services - Kazakhstan
Procedures for domestic counterparties
Procedure for the domestic counterparty
Sovereign debt and Short term notes
Local instructions must include the Central Securities Depository JSC SWIFT address (CEDUKZKA), the sub-account details of Clearstream Banking S.A account 1024701240 at the local CSD.
Procedure for CBL customers
Settlement of Cross border Receipt Against Payment in Kazak Tenge (KZT) with a local counterparty
Customers must pre-fund their KZT account in CBL for receipt against payment settlement instructions. Cash will be reserved for settlement onto CBL technical account 29300 until the settlement is confirmed and received by the market. For cash format, please refer to Other services.
In case of pre-funding failure, the instructions will remain in “Money Provision” until the account is duly funded.
Funding of KZT
To fund against payment settlement instructions in KZT, customers can:
- Use the existing Clearstream FX services described in the Customer Handbook; or
- Use its existing balance in KZT derived from previous income proceeds if the funds are eligible for settlement purposes; or
- Fund the account directly in KZT by paying to the CBL Cash Correspondent Bank as described in the Cash Services and the Cash Timings Matrix; or
- Execute a foreign exchange instruction with a local third party foreign exchange agent.
Funds paid to the CBL CCB KZT account must duly be identified, including the CBL beneficiary account and they must be pre-advised.
Management of failed instructions
If instructions with domestic counterparties have not settled by the requested settlement date (SD), they can be cancelled via a cancellation instruction from the customer. Instructions for transactions to be settled will remain pending for two days before automatic cancellation.
Cancellation of instructions
Unilateral cancellation is possible if instructions with domestic counterparties have not settled, or the settlement instructions have not been sent for settlement or accepted for settlement by depository.