Romania: Change of custodian and account operator – further information and cutover details
Further to Clearstream Banking1’s Announcement A18123 and effective
29 October 2018
BRD Groupe Societe Generale S.A. (BRD) will replace Bancpost (BP) as Clearstream Banking’s local custodian and account operator for the Romanian market.
New depository details
BRD Groupe Societe Generale S.A. (BRD)
BRD Tower
1-7, Ion Mihalache blvd.
Sector 1
011171 Bucharest
Romania
Depository Code: 0R
BIC address: BRDEROBUTIT
Settlement timings
The following settlement deadlines will be enhanced:
| Current deadline | New deadline from 29 October 2018 |
SaFIR (NBR) eligible Government bonds and bills | ||
Receipt and delivery against payment | 13:25 SD | 16:10 SD |
RoClear (CSD) eligible municipal and selected foreign bonds | ||
Receipt and delivery free of payment | 14:55 SD | 15:55 SD |
Receipt and delivery against payment | 15:55 SD-1 | 18:25 SD-1 |
Migration impact on customers
Settlement cut-off time 26 October 2018
In order to facilitate the start of the migration process on 26 October 2018, CBL has earlier end of day cut-off deadlines. The Clearstream Banking customer deadlines on Friday 26 October 2018 will be 12:00.
Domestic instructions
Clearstream Banking will proceed with the migration of settled positions to the new depository on 26 October 2018. No action is required from customers for all domestic instructions that settle before 12:00.
All pending instructions in an unmatched status at 12:00 will be cancelled by Clearstream Banking. Customers can re-instruct after 21:30 on 26 October 2018.
Settlement confirmations for value date 26 October 2018 may be slightly delayed.
Customers should only send instructions with requested settlement date on or after 29 October 2018 after 21:30 on 26 October 2018 to avoid cancellation and ensure settlement with the new depository.
The “Immediate Release” functionality should not be used.
New procedures for domestic counterparties instructing in RoClear
To ensure that instructions are processed in RoClear, customers must advise their Romanian domestic counterparties that, from 29 October 2018, they should cancel unmatched instructions that are pending in favour of Bancpost (BPOSROBU) for account of CBL (CEDELULL) and re-instruct as follows:
Procedure for the domestic counterparty | Deadline | ||
Receipts in CBL | |||
Deliver to: BRD Groupe Societe Generale S.A. (BRDEROBUTIT) | Market deadline | ||
Deliveries from CBL | |||
Receive from: BRD Groupe Societe Generale S.A. (BRDEROBUTIT) | Market deadline | ||
There are no changes for domestic counterparties instructing in SaFIR.
Further information
The Market Link Guide - Romania will be updated to reflect the changes.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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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.