The trade date will no longer become mandatory on 17 October 2016. This announcement has been superseded by announcement A16107.
Effective
17 October 2016
The trade date will become mandatory for all internal settlement instructions in Clearstream Banking1.
In anticipation of the Central Securities Depository Regulation (CSD-R) settlement discipline requirements that will impose the trade date as a mandatory matching field in Europe, Clearstream Banking will make the trade date (MT54x field :98a: Trade Date/Time) mandatory for all internal settlement instructions, free and against payment, with and without matching.
This change is also required to ensure future alignment between our International Central Securities Depository (ICSD) and Central Securities Depository (CSD) offerings, in a post-TARGET-2 Securities migration context, thereby fostering harmonisation of practices between commercial bank money and central bank money settlement environments.
Impact on customers
From 17 October 2016 onwards, Clearstream Banking will reject all internal instructions where the trade date is not included.
Bridge settlement remains unchanged, however the trade date will become mandatory in the future when the Bridge is upgraded to comply with CSD-R requirements.
For external settlement, please refer to the settlement instructions in the market Creation Link Guides, to see if the trade date is mandatory or not.
Cutover
All internal instructions that are pending on 15 October 2016 not bearing a trade date, whether in status matched or unmatched, and not having settled in the night time processing, will be rejected irrespective of the setlement date. Clearstream Banking will advise the customers of these rejections via MT548.
We strongly encourage customers to start implementing this change as soon as possible in their systems, if required, and to ensure that all internal instructions are sent with the trade date.
Further information
For further information, please contact Clearstream Banking Client Services or your 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 CBF customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.