Effective
30 March 2015
BNP Paribas Securities Services (BP2S ) will replace Banco Santander Totta (BST) as Clearstream Banking’s1 local depository for the Portuguese market.
New depository details
BNP Paribas Securities Services
9 Rue du Débarcadère
93500 Pantin
France
Depository Code: 2P
BIC address: PARBFRPPXXX
Impact on customers
The change of depository will be in place at close of business on Friday, 27 March 2015.
Customers are therefore recommended to provide their settlement instructions with requested settlement date on/after 30 March 2015 after 20:30 on Friday, 27 March 2015.
New procedures for domestic counterparties
For instructions with a requested settlement date on or after 30 March 2015, customers must advise their counterparties to use the new standard settlement instructions:
| Procedure for the domestic counterparty | Deadline | ||
| Receipts in CBL | |||
| Deliver to: BNP Paribas Securities Services (PARBFRPPXXX) For account of: Clearstream Banking, Luxembourg (BIC: CEDELULL) In favour of: BIC and account number of Clearstream Banking customer | Market deadline | ||
| Deliveries from CBL | |||
| Receive from: BNP Paribas Securities Services (PARBFRPPXXX) For account of: Clearstream Banking, Luxembourg (BIC: CEDELULL) By order of: BIC and account number of Clearstream Banking customer | Market deadline | ||
Instruction specifications
Instruction specifications for Creation via SWIFT, CreationDirect and CreationOnline remain the same.
Settlement timings
Note: All times indicated here below are Central European Time (CET).
Settlement deadlines will remain unchanged for all domestic counterparties.
The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for STP straight-through processing (STP) in Clearstream Banking and in the local market. Customers must also ensure that any necessary provision is available. If any of these criteria are not met, Clearstream Banking cannot guarantee timely settlement.
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| OTC trades - domestic counterparty | |||||||
| Receipts | FOP | 17:20 SD-1 | 17:15 SD | 17:15 SD | 22:00 SD-1 | 18:00 SD | |
| AP | 21:30 SD-1 | 16:45 SD | 16:45 SD | 22:00 SD-1 | 18:00 SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 17:15 SD | 17:15 SD | 22:00 SD-1 | 18:00 SD | |
| AP | 21:30 SD-1 | 16:45 SD | 16:45 SD | 22:00 SD-1 | 18:00 SD | SD | |
Further information
Customer guidelines for the cutover will be published in due course. An updated Creation Link Guide (Portugal) will be available on our website on the effective date 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 AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and 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.