Improvement of the processing of Bridge instructions
Following our previous Announcement A17045, published on 17 February 2017, we wish to remind customers that Clearstream Banking1 and Euroclear Bank will implement the improvement of processing Bridge instructions on
19 June 2017
Note: All times in this announcement are CET unless otherwise mentioned.
Improved matching process
- “ACE” files exchange with time-bound matching will be replaced by a rolling matching file exchange pattern, increasing the frequency to near real-time.
Customers will benefit from better cash management because of faster matching results. - The common trade reference and the second level party details will be included in the matching files.
The fields used in a securities instruction for second layer matching are:- Seller (Deliverer) (SELL);
- Buyer (Receiver) (BUYR);
- Common Trade Reference.
This service is optional and matching will only be performed on the second layer information if the information is provided by both parties.
If the information is missing from one counterparty, the instructions will be matched on the first layer information.
If the information is present in both customer instructions but does not match, the instructions will remain unmatched, will not be released for settlement and will be reported to customers accordingly.
Improved inter-ICSD settlement transmissions
- From 03:45, proposed delivery and feedback files will be exchanged between the ICSDs every 10 minutes.
- 48 delivery and feedback files will be processed by the ICSDs compared to 17 today.
- Extended Bridge settlement between both ICSDs from 18:30 to 19:05.
Improved customer input deadlines for Bridge instructions
Settlement in the night-time processing
Input deadline for Bridge instructions will be 21:00 SD-1.
Settlement in the real-time processing
Input deadlines in the mandatory settlement period:
13:50 Against payment in currencies other than ARS, CAD, EUR, GBP, MXN, PEN and USD
15:20 Against payment Bridge instructions in EUR and GBP
17:00 Against payment Bridge instructions in ARS, CAD, MXN, PEN and USD
Input deadlines in the optional settlement period:
18:30 Settlement of free of payment and against payment instructions in all Bridge eligible currencies
|
| Currencies | Current deadline | From 19 June 2017 |
Bridge input deadlines | Mandatory against payment | Early European and Asian currencies | 13:20 | 13:50 |
ARS, CAD, EUR, GBP, MXN, PEN, USD | 15:00 | 15:20 (EUR and GBP) 17:00 (ARS, CAD, MXN, PEN, USD) | ||
Optional against payment | All currencies | 17:25 | 18:30 | |
Free of payment | Not applicable | 17:25 | 18:30 | |
|
|
| 17 settlement file exchanges between 22:00 SD-1 and 18:30 SD | 48 settlement file exchanges between 22:15 SD-1 and 19:05 SD |
|
|
| 33 matching “ACE” file exchanges between 04:30 and 21:00 | Rolling matching “ACE” file exchanges every 2-3 minutes between 03:45 and 21:00 |
Impact on customers
With these changes, customers are invited to check their current report schedules and decide if they need to be adapted to these new timings.
Further information
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 Frankfurt (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. (CBL).