Romania: Change of custodian and account operator – further information and cutover details

15.10.2018

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)
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: BRD Groupe Societe Generale S.A. (BRDEROBUTIT)
For account of: Clearstream Banking, Luxembourg (BIC: CEDELULL)
By order of: BIC and account number of Clearstream Banking customer

 

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.


-----------------------

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.