Thailand: Change of custodian and cash correspondent bank – cut-over details

09.11.2018

Further to Announcement A18147, Clearstream Banking1 informs its customers of a change of local custodian and cash correspondent bank in Thailand.

Effective Settlement Date

19 November 2018

Standard Chartered Bank (Thai) Public Company Limited will replace The Hong Kong and Shanghai Banking Corporation Limited (HSBC) as Clearstream Banking’s local custodian and cash correspondent bank (CCB).

Customers are requested to take note of Clearstream Banking’s new custodian and CCB details as follows and to update their records and advise their counterparties accordingly.

New custodian details

Standard Chartered Bank (Thai) Public Company Limited

100 North Sathorn Road, Silom

Bangrak, Bangkok, 10500 Thailand

Depository Code: 3T

New cash correspondent details

Currency:

Thai Baht (THB)

CCB name:

Standard Chartered Bank (Thai) Public Company Limited

CBL account:

00100869378

SWIFT address:

SCBLTHBX

New custodian settlement timings

The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL and in the local market. Customers must also ensure that any necessary provision is available. If any of these criteria are not met, CBL cannot guarantee timely settlement.

Important Note: As part of CBL’s internal compliance procedures, all incoming customer instructions will be automatically scanned before entering transaction processing.  Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the customer via their chosen media channel(s), until either being manually released for processing or rejected.  In order to ensure that instructions being investigated do not miss the applicable deadlines, customers are advised to input instructions at least 15 minutes before the associated deadline.

Settlement times in Central European Time (CET)

19 November 2018 - 30 March 2019

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

Book-entry settlement (equities)

Receipts

FOP

21:30
SD-2

08:35
SD-1

08:35
SD-1

08:15a
SD

11:00
SD

 

AP

21:30
SD-2

08:35
SD-1

08:35
SD-1

08:15a
SD

11:00
SD

SD

Deliveries

FOP

21:30
SD-2

08:35
SD-1

08:35
SD-1

08:15a
SD

11:00
SD

 

AP

21:30
SD-2

08:35
SD-1

08:35
SD-1

08:15a
SD

11:00
SD

SD

Book-entry settlement (debt securities)

Receipts

FOP

21:30
SD-1

09:25
SD

09:25
SD

08:15
SD

11:00
SD

 
 

AP

21:30
SD-1

05:35
SD

05:35
SD

08:15
SD

11:00
SD

SD

Deliveries

FOP

21:30
SD-1

09:25
SD

09:25
SD

08:15
SD

11:00
SD

 
 

AP

21:30
SD-1

05:35
SD

05:35
SD

08:15
SD

11:00
SD

SD

a. If Clearstream Banking’s depository is identified by TCH and/or TSD as having holding positions under pending settlement status (that is, being a pending receiver) then customers will receive settlement confirmations after 15:00 Thai time / 09:00 CET.

New cash correspondent cash deadlines

19 November 2018 - 30 March 2019

Pre-advice:

VD 06:30 CET

Withdrawal:

VD 06:30 CET

Transfer:

VD 20:00 CET

FX:

VD-2 10:00 CET

New procedures for domestic counterparties

Procedure for the domestic counterparty

Deadline

Receipt in CBL / Delivery from CBL

Customers delivering securities to, or receiving from the Thai market must request their domestic counterparty to deliver / receive the securities from the CBL sub-account with Standard Chartered Bank (Thai) Public Company Limited as follows:

Market deadline

  • Delivering / Receiving Agent:
    Standard Chartered Bank (Thai) Public Company Limited (BIC SCBLTHBX)
  • Deliverer's / Receiver's custodian:
    Clearstream Banking Luxembourg (BIC: CEDELULL)
    for/from account TH0000314422 Clearstream Nominees Limited
    Clearstream’s segregated depository account number at TSD: 3120000314422 (for debt instruments only) a
  • Seller / Buyer:
    Ordering party's / beneficiary's account number in CBL.

a. Customers must inform their counterparties to include Clearstream Banking’s segregated depository account number, 3120000314422, in the Seller/Buyer Safekeeping Account field :97A::.

Instruction specifications

Instruction specifications – Xact via SWIFT and Xact File Transfer

In the following tables, M=Mandatory; O=Optional; C=Conditional;
Seq=SWIFT Message (sub)sequence.

Equities

 

MT540

Receive Free

Seq

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

 

M

:95P:

:PSET

//TSDCTHBK[XXX]

E1

M

:95P:

:DEAG

//Counterparty's BIC b d

 

O

:95P:

:SELL

//Ordering party's BIC, if different from DEAG c

 

O

:97A:

:SAFE

//Ordering party's account

 
 



MT541

 



Receive Against Payment



Seq

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

 

C

:22F:

:RTGS

// a

E

M

:95P:

:PSET

//TSDCTHBK[XXX]

E1

M

:95P:

:DEAG

//Counterparty's BIC b d

 

O

:95P:

:SELL

//Ordering party's BIC, if different from DEAG c

 

O

:97A:

:SAFE

//Ordering party's account

 
 



MT542

 



Deliver Free



Seq

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

 

M

:95P:

:PSET

//TSDCTHBK[XXX]

E1

M

:95P:

:REAG

//Counterparty's BICb d

 

O

:95P:

:BUYR

//Beneficiary's BIC, if different from REAG c

 

O

:97A:

:SAFE

//Beneficiary's account

 
 



MT543

 



Deliver Against Payment



Seq

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

 

C

:22F:

:RTGS

// a

E

M

:95P:

:PSET

//TSDCTHBK[XXX]

E1

M

:95P:

:REAG

//Counterparty's BIC b d  

 

O

:95P:

:BUYR

//Beneficiary's BIC, if different from REAG c

 

O

:97A:

:SAFE

//Beneficiary's account

 

------------------------------------------
a. When RTGS-DVP is required, this field must contain the code word YRTG.
b.  If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
d. For equities, customers are requested not to use field :97A: that connects with 95P::DEAG// or REAG//.

Debt securities

 

MT540

Receive Free

Seq

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

 

M

:95P:

:PSET

//TSDCTHBK[XXX]

E1

M

:95P:

:DEAG

//Counterparty's BIC b

 

M

:95P:

:SELL

//Ordering party's BIC, if different from DEAG c

 

M

:97A:

:SAFE

//Ordering party’s segregated depository account number at TSD d

 
 



MT541

 



Receive Against Payment



Seq

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

 

C

:22F:

:RTGS

// a

E

M

:95P:

:PSET

//TSDCTHBK[XXX]

E1

M

:95P:

:DEAG

//Counterparty's BIC b

 

M

:95P:

:SELL

//Ordering party's BIC, if different from DEAG c

 

M

:97A:

:SAFE

//Ordering party’s segregated depository account number at TSD d

 
 



MT542

 



Deliver Free



Seq

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

 

M

:95P:

:PSET

//TSDCTHBK[XXX]

E1

M

:95P:

:REAG

//Counterparty's BIC b

 

M

:95P:

:BUYR

//Beneficiary's BIC, if different from REAG c

 

M

:97A:

:SAFE

//Beneficiary's segregated depository account number at TSD d

 
 



MT543

 



Deliver Against Payment



Seq

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

 

C

:22F:

:RTGS

// a

E

M

:95P:

:PSET

//TSDCTHBK[XXX]

E1

M

:95P:

:REAG

//Counterparty's BIC b

 

M

:95P:

:BUYR

//Beneficiary's BIC, if different from REAG c

 

M

:97A:

:SAFE

//Beneficiary's segregated depository account number at TSD d

 

------------------------------------------
a. When RTGS-DVP is required, this field must contain the code word YRTG.
b. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
d. For all transactions in debt securities, the Ordering Party’s or Beneficiary’s segregated depository account number at TSD is mandatory. There will be no validation in Clearstream on this field, only on the local market. Therefore, if it is incorrectly or incompletely populated, it may cause settlement delays

Instruction specifications – CreationOnline

In the following tables, M=Mandatory; O=Optional; C=Conditional.

Equities

 

Receive Free

 

M

Trade Date

 

O

Deal Price

 

M

Place of Settlement

BIC

 

Party

TSDCTHBKXXX - Thailand

M

Delivering Agent

BIC b d

 

Party

counterparty's BIC b

O

Seller

BIC c

 

Party

ordering party's BIC c

O

Account

ordering party's account

 



Receive Against Payment

 

M

Trade Date

 

O

Deal Price

 

C

Process Indicator

a

M

Place of Settlement

BIC

 

Party

TSDCTHBKXXX - Thailand

M

Delivering Agent

BIC b d

 

Party

counterparty's BIC b d

O

Seller

BIC c

 

Party

ordering party's BIC c

O

Account

ordering party's account

 



Deliver Free

 

M

Trade Date

 

O

Deal Price

 

M

Place of Settlement

BIC

 

Party

TSDCTHBKXXX - Thailand

M

Receiving Agent

BIC b d

 

Party

counterparty's BIC b d

O

Buyer

BIC c

 

Party

beneficiary's BIC c

O

Account

beneficiary's account

 



Deliver Against Payment

 

M

Trade Date

 

O

Deal Price

 

C

Process Indicator

a

M

Place of Settlement

BIC

 

Party

TSDCTHBKXXX - Thailand

M

Receiving Agent

BIC b d

 

Party

counterparty's BIC b d

O

Buyer

BIC c

 

Party

beneficiary's BIC c

O

Account

beneficiary's account

------------------------------------------
a. When RTGS-DVP is required, this field must be set to “Optional”.
b. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
d. For equities, customers are requested not to use field "Account" that connects with field “Receiving/Delivering Agent".

Debt securities

 

Receive Free

 

M

Trade Date

 

O

Deal Price

 

M

Place of Settlement

BIC

 

Party

TSDCTHBKXXX - Thailand

M

Delivering Agent

BIC b

 

Party

counterparty's BIC b

M

Seller

BIC c

 

Party

ordering party's BIC c

M

Account

ordering party's segregated depository account number at TSD d

 



Receive Against Payment

 

M

Trade Date

 

O

Deal Price

 

C

Process Indicator

a

M

Place of Settlement

BIC

 

Party

TSDCTHBKXXX - Thailand

M

Delivering Agent

BIC b

 

Party

counterparty's BIC b

M

Seller

BIC c

 

Party

ordering party's BIC c

M

Account

ordering party's segregated depository account number at TSD d

 



Deliver Free

 

M

Trade Date

 

O

Deal Price

 

M

Place of Settlement

BIC

 

Party

TSDCTHBKXXX - Thailand

M

Receiving Agent

BIC b

 

Party

counterparty's BIC b

M

Buyer

BIC c

 

Party

beneficiary's BIC c

M

Account

beneficiary's segregated depository account number at TSD d

 



Deliver Against Payment

 

M

Trade Date

 

O

Deal Price

 

C

Process Indicator

a

M

Place of Settlement

BIC

 

Party

TSDCTHBKXXX - Thailand

M

Receiving Agent

BIC b

 

Party

counterparty's BIC b

M

Buyer

BIC c

 

Party

beneficiary's BIC c

M

Account

beneficiary's segregated depository account number at TSD d

------------------------------------------
a. When RTGS-DVP is required, this field must be set to “Optional”.
b. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
d. For all transactions in debt securities, the Ordering Party’s or Beneficiary’s segregated depository account number at TSD is mandatory. There will be no validation in Clearstream on this field, only on the local market. Therefore, if it is incorrectly or incompletely populated, it may cause settlement delay.

Instruction specifications - Xact Web Portal

In the following tables, M=Mandatory; O=Optional; C=Conditional.

Equities

 

Receive Free

 

M

Trade date

 

O

Deal price

 

 

Delivering settlement parties

 

M

Depository Format

BIC

 

Depository Identifier

TSDCTHBKXXX

M

Party 1 Format

BIC b d

 

Party 1 Identifier

counterparty's BIC b

O

Party 2 Format

BIC c

 

Part 2 Identifier

ordering party's BIC c

O

Party 2 Safekeeping account

ordering party's account

 

Receive Against Payment

 

M

Trade date

 

O

Deal price

 

C

Securities RTGS

a

 

Delivering settlement parties

 

M

Depository Format

BIC

 

Depository Identifier

TSDCTHBKXXX

M

Party 1 Format

BIC b d

 

Party 1 Identifier

counterparty's BIC b d

O

Party 2 Format

BIC c

 

Party 2 Identifier

ordering party's BIC c

O

Party 2 Safekeeping account

ordering party's account

 

Deliver Free

 

M

Trade date

 

O

Deal price

 

 

Receiving settlement parties

 

M

Depository Format

BIC

 

Depository Identifier

TSDCTHBKXXX

M

Party 1 Format

BIC b d

 

Party 1 Identifier

counterparty's BIC b d

O

Party 2 Format

BIC c

 

Party 2 Identifier

beneficiary's BIC c

O

Party 2 Safekeeping account

beneficiary's account

 

Deliver Against Payment

 

M

Trade date

 

O

Deal price

 

C

Securities RTGS

a

 

Receiving settlement parties

 

M

Depository Format

BIC

 

Depository Identifier

TSDCTHBKXXX

M

Party 1 Format

BIC b d

 

Party 1 Identifier

counterparty's BIC b d

O

Party 2 Format

BIC c

 

Party 2 Identifier

beneficiary's BIC c

O

Party 2 Safekeeping account

beneficiary's account

------------------------------------------
a. When RTGS-DVP is required, this field must be set to “Optional”.
b. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
d. For equities, customers are requested not to use field "Account" that connects with field “Receiving/Delivering Agent".

Debt securities

 

Receive Free

 

M

Trade date

 

O

Deal price

 

 

Delivering settlement parties

 

M

Depository Format

BIC

 

Depository Identifier

TSDCTHBKXXX

M

Party 1 Format

BIC b

 

Party 1 Identifier

counterparty's BIC b

O

Party 2 Format

BIC c

 

Party 2 Identifier

ordering party's BIC c

O

Party 2 Safekeeping account

ordering party's segregated depository account number at TSD d

 

Receive Against Payment

 

M

Trade date

 

O

Deal price

 

C

Securities RTGS

a

 

Delivering settlement parties

 

M

Depository Format

BIC

 

Depository Identifier

TSDCTHBKXXX

M

Party 1 Format

BIC b

 

Party 1 Identifier

counterparty's BIC b

O

Party 2 Format

BIC c

 

Party 2 Identifier

ordering party's BIC c

O

Party 2 Safekeeping account

ordering party's segregated depository account number at TSD d

 

Deliver Free

 

M

Trade date

 

O

Deal price

 

 

Receiving settlement parties

 

M

Depository Format

BIC

 

Depository Identifier

TSDCTHBKXXX

M

Party 1 Format

BIC b

 

Party 1 Identifier

counterparty's BIC b

O

Party 2 Format

BIC c

 

Party 2 Identifier

beneficiary's BIC c

O

Party 2 Safekeeping account

beneficiary's segregated depository account number at TSD d

 

Deliver Against Payment

 

M

Trade date

 

O

Deal price

 

C

Securities RTGS

a

 

Receiving settlement parties

 

M

Depository Format

BIC

 

Depository Identifier

TSDCTHBKXXX

M

Party 1 Format

BIC b

 

Party 1 Identifier

counterparty's BIC b

M

Party 2 Format

BIC c

 

Party 2 Identifier

beneficiary's BIC c

M

Party 2 Safekeeping account

beneficiary's segregated depository account number at TSD d

------------------------------------------
a. When RTGS-DVP is required, this field must be set to “Optional”.
b. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
d. For all transactions in debt securities, the Ordering Party’s or Beneficiary’s segregated depository account number at TSD is mandatory. There will be no validation in Clearstream on this field, only on the local market. Therefore, if it is incorrectly or incompletely populated, it may cause settlement delay.

Migration and cutover impact on customers

Clearstream Banking will proceed with the migration of settled positions to the new custodian at close of business in Thailand, on Friday, 16 November 2018. As such, customers must ensure that their instructions via HSBC, with requested settlement date up to and including 16 November 2018, are complete, accurate and eligible for straight-through processing (STP) in Clearstream Banking and in the local market and that any necessary provision is available for the instructions and that the counterparty’s instructions are also in place. If any of these criteria are not met, Clearstream Banking cannot guarantee timely settlement and migration of such positions to the new custodian.

To minimise impact on customers during the migration period, Clearstream Banking will be responsible for the reinstructing of unmatched positions at HSBC, with the new custodian. Instructions that have failed to match at HSBC on 16 November 2018 or have been instructed with a settlement date beyond 16 November 2018 at HSBC will be cancelled by Clearstream Banking at close of business in Thailand, on Friday, 16 November 2018 and reinstructed by Clearstream Banking at the new custodian, with notice to the impacted customers.

Impacted customers whose trades fail to match at HSBC on 16 November 2018 or have a settlement date beyond 16 November 2018, will need to advise their counterparties accordingly, that is, the counterparties will also need to cancel their instructions and reinstruct per the new procedures for domestic counterparties for settlement date 19 November 2018 or beyond.

To date, no corporate action events and income payments have been identified for the migration period. Should this situation change, we will publish a revised announcement prior to the migration to provide the necessary details.

Further information

The Market Link Guide – Thailand will be updated accordingly and available on the effective date 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.