United Kingdom: Debt securities - New mandatory fields in the CREST system - Update
Note: This announcement, originally published on 27 February 2020 and updated on 20 March 2020, has been further updated to include the list of valid transaction type values and MIC (Market Identifier Code) as provided by Euroclear UK and Ireland. The changes have been highlighted.
Clearstream Banking1 informs customers that effective
27 July 2020
trade date, place of trade MIC and type of transaction will become mandatory fields in the Euroclear UK and Ireland (EUI) CREST system for settlement instructions. EUI have stated that the change is required to support the new transaction data requirements relating to CSDR.
If the fields are omitted where required or a value is not recognised by the CREST system, the instructions will be rejected by CREST.
Customers are recommended to take the necessary actions to ensure understanding of the new requirements and population of the appropriate values to avoid instructions being rejected.
Note: While the CREST changes are applicable to transactions on all instrument types, this Announcement is related to Clearstream Banking’s direct link to CREST system and transactions on UK debt securities such as UK gilts. Further information on the impact on Clearstream Banking’s indirect link via Citibank to CREST system (UK equities and Irish equities) please refer to separate Announcements A20024 and A20025.
Impact on customers
Overview of requirements
Field | Mandatory | Matching |
| Trade date | Yes | Yes |
Place of trade MIC | Yes | No |
Type of transaction | Yes | No |
Mandatory fields to be used in instructions
Trade date
Connectivity medium | Fields to be used |
Xact via SWIFT and Xact File Transfer | :98a::TRAD//Trade date/time |
CreationOnline | Trade date |
Xact Web Portal | Trade date |
Place of trade MICa | ||
Connectivity medium | Fields to be used | Remarks |
Xact via SWIFT and Xact File Transfer | :94B::TRAD//EXCH/XXXX | XXXX being the MIC code of the trading venue such as XLON for the LSE or XOFF for OTC trades |
CreationOnline | Additional Places: Type Place of trade Additional places: Code | Identification of the place of trade as appropriate |
Xact Web Portal | Place of trade type Code | Identification of the place of trade as appropriate |
a. The list of valid MIC as per the ISO 10383 list is available on the Codes for Exchanges and Market Identification (MIC) website. For OTC trades XOFF or XXXX may be used.
Type of transactiona | ||
Connectivity medium | Fields to be used | Remarks |
Xact via SWIFT and Xact File Transfer | :22F::SETR//XXXX OR 22F::STCO//CRST/XXXX | XXXX being the code for the type of transaction (for example, TRAD, SECB, SECL) |
CreationOnline | Type of Settlement Transaction | Identification of the type of transaction as appropriate (for example, Trade Settlement, Securities Borrowing, Securities Lending) |
Xact Web Portal | Sec. transaction type | Identification of the type of transaction as appropriate (for example, TRAD - Trade, SECB - Securities Borrowing, SECL - Securities Lending) |
a. A list of type of trade values is available in the white book of Euroclear UK and Ireland. Customers are provided with the list of the codes (see attachment below) for information purposes only. CBL does not guarantee the accuracy or completeness of the information.
Pending transactions
Any transactions instructed before 27 July 2020 and not settled before that date will remain open and will be able to settle, regardless of whether the place of trade MIC and type of transaction fields have been completed or not. These transactions will not be rejected and will not need to be reinstructed by customers.
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 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.