Year-end processing and instruction deadlines 2020

30.12.2020

Note: This announcement originally published on 24 November 2020 and amended on 30 November, 17, 23 and 30 December 2020, has been further amended (Peru and Russia added).

Clearstream Banking1 reminds customers of the impact of the year-end processing holidays on settlement and cash.

All times in this Announcement are Central European Time (CET).

Clearstream Banking year-end processing

25 December 2020 and 1 January 2021 will be Clearstream Banking non-business days.

The night-time processing on 24 December 2020 (between Clearstream Banking and Euroclear Bank) will be delayed and run on 25 December 2020 at 21:00. End of Day Reports will be available at the usual time.

The night-time processing on 31 December 2020 (between Clearstream Banking and Euroclear Bank) will be delayed and run on 1 January 2021 at 21:00. End of Day Reports will be available at the usual time.

Instruction timings for Clearstream Banking customers

Please pay special attention to the following details related to securities instructions that contain a requested settlement date that is the same as a Clearstream non-business day.

For domestic, internal and Bridge instructions, the following special procedures will apply.

For internal and Bridge instructions:

  • Instructions received with a requested settlement date of 25 December 2020 or 1 January 2021 will not be processed for settlement until the next Clearstream Banking business day, being 28 December 2020 or 4 January 2021, respectively.

As a consequence, for all internal and Bridge instructions, the debit and credit of cash will be given the value of 28 December 2020 or 4 January 2021, provided the instructions settle on those days.

For domestic instructions, the following special procedures will apply:

  • The effective settlement date for instructions with a requested settlement date of 25 December 2020 or 1 January 2021 will be the first Clearstream Banking business day following the Clearstream non-business day, being 28 December 2020 or 4 January 2021, respectively, under the condition that the instructions settle in the market with the requested settlement dates.
  • For receipt instructions that settle on the market on 25 December 2020 or 1 January 2021, the cash countervalue of the trade will be debited with value 25 December 2020 or 1 January 2021, respectively. The debit of cash in Clearstream Banking will be booked on 28 December 2020 or 4 January 2021, respectively.
  • For delivery instructions that settle on the market on 25 December 2020 or 1 January 2021, the cash countervalue of the trade will be credited with value date 28 December 2020 or 4 January 2021, respectively. The credit of cash in Clearstream Banking will be booked on 28 December 2020 or 4 January 2021 respectively.

Securities and cash instructions

Customers are reminded that processing holidays are shown in the Cash and Securities Holidays, which are updated as soon as information is available.

In the below-mentioned markets, however, exceptional deadlines or exceptional arrangements apply:

Canada

Changed deadlines on 24 and 31 December 2020.

Clearstream Banking deadlines are as follows:

Cash payments

VD 18:00

Settlement instructions against payment

VD 18:00

Settlement instructions free of payment

unchanged

China

Changed deadline on 31 December 2020.

According to the cut-off time arrangement of CNAPS and CIPS, Clearstream Banking Cash Correspondent Bank ICBC, Singapore, has announced a shortened deadline for CNY Payments.

CNY Payment via ICBC, Singapore

VD 09:00

Greece ATHEXCSD

Changed deadlines for securities transactions with a requested settlement date of 31 December 2020:

ATHEXCSD-eligible securities deposited in Citibank Europe Plc Greece branch

VD 12:55

Ireland

24 December 2020 is a bank holiday in Ireland.

With the following exception, all Irish Registrars will be open to process transfers of securities as usual:
The ISIN below will be disabled from settlement on Thursday, 24 December 2020, and will not be available for standard settlement or collateral operations.

ISIN

Sec Abbrev

Registrar

IE0004906560

KERRY GP EUR 0.125 R019  

Kerry Group Plc

Mexico

Changed deadlines on 24 and 31 December 2020.

Clearstream Banking deadlines are as follows:

Cash payments

VD 18:00

Settlement instructions against payment

VD 18:00

Settlement instructions free of payment

unchanged

Peru

Changed deadlines on 31 December 2020.

Cash payments

VD 15:30

Poland

Changed deadlines in the Polish Market on 24 and 31 December 2020.

Clearstream Banking deadlines are as follows:

Trading on WSE  and Bondspot

closed

Trading on OTC

unchanged

All OTC transactions
(DVP, FOP, equities, T-bonds, T-bills, covered, corporate and municipal bonds)

10:30

Cash payments

11:30

Russia

Winter break from 1 January 2021 to 10 January 2021.

There will be no trading, clearing or settlement of trades from 1 January 2021 to 10 January 2021 inclusive. However, Free of Payment instructions will be possible on 4, 5, 6 and 8 January 2021. An early deadline of 15:30 CET applies on those dates:

Closing period

Free of Payment transaction

1 and 7 January 2021

Delivery versus Payment transaction

From 1 to 10 January 2021 inclusive

Cash payments

From 1 to 10 January 2021 inclusive

United Kingdom

Changed deadlines on 24 and 31 December 2020.

Clearstream Banking deadlines are as follows:

 

24 December 2020

31 December 2020

Against payment - Securities deposited in Citibank UK

16:00

No change

Against payment - Gilts

16:00

No change

Cash pre-advices and withdrawals of funds

16:00

16:00

Important note for GBP cash deadlines on 31 December 2020

Instructions transmitted after the above Clearstream Banking deadline, but for the same requested settlement date, could still settle on the requested settlement date and therefore could affect customer cash balances at close of business.

For more details, please refer to Announcement A20171.

Uruguay

Changed deadlines on 24 and 31 December 2020.

Clearstream Banking deadlines are as follows:

Cash payments

VD 15:00

Settlement instructions against payment

VD 15:00

Settlement instructions free of payment

unchanged

U.S.A.

Changed deadlines on 24 and 31 December 2020.

Clearstream Banking deadlines are as follows:

Cash payments

VD 18:00

Settlement instructions against payment

VD 18:00

Settlement instructions free of payment

unchanged

Instructions transmitted after the above Clearstream Banking deadline, but for the same requested settlement date, could still settle on the requested settlement date and therefore could affect customer cash balances at close of business.

The above-mentioned Clearstream Banking deadlines are valid provided that the customer’s instructions are complete, accurate and eligible for 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.

Christmas Day 2020 and New Year's Day 2021

Clearstream Banking will be closed on Christmas Day 2020 and New Year's Day 2021.

Business will be as usual on 28 December 2020 and on 4 January 2021.

Seasonal greetings

We would like to take this opportunity to wish all customers an enjoyable and peaceful end of year and a prosperous and happy 2021.

Further information

For further information please contact Clearstream Banking Client Services or your 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.