Australia: Change of local custodian – migration details - update III
Note: this Announcement, originally published on 31 May 2021 and updated on 15 and 18 June 2021, has been further updated with the list of securities that will not be migrated to the new custodian (list as of 25 June 2021). Changes have been highlighted.
Further to Announcement A21052, Clearstream Banking1 informs its customers of a change of local custodian in Australia.
Effective Settlement Date
21 June 2021
BNP Paribas Securities Services, Sydney Branch will replace JPMorgan Chase Bank, N.A. Sydney Branch, as Clearstream Banking’s local custodian.
Customers are requested to take note of Clearstream Banking’s new custodian details as follows and to update their records and advise their counterparties accordingly:
New custodian details
BNP Paribas Securities Services, Sydney Branch
Level 4, 60 Castlereagh Street
Sydney NSW 2000, Australia
Depository Code: 16
BIC address: PARBAU2SLCC
Note: Australia and New Zealand Banking Group will remain Clearstream Banking’s cash correspondent bank for Australian Dollar (AUD).
New procedure for domestic counterparties
For instructions with a requested settlement date on or after 21 June 2021, customers must advise their counterparties to use the following new standard settlement instructions:
Procedure for the domestic counterparty |
Austraclear-eligible |
Deliver to/Receive from: BNP Paribas Securities Services Australia Branch - Austraclear mnemonic: BPSS21 |
ASX-listed and CHESS-eligible |
Deliver to/Receive from: BNP Paribas Nominees Pty Ltd Limited (CHESS PID: 01892) |
Unlisted physical |
Deliver to/Receive from: BNP Paribas Nominees Pty Ltd In favour of/By order of: CEDELULL, A/C 2014750001 |
New procedure for SRN Deposits into Clearstream Banking
For SRN (Security Reference Number) to CHESS Deposits, if the stock transferred is listed, no physical stock transfer form and ID are required.
Customer deposit instructions must comply with the following specifications:
Field | Content |
CreationOnline - Receipt Free | |
Delivering Agent: Party Format | BIC |
Delivering Agent: Party | PARBAU2SLCC |
Settlement Processing Narrative | SRN IXXXXXXXX |
Xact via SWIFT and Xact File Transfer - MT540, Sequence E1 | |
:95P::DEAG | //PARBAU2SLCC |
OR | |
:95Q::DEAG | //01892 |
:70E::SPRO | //SRN IXXXXXXXX |
Note: SRN followed by a space and customer’s SRN
Settlement Deadlines
Settlement deadlines remain unchanged. Please refer to the Market Link Guide – Australia for further details.
Migration and impact on customers
Clearstream Banking will proceed with the migration of settled positions to the new custodian at close of business in Australia on Friday, 18 June 2021 for Settlement Date 21 June 2021.
As such, for all trades with settlement date up to and including 18 June 2021 settling via JPMorgan, we request that customers send their instructions as early as possible and ensure that they are complete, accurate and eligible for straight-through processing (STP) in Clearstream Banking and in the local market. Customers should also ensure that any necessary provision is available for the instructions and that their counterparty’s instructions are also in place.
For trades that are received by the exceptional earlier deadline on 18 June 2021 for Settlement Date 21 June 2021 and beyond, customers are requested not to use the “Immediate Release” (IREL) flag in their instructions. This is to avoid instructions from settling at JPMorgan after the migration.
If any of these criteria are not met, Clearstream Banking cannot guarantee timely settlement and migration of such positions to the new custodian.
Customers should be made aware that all delivery instructions for settlement date 21 June 2021 will only be released to the market as soon as the migration to the new custodian is completed, at the start of market opening on Monday 21 June 2021.
Exceptional Settlement deadline for Friday 18 June 2021
In order to facilitate the migration to the new custodian, Clearstream Banking will apply an earlier customer deadline for all Free of Payment (FOP) instructions received on 18 June 2021. There will be no change to Against Payment (AP) customer deadlines over the migration period.
Settlement times in CET
Instruction type | Current deadline | Earlier deadline |
ASX-listed / CHESS-eligible and Austraclear-eligible securities | ||
Receipt and delivery free of | 09:55 SD | 08:30 SD |
Settlement times in Australia Eastern Time (AET)
Instruction | Current deadline | Earlier deadline |
ASX-listed / CHESS-eligible and Austraclear-eligible securities | ||
Receipt and delivery free of | 17:55 SD | 16:30 SD |
Specific settlement instruction processing on Friday 18 June 2021
- All instructions with requested settlement date up to and including 18 June 2021, provisioned and released to the market before the customer deadline will be processed through JPMorgan;
- All instructions with requested settlement date up to and including 18 June 2021 that are received after the customer deadline will be processed through BNP Paribas Securities Services. Customers will need to contact their counterparty to cancel their instructions and reinstruct as per the new procedures for domestic counterparties, via the new custodian;
- Clearstream Banking recommends that customers request their counterparties to send their matching instructions as soon as possible to avoid possible cancellation.
Handling of pending trades on Friday 18 June 2021
- Unmatched instructions that have been released to the market and that are still pending by the earlier deadline of 08:30 CET will be cancelled;
- Customers will be informed of any cancelled pending instructions via MT548. Customers will need to reinstruct any cancelled instructions, and in accordance with the new custodian details. Customers should also contact their counterparties to cancel their instructions and reinstruct as per the new procedures for domestic counterparties, via the new custodian;
- Matched instructions pending settlement that have been instructed up to 18 June 2021 will remain in place and continue to be processed through JPMorgan. Clearstream Banking will transfer any residual positions from JPMorgan to the new custodian once the instructions have either been cancelled or settled.
Handling of inflight corporate action events and securities held back at JPMorgan on 21 June 2021
- Positions of customers who have participated in any corporate action events resulting in their holdings being blocked will be excluded from the migration on 21 June 2021;
- Upon completion of the corporate action events, securities (if any) will be transferred from JPMorgan to the new custodian on PD+1;
- Please refer to the list of impacted inflight securities and their associated CA Reference that will be excluded from the migration on 21 June 2021 updated as of 25 June 2021;
- If customers wish to continue trading/settling the securities that have not yet migrated to BNP Paribas Securities Services, they need to ensure their counterparties instruct to face JPMorgan’s SSIs.
Further information
The Market Link Guide – Australia 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.
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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.