Norway: Change of depository – New link and cut-over details
Clearstream Banking1 is pleased to announce that effective settlement date
29 November 2021
Citibank Europe PLC, Dublin, will become operator of Clearstream Banking’s Nominee account at the Norwegian Central Securities Depository, Verdipapirsentralen ASA (VPS) and replace current operator Danske Bank A/S.
Impact on customers
Customers of Clearstream Banking are requested to take note of the new custodian details as follows and to update their records and advise their counterparties accordingly:
CSD details
Verdipapirsentralen ASA (VPS)
Fred Olsens gate 1
PO Box 1174 Sentrum
NO-0107 Oslo
Norway
New account operator details
Citibank Europe PLC
1 North Wall Quay
Dublin 1
Ireland
Depository Code: 5N
BIC address: CITIIE2XNOR
Clearstream Banking’s link to Norway is currently operated by Danske Bank A/S. The change of operator will not affect customer assets, that remain in CBL’s account at the Norwegian CSD, VPS. The current securities service offering will be maintained by the new operator, Citibank Europe PLC.
Instruction specifications
Instruction specifications for Xact via SWIFT, Xact File Transfer remain unchanged.
Settlement timing
Settlement deadlines remain unchanged. Provisioning time will be reduced and will start from 18:30 SD-1 and end on 13:50 SD for receipts and deliveries.
Disclosure requirements
Disclosure requirements remain unchanged.
Customer guidelines for the cut-over
Specific settlement instruction process on 26 November 2021
- In order to facilitate the transfer, customers of Clearstream Banking are required to send their instructions at the latest by 11:00 CET.
- All OTC instructions with requested settlement date up to Friday 26 November 2021 will be processed through Danske Bank A/S.
- All instructions with requested settlement date up to 26 November 2021 that are received after the cut-off time of 11:00 CET will be automatically rejected.
- Clearstream Banking recommends that customers request their counterparties to send their leg of the instructions as soon as possible to avoid possible cancellation.
- Clearstream Banking reminds its customers that instructions with requested settlement date 29 November and beyond must be sent no earlier than 19:00 CET on 26 November 2021.
Handling of pending trades on transfer date 26 November 2021
- Unmatched instructions for settlement date up to and including 26 November 2021 that are still pending at the end of the second settlement batch of VPS (around 12:30 CET) will be cancelled.
- For all pending matched domestic instructions, customers must contact their counterparties as early as possible to ensure that these instructions are cancelled by both counterparties by 12:00 CET, as the bilateral cancellation principle applies.
- Customers impacted will be informed via MT548. Customers will need to reinstruct after the successful completion of the migration, on Friday 26 November 2021 19:00 CET.
Further information
The Market Link Guide – Norway 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.