Year-end processing and instruction deadlines 2023 – Update
Note: This announcement, originally published on 11 December 2023 and updated on 18 December 2023, has been further amended to include information for Bulgaria. Changes have been highlighted.
Clearstream Banking1 reminds clients of the impact of the year-end holidays on settlement and cash processing.
All times in this Announcement are Central European Time (CET).
Clearstream Banking year-end processing
25 December 2023 (Christmas Day) and 1 January 2024 (New Year’s Day) will be Clearstream Banking non-business days.
The night-time processing on 22 December 2023 (between Clearstream Banking and Euroclear Bank) will run as usual with value date 26 December 2023.
The night-time processing on 29 December 2023 (between Clearstream Banking and Euroclear Bank) will run as usual with value date 2 January 2024.
Business will be as usual on 26 December 2023 and on 2 January 2024.
Instruction timings for Clearstream Banking clients
Clients should pay special attention to the following details related to securities instructions that contain a requested settlement date that is the same as a Clearstream Banking non-business day.
For domestic, internal and Bridge instructions, the usual rules and procedures shall apply.
For internal and Bridge instructions:
Instructions received with a requested settlement date of 25 December 2023 or 1 January 2024 will not be processed for settlement until the next Clearstream Banking business day, being 26 December 2023 or 2 January 2024, respectively.
Therefore, for all internal and Bridge instructions, the debit and credit of cash will be given the value of 26 December 2023 or 2 January 2024, 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 2023 or 1 January 2024 will be the first Clearstream Banking business day following the Clearstream non-business day, being 26 December 2023 or 2 January 2024, 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 2023 or 1 January 2024, the cash countervalue of the trade will be debited with value 25 December 2023 or 1 January 2024, respectively. The debit of cash in Clearstream Banking will be booked on 26 December 2023 or 2 January 2024, respectively.
- For delivery instructions that settle on the market on 25 December 2023 or 1 January 2024, the cash countervalue of the trade will be credited with value date 26 December 2023 or 2 January 2024, respectively. The credit of cash in Clearstream Banking will be booked on 26 December 2023 or 2 January 2024, respectively.
Securities and cash instructions
Clients are reminded that any special processing holidays are shown in the Cash and Securities Holidays, which is updated as soon as information is made available.
In the below-mentioned markets, however, exceptional deadlines or exceptional arrangements apply:
Argentina
Changed deadlines on 29 December 2023.
Clearstream Banking deadlines are as follows:
Cash payments | VD 18:00 |
Bulgaria
Early closure on 29 December 2023.
Clearstream Banking deadlines are as follows:
Cash payments | unchanged |
Settlement instructions free of payment for government bonds | VD 12:45 |
Settlement instructions free of payment for equities and corporate bonds | VD 12:30 |
Settlement instructions against payment for equities and corporate bonds | unchanged |
Canada
Changed deadlines on 29 December 2023.
Clearstream Banking deadlines are as follows:
Cash payments | VD 18:00 |
Settlement instructions against payment | VD 18:00 |
Settlement instructions free of payment | unchanged |
Mexico
Changed deadlines on 29 December 2023.
Clearstream Banking deadlines are as follows:
Cash payments | VD 18:00 |
Settlement instructions against payment | VD 18:00 |
Settlement instructions free of payment | unchanged |
Poland
Early closure on 29 December 2023.
Clearstream Banking deadlines are as follows:
Securities deadline | 10:45 |
Cash payment deadlines | |
For payments below PLN 1 million | 09:45 |
For payments above PLN 1 million | 11:45 |
South Africa
Early closure on 29 December 2023.
Clearstream Banking deadlines are as follows:
Cash payment deadline | 09:00 |
United Kingdom
Changed deadlines on 29 December 2023.
Clearstream Banking deadlines are as follows:
Against payment – Securities deposited in Citibank UK | 16:00 |
Against payment – Gilts | 16:00 |
Cash pre-advices and withdrawals of funds | 16:00 |
Important note for GBP cash deadlines on 29 December 2023
Instructions transmitted after the above-mentioned Clearstream Banking deadline, but for the same requested settlement date, could still settle on the requested settlement date and therefore could affect client cash balances at close of business.
For more details, please refer to Announcement A23093.
Uruguay
Changed deadlines on 29 December 2023.
Clearstream Banking deadlines are as follows:
Cash payments | VD 18:00 |
U.S.A.
Changed deadlines on 29 December 2023.
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 client cash balances at close of business.
The above-mentioned Clearstream Banking deadlines are valid provided that the client’s instructions are complete, accurate and eligible for straight-through processing (STP) in Clearstream Banking and in the local market. Clients must also ensure that any necessary provision is available. If any of these criteria are not met, Clearstream Banking cannot guarantee timely settlement.
Seasonal greetings
We would like to take this opportunity to wish all clients an enjoyable and peaceful end of year and a prosperous and happy 2024.
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 clients using Creation accounts), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500