Year-end processing and instruction deadlines 2025

Note: This announcement, originally published on 17 December 2025, has been updated to remove Argentina.

Clearstream¹ 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 year-end processing

Thursday, 25 December 2025 and 1 January 2026 are Clearstream non-business days.

The night-time processing on 24 December 2025 (between Clearstream and Euroclear Bank) for business day 26 December 2025 will be delayed and run on Wednesday, 25 December at 21:00. End of Day Reports will be available at the usual time.

The night-time processing on 31 December 2025 (between Clearstream and Euroclear Bank) for business day 2 January 2026 will be delayed and run on 1 January 2026 at 21:00. End of Day Reports will be available at the usual time.

Instruction timings for Clearstream 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 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 2025 or 1 January 2026 will not be processed for settlement until the next Clearstream business day, being 26 December 2025 or 2 January 2026, respectively.

Therefore, for all internal and Bridge instructions, the debit and credit of cash will be given the value of 26 December 2025 or 2 January 2026, 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 2025 or 1 January 2026 will be the first Clearstream business day following the Clearstream non-business day, being 26 December 2025 or 2 January 2026, 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 2025 or 1 January 2026, the cash countervalue of the trade will be debited with value 25 December 2025 or 1 January 2026, respectively. The debit of cash in Clearstream will be booked on 26 December 2025 or 2 January 2026, respectively.
• For delivery instructions that settle on the market on 25 December 2025 or 1 January 2026, the cash countervalue of the trade will be credited with value date 26 December 2025 or 2 January 2026, respectively. The credit of cash in Clearstream will be booked on 26 December 2025 or 2 January 2026 respectively.

Securities and cash instructions

Clients are reminded that any special processing requirements for public holidays are shown in the Cash and Securities Holidays, which is updated as soon as information is made available for the respective markets.

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

Bulgaria

Clients are asked to refer to Announcement A25083 (Bulgaria: Further details in connection with the introduction of the EUR – Update) published on 19 November 2025.

Canada

Changed Clearstream deadlines on 24 and 31 December 2025:

Mexico

Changed Clearstream deadlines on 24 and 31 December 2025:

Poland

Early closure on 31 December 2025:

Romania

On 24 and 31 December 2025:

South Africa

Early closure on 24 and 31 December 2025:

United Kingdom

Changed deadlines on 24 and 31 December 2025:

Uruguay

Changed Clearstream deadlines on 24 and 31 December 2025:

U.S.A.

Changed Clearstream deadlines on 24 and 31 December 2025:

Important note for GBP cash deadline on 31 December 2025

Instructions transmitted after the above-mentioned Clearstream 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, clients should refer to Announcement A25092.

Instructions transmitted after the above Clearstream 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 deadlines are valid provided that the clients’s instructions are complete, accurate and eligible for straight-through processing (STP) in Clearstream and in the local market. Clients must also ensure that any necessary provision is available.

If any of these criteria are not met, Clearstream cannot guarantee timely settlement.

Important note for Triparty Collateral Management

Note: Any Triparty Repo trade notification received for VD 24 and 31 December 2025 for currencies impacted by the above mentioned exceptional deadlines, must be received/input:

• 1 hour prior the new cash deadline for contracts in auto-allocation mode;
• 2 hours prior the new cash deadline for contracts in manual mode.

Any Repo trade received past cutoff is to be rejected.

Christmas Day 2025 and New Year's Day 2026

Clearstream will be closed on Christmas Day 2025 and New Year's Day 2026, both dates are falling on a Wednesday.

Business will be as usual on 26 December 2025 and on 2 January 2026.

Season’s Greetings

We would like to take this opportunity to wish all clients an enjoyable and peaceful end of year and a prosperous and happy 2026.

Further information

For further information please contact Clearstream Client Services or your Relationship Officer.

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1. Clearstream 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 Europe AG (for Clearstream Europe AG clients using 6-series 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.
Clearstream Banking S.A. is registered as an Australian CS (Overseas) Facility, under subsection 824B(2) of the Corporations Act 2001, with registration number ARBN 675 244 783.