Austria: OneClearstream service activation for OeKB
Following the Clearstream Banking1 Announcement D17028 we provide CBF account holders with cutover information about the enhanced OneClearstream Investor-CSD service rollout for Oesterreichische Kontrollbank Aktiengesellschaft CSD GmbH (OeKB) issued securities that will be effective on
10 December 2018
We would like to remind customers that the description of the future OneClearstream Investor-CSD service for the Austrian market can be found in the OneClearstream Functional Specifications published on the Clearstream website.
The Functional Specifications document must be read in conjunction with the Release Notes published prior to each implementation of the OneClearstream services and with additional announcements that address the needs of particular product or service in order to understand future service and Legacy impacts.
The OneClearstream service will introduce the changes affecting the following areas in relation to OeKB issued securities:
- Securities static data;
- Account structure;
- OTC and CCP/ stock exchange settlement;
- Asset servicing;
- Tax services;
- Connectivity;
- Xemac activity;
- Investment fund services.
In order to become acquainted with the new service offering and understand the impacts, customers are strongly encouraged to participate in testing (upon subscription) and explore the new Xact Web Portal features. Please contact the Connectivity Helpdesk for further information.
Scope of securities eligible for CBF OneClearstream service
All existing CBF eligible ISINs issued by OeKB and held in CSC via a CASCADE account will become part of the OneClearstream service from 10 December 2018 onward. More generally, any T2S eligible securities issued by OeKB, including those currently held via CBL2, can be transferred to CBF and would be part of the OneClearstream service with exception of securities that are subject to ongoing corporate action events (these securities will be made eligible within 22 T2S business days) or are asset types not supported by OneClearstream service:
- Some Austrian investment funds which will remain under CBL depository (83) until further notice,
- Austrian registered shares not endorsed in blank (physical securities),
- All multi-listed securities, with the home CSD outside T2S, that are settled via Erste Group Bank AG today will remain under CBL depository (83),
- Some securities with an upcoming maturity date (if any),
- Austrian securities in default (if any).
Activation timeline
The activation of the new service will be completed in two steps on the following dates:
Activation date | Impacted securities | Important remarks |
On Thursday | CBF will make the first pool of ISINs CSC eligible. Those securities will be a selection of ISINs that have been active in CBL within the last twelve months and have no ongoing corporate action events. Those securities will be setup as: - Collective Safe Custody (CSC) - CBF T2S eligible - Datum ab LMP3 (LMP date from) 10122018
| Those additional ISINs, made eligible in CBF, will not automatically trigger the migration of customer holdings from their CBF 6-series accounts/CBL accounts to CBF accounts. We leave it to the customer’s discretion to migrate its portfolio of securities if needed. SE trades: Customers must be aware that as of 10 December 2018 all non-cleared stock exchange trades (LION) for those securities and cleared stock exchange trades for equities and equities-style instruments only (Eurex Clearing) will settle on the CBF accounts. Fixed income instruments, cleared by Eurex Clearing, will continue to settle on CBF 6-series accounts/ CBL accounts, independent of the CSC status. GSF collateral management services: Those securities will not be made available for GSF collateral management services on CBF CASCADE accounts and therefore should remain available on CBF 6-series accounts/CBL accounts. |
On Thursday 10 January 2019 (at the latest) | CBF will make the remaining ISINs CSC eligible that could not be migrated at initial migration date, due to ongoing corporate action events, eligible. Those securities will be setup as: - Collective Safe Custody (CSC) - CBF T2S eligible - Datum ab LMP3 (LMP date from) 14012019 |
List of impacted ISINs
The list of the impacted ISINs (existing and new) will be available on the Clearstream website. The preliminary lists with all impacted ISINs, as well as the list of non-migrating instruments, will be published one month before the migration and then, two weeks before the migration. The final list of ISINs will be published on Thursday prior to each migration date.
The list will be in Excel format and will provide the following information:
- ISIN;
- Security long name;
- Security T2S short name;
- Issuer CSD;
- Current Custody value (CSC or NCSC);
- OneClearstream Custody value (CSC );
- Financial instrument category (debt, equity, warrant, unit, right);
- Listed on German stock exchange (Yes or No);
- Current WM values WM-GD400;
- Current WM values WM-GD100A;
- Current WN values WM-GD420;
- OneClearstream WM values WM-GD400;
- OneClearstream WM values WM-GD420;
- Subject to OneClearstream asset servicing (either contains the “Datum ab LMP” date or is empty.
We remind our customers that all OneClearstream asset servicing bookings in T2S-eligible proceeds and its related reporting will be done at the customer's sub-account level.
Ahead of the OneClearstream activation, customers are requested to make sure that each sub-account has an appropriate account setup and is well subscribed to the relevant reporting.
To ensure a smooth OneClearstream activation on 10 December 2018 (and if not done yet with the previous OneClearstream activations):
- The customer's sub-accounts without the appropriate reporting subscription will be subject to a default reporting setup by Clearstream Banking as described in the OneClearstream Migration Guide.
- The customer's sub-accounts without the appropriate T2S setup will be linked by default by Clearstream Banking to the DCA of their main account. This default linkage is a technical setup and only applies to debits and credits originated by OneClearstream. The current DVP participation flag setup remains unchanged.
Non-migrating ISINs
The list of non-migrating ISINs currently held in CBL and not in the scope of the migration will be available, if any, prior to migration on the Clearstream website in addition to the list of impacted ISINs.
Note: After migration, to accept in CBF any new OeKB issued securities supported by OneClearstream, customers should contact their dedicated Client Services officer.
Migration impacts on customers
The overview of the generic customer migration impacts can be found in the OneClearstream Migration Guide (please refer to section 2.1).
For information about specific customer migration impacts for CBF customers, please refer to the dedicated announcements for tax services and investment funds that will be available in due course.
For information about the migration impacts on your CBF 6-series accounts or CBL accounts, please refer to the Announcement A18119 OneClearstream migration to Austria (OeKB) and A18107 OneClearstream: Instruction specification changes for CBL counterparties. Details for tax services will be available in due course.
Note: This is the current situation based on latest information, should there be any changes or additional information we will inform you accordingly.
Further information
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.
2. Any T2S eligible securities issued by OeKB for which a position was not held on the ICSD (CBL) within the last twelve months will not be made available in CBF upon activation.
3. “Datum ab LMP” is a field in WSS Online Plus that helps customers to identify the Investor CSD securities migrated to OneClearstream.