Multi-Market securities available in T2S
Effective
24 June 2019
Clearstream Banking1 will enhance its OneClearstream service to increase the coverage of T2S eligible securities available via its link through CBF.
Securities listed on one domestic stock exchange may also be listed on other exchanges outside of their domestic market. These multi-market securities may be traded on more than one trading venue and are eligible for deposit and settlement in multiple CSDs.
Customers can trade and settle such securities in the”home market” (generally the issuer’s market), in a "remote market" (a domestic market other than the issuer’s), and in cross-border transactions between the home market and a remote market.
The following securities are in scope of this enhancement.
Multi-Market securities on ESES markets
Multi-Market securities on ESES markets currently held in CBL will be eligible for settlement in CBF-T2S and will become part of the OneClearstream service.
Securities in focus are those with a Home code T2S-Out for which CBL has a direct link to the Home market (for example, CREST) and a remote link with a T2S-In (for example, Euroclear Netherlands).
The T2S-Out Home Markets (non-exhaustive) in scope are:
- Canada;
- Ireland;
- UK (CREST).
Impacted areas
The following areas may be impacted:
- Reference data;
- Settlement instruction formats and customer reporting;
- Connectivity;
- Realignments.
Formats and details about realignments will be published in the Multi Market Securities Guide.
Some ESES-eligible securities will not be part of the migration and will be kept with the current depository (for example, most of the Irish ETFs). For these instructions, counterparties must continue to use the Place of Settlement of the local CSD (for example SICVFRPPXXX for the French market).
Further information
Further details of this enhancement will be published in due course.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
This is the current situation based on latest information, should there be any changes or additional information, we will inform you accordingly.
1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.