Clearstream Banking AG, Frankfurt1 informs customers that TARGET2-Securities (T2S) will update the matching tolerance amounts for foreign currencies. The adjusted tolerance amounts apply from
Thursday, 1 November 2018
Background
According to the “T2S Manual of Operational Procedures (MoP)”, at least once a year T2S will update the tolerance amounts for foreign currencies. The underlying foreign exchange rates are not published in the T2S system as such and are not accessible to the users.
The Operational Managers Group (OMG) agreed to update the foreign currency matching tolerance amounts. Based on this decision, T2S will change the amounts in the system effective 1 November 2018.
Functional modification
In Announcement D18001, CBF informed customers that with a following CBF Release the existing CASCADE Online transaction “KVAV” function “IW” respectively “bank-information / currency parameters” will be decommissioned. The related user rights will be disabled by CBF.
With the implementation of the CBF Release on
Monday, 19 November 2018
the CASCADE (HOST / PC) online screens can no longer be retrieved. Customers are requested to modify the related operational procedures in advance.
The matching tolerance amounts valid from 1 November 2018 will not be modified in the CASCADE Online functionality. The amounts defined in January 2018 will be shown until the transaction is removed from the service.
Since January 2018, the foreign currency matching tolerance amounts are available on the Clearstream website. From the CBF Release November 2018, these amounts will be solely available on this webpage.
CBF customers acting in DCP mode can query the matching tolerance amounts by using the "Tolerance Amount Query". The related privilege has been granted with CBF’s migration to T2S.
Future approach
Based on the MoP, at least once a year the rates will be updated by T2S. If market turbulences and significant exchange rate fluctuations occur, individual rates may be changed before the next planned update.
CBF will inform customers accordingly and update the amounts on the dedicated webpage.
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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.