ECMS-SCoRE Standard 10: Transaction management enhancements

Note: This announcement, originally published on 24 September 2025, has been amended to update information about the German market. Changes have been highlighted.

Clearstream Europe AG¹ informs clients about functionality enhancements related to transformations.

The implementation of the enhancements will take place, effective

immediately

Transformations

According to SCoRE rules - Standard 10, Mandatory with options Corporate Actions events (that is, mandatory reorganisations with options), Issuer CSDs should ensure settlement does not occur after the market deadline.

At present, Clearstream Banking performs transformations for pending matched trades on record date/entitlement date.

To comply with Standard 10 “No settlement after Market Deadline Date” which requires that any settlement instructions impacted by the mandatory reorganisations with options in the old ISIN (as of the end of Market Deadline Date) should undergo the transformation process, so that old transactions in the old ISIN are cancelled and new transactions in the new ISIN are created.

The transformation extends from the EOD market deadline until 20 business days after the market deadline.

These rules apply to the following events (REORG CHOS events with a SECMOVE debit):

BONU CHOS (with rights);
DRIP CHOS (with rights);
DVOP CHOS (with rights);
EXOF CHOS;
EXRI CHOS (with rights)
EXTM CHOS (only for ESES);
EXWA CHOS;
MRGR CHOS;
REDM CHOS.

Note: For the German market, all Corporate Action events listed above have been temporarily excluded from Standard 10.

Deadline	Instructions	Trade date	Processing
End of day market deadline	Unmatched pending	TD smaller than or equal to market deadline	Will not be cancelled neither transformed (wait for matching until 20 business days otherwise automatically cancelled thereafter (cancellation CAND//CANT + reason “CA EVENT ref”)
	Matched pending	TD smaller than or equal to market deadline	Will be subject to transformation (cancellation [CAND//CANT + reason “CA EVENT ref”] and re-instruction) if the market supports the transformations and/or the instruction does not include “Opt out” indicator
	Pending (un)matched	TD greater than market deadline	Will neither be cancelled nor transformed
During the transformation detection period (that is, 20 business days after market deadline)	Matched pending^a	TD smaller than or equal to market deadline	Will be subject to transformation (cancellation [CAND//CANT + reason “CA EVENT ref”] and re-instruction) if the market supports the transformations and/or the instruction does not include “Opt out” indicator
	Matched pending^a	TD greater than market deadline	Will neither be cancelled nor transformed
At the end of the detection period	No more cancellations / transformations

a. Regardless if the ISIN has matured or not.

Cutover

Any ongoing MAND CHOS events with a market deadline date before the release implementation date, that is, 24 November 2025, and payment date after the release implementation date, will follow the above process.

Further information

The Client Handbooks will be updated in due course.

For further information, clients may contact Clearstream Client Services or their Relationship Officer.

The relevant contact details are available on the website under Contacts & Client Services.

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1. This Announcement is published by Clearstream Europe AG (CEU), 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.