Information on allocation runs for instructions in CASCADE-RS
Note: This Announcement replaces Announcement RS13176 dated 13 December 2013 and contains the latest information on the fourth allocation run.
The following four allocation runs (see also KVAV IS) take place every business day for instructions entered in CASCADE-RS:
- First allocation at approximately 10:15;
- Second allocation at approximately 13:15;
- Third allocation at approximately 17:00;
- Fourth allocation at approximately 21:00 (only after instruction of the issuer).
Instructions processed in the first three allocation runs are transmitted to the share register every business day at approximately 18:30. Instructions from the fourth allocation are sent at approximately 23:30 together with instructions from the automatic re-registration to interim holdings (AU) or the automatic re-registration to nominee (ALU), among others.
Use of the fourth allocation
This allocation run is activated individually at the request of the respective issuer. The allocation run starts at approximately 21:00.
The fourth allocation is made in accordance with the issuer's specifications for a limited or unlimited period.
The issuers or their registrar instructs Clearstream Banking1 if they wish to participate.
Information on limited use
If the fourth allocation is limited in time, for example, in advance of an annual general meeting, the relevant information is available in the announcement for the respective company ("XY AG: Information about the annual general meeting").
Information on unlimited use
If the fourth allocation run for an issuer is released for an unlimited period, the information is available in the list "Fourth allocation run for instructions in CASCADE-RS – List of participating issuers".
Specifics
The following times for the transmission of instructions to CASCADE RS for the fourth assignment are indicative only:
- Until 18:20 Data upload via the investor portal;
- Until 18:30 SWIFT, File Transfer;
- Until 18:45 online via CASCADE-RS in status "K".
When instructing customers should consider that same-day instruction processing is only possible until the actual confirmation of the T2S start of day (SODP).
Note: All re-registration instructions that were issued and validated after 17:00 by the above-mentioned times are processed in the late allocation. This also applies to those instructions that were carried forward from the previous allocation runs, for example, due to lack of holdings. Re-registration instructions, which were issued and validated but not allocated on the same day and are to be transferred to the share register, must specify the exact date on which the execution is desired in the "Re-registration date" field (at least one calendar day later). The late allocation operates on the basis of the calendar date, not the value date.
If the share holdings from the re-registration are to be available for RTS processing on the morning of the following day, the corresponding position transfer must be issued immediately after the re-registration instruction. Both orders can be contained in one instruction with a TWIN instruction via the Investor Portal. For all other transfer types, customers should note that the following mandatory sequence of instructions must be maintained:
- Re-registration instruction;
- Position transfer.
Irrespective of the type of instruction placement, the position transfer must be assigned a value date, which ensures that positions registered for the annual meeting are not removed from the share register before expiration of the last re-registration day or technical record date.
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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthaleralle 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.