Year end processing and instruction deadlines 2014 - update III
Clearstream Banking1 reminds customers of the impact of the year-end processing holidays on settlement and cash.
All times in this Announcement are Central European Time (CET).
Clearstream Banking Year-end processing
25 December 2014 and 1 January 2015 will be Clearstream Banking non-business days.
The night-time processing on 24 December 2014 (between Clearstream Banking and Euroclear Bank) will be delayed and run on 25 December 2014 at 20:00.
24 December 2014 end of day reports will be available on 25 December 2014 at the usual time.
The night-time processing on 31 December 2014 (between Clearstream Banking and Euroclear Bank) will be delayed and run on 1 January 2015 at 20:00.
31 December 2014 end of day reports will be available on 1 January 2015 at the usual time.
Please pay special attention to the following details related to securities instructions that contain a requested settlement date that is the same as a Clearstream non-business day:
- All such securities instructions will be processed by Clearstream and confirmed as settled in Clearstream on the first Clearstream business day following the Clearstream non-business day.
- The effective settlement date for all such instructions will be equal to the date on which the instructions are confirmed as settled in Clearstream.
- The debit and credit of cash related to the receipt or delivery of securities for these instructions will be assigned the same value date on which the instructions are confirmed as settled in Clearstream.
This applies to all securities instructions with a requested settlement date equal to a Clearstream non-business day, whether the instruction is received on or before the requested settlement date.
Securities and cash instructions
Customers are reminded that processing holidays are shown in the Cash and Securities Holidays, which are updated as soon as information is available.
In the below mentioned markets however exceptional deadlines or exceptional arrangements apply:
Canada
Shorter deadlines on 24 and 31 December 2014. Clearstream Banking deadlines are as follows:
| USD and CAD DVP settlement instructions | 18.00 |
| FOP settlement instructions | unchanged |
| Cash payments | 18:00 |
For more details, please refer to Announcement A14142.
Dubai
The NASDAQ Dubai link is operated via Deutsche Bank (DB), Amsterdam.
While NASDAQ Dubai remains open on 25 December 2014, DB Amsterdam will be closed on this date.
In order to settle on NASDAQ Dubai on 25 December 2014, please send your instructions to us by 24 December 2014 before our applicable deadline. Your instructions will be released on 24 December 2014 for settlement in NASDAQ Dubai on 25 December 2014.
Settlement confirmations for this date will be sent when DB Amsterdam opens for business on 29 December 2014 as the Dubai market is closed on Friday, 26 December 2014.
Estonia / Latvia / Lithuania
23 December 2014
Early closing at AS SEB Pank, Clearstream Banking’s agent/depository for the Estonian, Lithuanian and Latvian markets.
Clearstream Banking settlement deadlines are as follows:
Estonia | Latvia | Lithuania | |
Settlement instructions against payment | unchanged | unchanged | unchanged |
Settlement instructions free of payment | 12:45 | 12:45 | 12:45 |
Clearstream Banking cash deadlines are as follows:
EUR | LTL |
09:30 for cash funding in the Baltic markets | unchanged |
24 December 2014
Closed in Latvia, Lithuania and Estonia for both securities settlement and cash payment.
30 December 2014
Early closing on the Latvian market.
Clearstream Banking settlement deadlines are as follows:
Settlement instructions against payment | unchanged |
Settlement instructions free of payment | 12:45 |
31 December 2014
Early closing at AS SEB Pank, Clearstream Banking's agent/depository for the Estonian, Latvian and Lithuanian markets.
Clearstream Banking settlement deadlines are as follows:
Securities | Estonia | Latvia | Lithuania |
Settlement instructions against payment | unchanged | closed | as below |
Settlement instructions free of payment | 12:45 | closed | as below |
Clearstream Banking Cash deadlines are as follows:
EUR | LTL |
09:30 for cash funding in the Baltic markets | as below |
Lithuania Euro conversion
31 December 2014 is a non-business day in Lithuania. However, because of the EUR conversion, the Lithuanian CSD as well as the Clearstream depository and CCB, SEB Bank will be open on that day.
Bonds
The last settlement date for bonds will be Monday 29 December 2014.
Trades with settlement date between the 30 December 2104 and the 1 January 2015 will be rejected.
Equities
All equities will settle up to and including Wednesday 31 December 2014.
The settlement deadline for against payment transactions will remain the same at 07:50. For free of payment instructions the deadline is 12:45.
Cash
30 December 2014 is the last day to settle Euroclear Bridge cash transactions in LTL with value date 30 December 2014.
31 December 2014 is the last day to settle LTL cash transactions , there is an early closing deadline of 10:30.
For more details about the EUR conversion in Lithuania and the related special end of year calendar, please refer to Announcement A14166.
Iceland
Early closing on 31 December 2014 at our depository ISD.
Clearstream Banking deadlines are as follows:
| OTC instructions (off market) free of payment SD 31 December 2014 | 12:00 |
| OTC instructions against payment (via ISD, TRS matching system)SD 31 December 2014 | unchanged |
| OTC instructions against payment (via ISD, TRS matching system)SD 2 January 2014 | 12:00 |
| Cash | unchanged |
Ireland
Early deadlines for against payment transactions for CREST eligible securities with a requested settlement date of 31 December 2014.
Clearstream Banking deadlines are as follows:
| Securities deposited in Citibank UK (DVP/GBP) | 10:00 |
All other deadlines remain unchanged.
Instructions transmitted after the above Clearstream Banking deadline but for the same requested settlement date could still settle on the requested settlement date and therefore could affect customer cash balances at close of business.
For more details, please refer to Announcement A14152.
Mexico
Shorter deadlines on 24, 26 and 31 December 2014. Clearstream Banking deadlines are as follows:
| MXN and USD DVP settlement instructions | 18:00 |
| FOP settlement instructions | unchanged |
| Cash payments | 18:00 |
For more details, please refer to Announcement A14142.
Poland
Early closing on 24 December 2014 and 31 December 2014 for settlement and cash processing. Clearstream Banking deadlines are as follows:
| WSE transactions | unchanged |
| All OTC transactions (DVP, FOP, equities, T-bonds, T-bills, covered, corporate and municipal bonds) | 10:55 |
| Cash | VD 12:00 |
Russia
Early closing on 31 December 2014 in the Russian Market.
The cash leg of DVP transactions can only be settled within the first batch of the CBR. Please pay attention to the time schedule of the cash leg calculation in accordance with the RUB DVP flow.
All instructions received for later batches on 31 December 2014, will be rejected by the depository. Clearstream Banking deadlines are as follows:
| Settlement free of payment | 11:15 |
| Settlement against payment | 07:45 |
| Cash | 12:00 |
Winter Break from 1 to 11 January 2015
There will be no trading, clearing or settlement of trades on 1 to 4 January 2015 inclusive, 7 January 2015, 10 January 2015 and 11 January 2015.
Singapore
24 December 2014 and 31 December 2014 are half working days at CDP. Clearstream Banking deadlines are as follows:
| Settlement of CDP-eligible securities (equities, warrants, loan stocks and domestic scripless bonds) | 10:20 on 23 December 2014 for SD 24 December 2014 |
| 10:20 on 30 December 2014 for SD 31 December 2014 | |
| Settlement of Non-CDP-eligible domestic bearer corporate bonds | unchanged |
| Settlement of Singapore government securities (MAS) | unchanged |
| Cash | unchanged |
Slovenia
Early closing on 24 and 31 December 2014:
| Settlement free of payment | 13:15 |
| Settlement against payment | 13:15 |
Spain
24 December and 31 December 2014 will be trading and settlement business days. However due to the early closing at the Stock Exchange, Clearstream deadlines will be as follows:
| Settlement put-through instructions | 12:15 |
| Corporate Actions rights trading | 09:00 |
Additionally, and following the information received from Iberclear, buy-ins that would normally be executed on 24 December and 31 December will be moved to the start of the following business day, 29 December 2014 and 2 January 2014 respectively.
United Kingdom
Shorter deadlines for securities against payment transactions in the UK market with requested settlement date 31 December 2014:
| Securities deposited in Citibank UK | 10:00 |
| Gilts | 10:00 |
| Cash pre-advices and withdrawals of funds | 10:00 |
Instructions transmitted after the above Clearstream Banking deadline but for the same requested settlement date could still settle on the requested settlement date and therefore could affect customer cash balances at close of business.
For more details, please refer to Announcement A14152.
Please note that Kerry Group Registrars (R019) will be closed for processing on 24 and 31 December 2014.
Therefore, settlement will not occur for transactions that involve ISIN - IE0004906560 - KERRY GP EUR 0.125.
The above security will be available for Delivery By Value (DBV) settlement on both Tuesday 23 December 2014 and Tuesday 30 December 2014. However, as a consequence of this holiday, Delivery by Value Return (DBR) transactions will only be returned on Monday 29 December 2014 or Friday 2 January 2015.
U.S.A.
Shorter deadlines on 24, 26 and 31 December 2014. Clearstream Banking deadlines are as follows:
| DVP settlement instructions | 18:00 |
| FOP settlement instructions | unchanged |
| Cash payments | 18:00 |
For more details, please refer to Announcement A14142.
The above-mentioned Clearstream Banking deadlines are valid provided that the customer’s instructions are complete, accurate and eligible for straight-through processing (STP) in CBL and inthe local market. Customers must also ensure that any necessary provision is available. If any of these criteria are not met, CBL cannot guarantee timely settlement.
Christmas Day 2014 and New Year's Day 2015
Christmas Day in 2014 and New Year's Day in 2015 both fall on a Thursday, Clearstream Banking will be closed on both dates. Business will be as usual on 26 December 2014 and on 2 January 2015.
Seasonal greetings
We would like to take this opportunity to wish all customers an enjoyable and peaceful end of year and a prosperous and happy 2015.
Further information
For further information please contact Clearstream Banking Client Services or your Relationship Officer.
1. Clearstream Banking refers collectively to 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, and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.