Asset servicing - Direct link to SIX SIS - Switzerland
Reference
Income collection
Debt securities
| Service offered | Remarks |
| Notification to clients | |
Standard Asset Servicing reporting via Swift MT56x, Xact Web Portal and Xact File Transfer. | See Section 8 “Asset servicing” of the Client Handbook. See Connectivity manuals on the Clearstream website. |
| Payment of proceeds | |
According to Swiss market practice, holdings that are entitled to participate in an entitlement are stored as of start of day processing on ex-date. Interest on Swiss bonds are calculated based on the positions on the record date as defined above and paid to the client's account upon successful receipt and reconciliation of funds. Proceeds will be paid with the value with which they are received. Funds under the Available for Cash Loan (ACL) concept, when applicable, are paid with good value. The payment method to be applied is reported via MT564 IPAR and Xact Web Portal IPAR. | For further details on entries qualified as ACL, please refer to the section “5.6 Financing: availability of funds” of the Client Handbook. |
Entitlements are distributed automatically to all participants with a holding of the respective security on the Record date.
Market Record date | Ex-date | Basis for entitlement | Standard interest calculation rule | |
Coupon payment | Payment date -1 | Not applicable | Security position on Record date | 30/360 but there may be exceptions in line with the terms and conditions of the bonds |
Equities
| Service offered | Remarks |
| Notification to clients | |
Standard Asset Servicing reporting via Swift MT56x, Xact Web Portal and Xact File Transfer. | See Section 8 “Asset servicing” of the Client Handbook. See Connectivity manuals on the Clearstream website. |
| Payment of proceeds | |
According to Swiss market practice, holdings that are entitled to participate in an entitlement are stored as of start of day processing on ex-date. Proceeds are calculated based on the positions recorded at the close of business on the record date and paid to the client's account upon successful receipt and reconciliation of funds. Proceeds will be paid with the value with which they are received. Funds under the Available for Cash Loan (ACL) concept, when applicable, are paid with good value. The payment method to be applied is reported via MT564 IPAR and Xact Web Portal IPAR. | For further details on entries qualified as ACL, please refer to the section “5.6 Financing: availability of funds” of the Client Handbook. |
Income payments in foreign currencies may, in exceptional circumstances, be subject to delays and will be paid upon receipt only.
Entitlements are distributed automatically to all participants with a holding of the respective security on the Record date.
Market Record date | Ex-date | Basis for entitlement | Standard interest calculation rule | |
Dividend payment | Ex date +1 | Payment date -2 | Security position on Record date | Not applicable |
Corporate actions
| Service offered | Remarks |
| Notification to clients | |
Clearstream advises clients of their entitlement to participate in Swiss corporate actions (including, but not limited to, rights issues, stock split and tender offer). | No specific deviations from standard reporting provided by Clearstream apply to the Swiss market. |
| Instruction to Clearstream | |
Clients may instruct Clearstream to carry out options foreseen in the terms and conditions of the underlying type of security. These options include, but are not limited to, put options, conversions, exercises of warrants, exchanges, detachment of warrants etc. | In addition, Clearstream informs clients, on an “as and if received” basis, of unscheduled securities events occurring on account holdings, such as rights offer, reinvestment options, exchange offers, purchase offers, mergers etc. |
All corporate actions are processed by SIS on behalf of and in collaboration with the Swiss main paying agents.
Market Record date | Ex-date | Basis for entitlement | |
Any corporate action | Ex date +1 | Payment date -2 | Security position generally at the beginning of Ex-date |
Sale and purchase of rights
Please refer to the Client Handbook.
Proxy voting procedures
The company creates and releases the agenda for the meeting. Publication of the agenda is mandatory and may also be assigned to a third party.
Bearer shareholders do not need to register in order to attend a meeting. Shareholders wishing to attend a meeting need a confirmation of holding, which is issued upon request by the shareholder's custodian. For registered shares, shareholders have to follow the instructions in the documentation sent by the registrar. They are asked to return the reply card to the company, the registrar or the independent proxy representative.
Admittance cards and voting material can only be requested for bearer shares. For registered shares, the companies generally provide the admittance cards and voting material automatically to the registered shareholders. It depends on the company's articles of association whether a registered nominee has voting rights or not. Furthermore, Shareholders who which to participate in the general meeting need to be registered in the share register before record date (determined by the company).
Proxy voting services are available in Clearstream for this market. For details about the proxy voting services offered by Clearstream, please refer to the Clearstream Banking Client Handbook and, for the market specific practices, please refer to the Market Profile – Switzerland.
Transaction Management
Please refer to the Transaction Management Rules – Switzerland.
Tax services
Please refer to the Market Taxation Guide - Switzerland
