Operational Information

Transaction management rules - Norway

Market Coverage | Norway

Reference

Service level
CBL | 6-series account | CEU OneClearstream
Last Updated
12.12.2025

Market Claims

Overview

CBL

Internal  

(CBL-CBL)  

Cross-CSD   

(CBL-CEU)  

Domestic   

(CBL-domestic counterparty)  

Bridge   

(CBL-EB)  

Detection  

Yes  

Yes  

Yes  

Yes  

Processing  

Yes  

Yes  

Yes  

No  

CEU

Internal

(CEU-CEU)  

Cross-CSD   

(CEU-CBL)  

Domestic

(CEU-domestic counterparty)  

Bridge   

(CEU-EB)  

T2S Cross-CSD   

(CEU – T2S counterparty)  

Detection  

Yes  

Yes  

Yes  

Yes  

n/a  

Processing  

Yes a  

Yes a 

Yes a  

No  

n/a

a. Market claims and reverse market claims in non-T2S eligible currencies and securities are processed on the corresponding CBL account of the CEU clients.

Detection

Detection period

20 Clearstream business days after the record date

Eligible assets

All securities

Eligible corporate action events

All distribution events

Eligible transactions for detection

All as of status matched

Detection key dates

  • Trade date
  • Ex-date
  • Record date
  • Effective/actual settlement date

Processing

Eligible transactions for processing

As of status settled

Eligible assets

Securities in units

Eligible corporate action events

Cash dividends only (DVCA MAND)

Opt-out/Ex/Cum indicator

Not supported

Characteristics of generated market claim instructions

Internal:

  • Transaction code “CLAI”
  • Status unmatched  
  • Same trade date as per underlying instruction
  • Settlement date being the payment date of the underlying event
  • Partial settlement indicator always NPAR because only market claims in cash are generated
  • On-hold/release status as per underlying instruction at the time the market claim instruction is created

External:

  • Transaction code “CLAI”
  • Cash is compensated upon receipt of confirmation from local agent





Market specifics

Market claims are only detected and processed when the following conditions are met:

  • CAEV/CAMV: DVCA MAND a
  • Proceeds: Cash only
  • Detected underlying transaction is a “Cum trade b”, i.e., trade date is before ex-date of a DVCA event.
  • Underlying transaction follows T+2 rule c, i.e., trade date + 2BD equals to Contractual settlement date.

Tax basis for compensation

Net

a. Underlying transactions involving events other than cash dividends are not detected/processed.
b. Underlying transactions traded ex, i.e., reverse market claims are not detected/processed. They must be bilaterally agreed between the counterparties.
c. Regarding external trades, The dividend payment is made through the VPS system but, in order to calculate the dividend entitlement, it is assumed that all trades settle on time (that is, on a T+2 basis).
It is on this basis that the VPS system makes the disbursement of the dividend payment and any deviation from this will require manual amendment.
If a T+2 trade has not settled on time, manual adjustments to the entitlement are possible in the VPS system. Manual adjustments done within the three days after the Record Date are based on the Trade Date. Cum-trades will be adjusted if settled within the relevant three days.

Transformations

Overview

CBL

Internal   

(CBL-CBL)  

Cross-CSD   

(CBL-CEU)  

Domestic   

(CBL-domestic counterparty)  

Bridge   

(CBL-EB)  

Detection  

Yes  

Yes  

Yes  

Yes  

Cancellation  

Yes  

Yes  

Yes  

Yes  

Re-instruction  

No  

No  

No  

No  

CEU

Internal 

(CEU-CEU)  

Cross-CSD   

(CEU-CBL)  

Domestic 

(CEU-domestic counterparty)  

Bridge 

(CEU-EB)  

T2S Cross-CSD   

(CEU – T2S counterparty)

Detection  

Yes

Yes

Yes

Yes

n/a

Cancellation  

Yes

Yes

Yes

Yes

n/a

Re-instruction  

No

No

No

No 

n/a

Detection/Cancellation

Detection period

20 Clearstream business days after the record date

Eligible assets

All

Eligible corporate action events

All income and non-income mandatory reorganisation events in cash and securities

Eligible transactions for detection/cancellation

All as of status matched

Detection key dates

Mandatory reorganisation events without options

  • Record date

Mandatory reorganisation events with options

  • Market deadline

Processing

Not applicable.

Buyer protection

Subject to Manual Buyer Protection mechanism.


Additional information is available in the CBL Client Handbook and OneCleartsream Client Handbook.