Singapore: Change of local custodian - Update
Note: This Announcement, originally published on 18 April 2023 and last updated on 14 June 2023, has been further updated with additions to the list of securities excluded from the migration on 16 June 2023.
Clearstream Banking1 informs clients of a change of local custodian in Singapore.
Effective settlement date
19 June 2023
Standard Chartered Bank (Singapore) Ltd. will replace DBS Bank Singapore Ltd. as Clearstream Banking’s local custodian.
Clients are requested to take note of Clearstream Banking’s new custodian details as follows and to update their records and advise their counterparties accordingly.
New custodian details
Standard Chartered Bank (Singapore) Ltd.
8 Marina Boulevard 27-01, Marina Bay Financial Centre
Singapore 018981
Depository Code: 4S
BIC: SCBLSG22
New settlement timings
As a result of the change of custodian, the following settlement deadlines will be enhanced.
Note: All times in this announcement are CET unless otherwise stated.
Instruction | Current deadline | New deadline from 19 June 2023 | |
Government securities (MAS) | |||
Receipts | FOPa | 09:25 SD | 09:55 SD |
AP | 07:55 SD | 08:55 SD | |
Deliveries | FOPa | 09:25 SD | 09:55 SD |
AP | 07:55 SD | 08:55 SD | |
Instruction | Current deadline | New deadline from 19 June 2023 | |
CDP-eligible securities – RTGS (2) | |||
Receipts | FOPa | 09:55 SD | 10:25 SD |
AP | 05:55 SD | 07:25 SD | |
Deliveries | FOPa | 09:55 SD | 10:25 SD |
AP | 05:55 SD | 07:25 SD | |
a. Free of payment transactions with change of beneficial owner are not permitted.
The deadlines shown above are valid provided that the client's instructions are complete, accurate and eligible for straight-through processing (STP) in Clearstream Banking and in the local market. Clients must ensure that any necessary provision is available, and that the counterparty’s instruction is in place. If any of these criteria are not met, Clearstream Banking cannot guarantee timely settlement.
New procedures for domestic counterparties
Procedure for the domestic counterparty |
Clients must request their domestic counterparty to deliver the securities to Clearstream Banking’s account with Standard Chartered Bank (Singapore) Ltd. as follows: Deliver to: Standard Chartered Bank (Singapore) Ltd. (SCBLSG22) In favour of: Clearstream Banking (BIC: CEDELULL) Seller: Ordering party's account number in Clearstream Banking |
Clients must request their domestic counterparty to receive the securities from Clearstream Banking's account with Standard Chartered Bank (Singapore) Ltd. as follows: Receive from: Standard Chartered Bank (Singapore) Ltd. (SCBLSG22) By order of: Clearstream Banking (BIC: CEDELULL) Buyer: Beneficiary's account number in Clearstream Banking |
Optional: For pre-matching purposes of CDP-eligible securities only, Clearstream Banking counterparties may indicate Clearstream Banking’s securities account number with Standard Chartered Bank (Singapore) Ltd. as follows: Account no. 083923100001 |
Receipt in Clearstream Banking/delivery from Clearstream Banking of non–CDP-eligible securities (physical deliveries) |
Clients receiving/delivering securities from/to the Singapore market must request their domestic counterparty to deliver/receive the securities to/from the Clearstream Banking account no. 083923100001 with Standard Chartered Bank (Singapore) Ltd. as follows: Receive from/Deliver to: Standard Chartered Bank (Singapore) Ltd. By order of/in favour of: Clearstream Banking (BIC: CEDELULL) Seller/Buyer: Beneficiary's/ordering party's account number in Clearstream Banking |
Note: Both DBS Bank Singapore Ltd. and Standard Chartered Bank (Singapore) Ltd. will remain as Clearstream Banking’s cash correspondent banks for Singapore Dollar (SGD).
As a result of the change of local custodian, Clearstream Banking’s client cash deadlines for SGD will also be enhanced and have been announced under Announcement A23034.
Migration schedule
Clearstream Banking will proceed with the migration of settled positions to the new custodian on Friday, 16 June 2023, for Settlement Date 19 June 2023.
To facilitate a smooth migration, the Singapore market will be closed at 10:00 CEST/16:00 SGT for processing of Free of Payment (FOP) instructions on 16 June 2023.
The existing client deadlines for Delivery versus Payment (DVP) instructions are not impacted by this Early Closure. As such, for all trades with settlement date up to and including 16 June 2023 settling via DBS Bank, clients should send their instructions as early as possible and ensure that these are complete, accurate and eligible for straight-through processing (STP) in Clearstream Banking and in the local market. Clients should also ensure that any necessary provision is available for the instructions and that their counterparty’s instructions are in place.
If any of these criteria are not met, Clearstream Banking cannot guarantee timely settlement of the instructions and the migration of such positions to the new custodian may be delayed.
All delivery instructions for settlement date 19 June 2023 will only be released to the market once the migration to the new custodian is complete, at the start of market opening on Monday, 19 June 2023.
Specific settlement instruction processing on Friday, 16 June 2023
All instructions with requested settlement dates up to and including 16 June 2023, which are provisioned and released to the market before the client deadline will be processed through DBS Bank.
All instructions with requested settlement dates up to and including 16 June 2023 that are received after the current client deadline will be processed through Standard Chartered Bank (Singapore) Ltd. on the following settlement date, that is, on 19 June 2023. Clients should contact their counterparty to cancel their instructions and reinstruct as per the new procedures for domestic counterparties, via the new custodian.
Clearstream Banking recommends that clients request their counterparties to send their matching instructions as soon as possible to avoid possible cancellation.
All instructions with requested settlement date 19 June 2023 onwards will be released to Standard Chartered Bank (Singapore) Ltd.
Clients are advised not to use the Immediate Release flag “IREL” to settle via DBS Bank for settlement date 19 June 2023 or later.
Handling of pending trades on Friday, 16 June 2023
Unmatched domestic instructions that have been released to the market and that are still pending by the market deadline will be cancelled.
Clients will be informed of any cancelled pending instructions via MT548. Clients will need to reinstruct any cancelled instructions in accordance with the new custodian’s details. Clients should also contact their counterparties to cancel their instructions and reinstruct as per the new procedures for domestic counterparties, via the new custodian.
Any released cross border instructions will not be cancelled and will settle via DBS Bank.
Matched instructions pending settlement that have been instructed up to and including settlement date 16 June 2023 will remain in place and continue to be processed through DBS Bank. Clearstream Banking will transfer any residual positions from DBS Bank to the new custodian once the instructions have either been cancelled or settled.
Handling of inflight corporate action events and securities held back at DBS Bank on 19 June 2023
Positions of clients who have participated in any corporate action events resulting in their holdings being blocked will be excluded from the migration on 16 June 2023.
Upon completion of the corporate action events, securities (if any) will be transferred from DBS Bank to the new custodian on PD+1. The following table shows the impacted inflight securities and their associated CA reference that will be excluded from the migration on 16 June 2023:
ISIN | Event type | CA reference ID | Comments |
SG1G55870362 | Tender/acquisition/takeover | 2300774772 | Blocked due to pending CA event |
SGXZ95648788 | Call on intermediate securities (EXRI) | 2300800515 | Blocked due to pending CA event |
SG7OG1000000 | BPUT (Blocked) | AC14458345 | Blocked due to liquidation |
SG7194910969 | Final redemption | 951144322 | Blocked due to final maturity |
SG7194910969 | Interest payment | 1015002389 | Blocked due to final maturity |
Impact on clients
Clients are requested to share the above-mentioned changes within their organisations and with their counterparties to ensure that their static data is updated in time for the migration.
Further information
The Market Link Guide – Singapore will be updated accordingly and available on the effective date to reflect the changes.
For further information, clients may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to 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, and Clearstream Banking AG (for Clearstream Banking AG clients using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.