Settlement times - Germany
The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL, CBF, LuxCSD and in the local market. Customers must also ensure that any necessary provision is available. If any of these criteria are not met, Clearstream cannot guarantee timely settlement.
Important Note: As part of CBL, CBF, LuxCSD's internal compliance procedures, all incoming customer instructions will be automatically scanned before entering transaction processing. Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the customer via their chosen media channel(s), until either being manually released for processing or rejected. In order to ensure that instructions being investigated do not miss the applicable deadlines, customers are advised to input instructions at least 15 minutes before the associated deadline.
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| Settlement in EUR | |||||||
| Receipts | FOP | 18:05 SD-1 a | 17:55 SD b | 17:55 SD | 22:00 SD-1 c | 18:00 SD | |
AP | 19:30 SD-1 a | 15:55 SD b | 15:55 SD | 22:00 SD-1 c | 18:00 SD | SD | |
| Deliveries | FOP | 18:05 SD-1 a | 17:55 SD b | 17:55 SD | 22:00 SD-1 c | 18:00 SD | |
AP | 18:05 SD-1 a | 15:55 SD b | 15:55 SD | 22:00 SD-1 c | 18:00 SD | SD | |
| CBL - Against payment in all other currencies | |||||||
| Receipt | AP | 18:05 SD-1 | 17:10 SD | 17:10 SD | 17:00 SD | 18:00 SD | SD |
| Deliveries | AP | 18:05 SD-1 | 17:10 SD | 17:10 SD | 17:00 SD | 18:00 SD | SD |
| CBF - Against payment in all other currencies | |||||||
| Receipt | AP | 20:00 SD-1 | 17:10 SD | 17:30 SD d | 17:00 SD | 18:00 SD | SD |
| Deliveries | AP | 20:00 SD-1 | 17:10 SD | 17:30 SD d | 17:00 SD | 18:00 SD | SD |
a. Start of provision time for CBF and LuxCSD is 20:00 SD-1 (start of Night-time Settlement (NTS) for CBF and LuxCSD).
b. Instructions received from CBF and LuxCSD customers after 15:55 (against payment) and 17:55 (free of payment) are settled on a "best efforts" basis only.
c. For CBF and LuxCSD customers, the first results from NTS can be expected around 22:20 SD-1.
d. Determined by reservation CDLR (instruction is on hold) in T2S.
CBF and CBL customers can enter into against payment transactions with counterparties in CBF for settlement in EUR or in the foreign currencies AUD, CAD, CHF, CNY, CZK, DKK, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR.
Physical transactions (CBL only)
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| FOP=Free of payment SD=Settlement date | |||||||
| Receipts | Securities should be sent to the depository with full details of the account to be credited in CBL. | ||||||
| Deliveries | FOP | 18:05 SD-1 | 22:00 SD-1 | 20:30 SD-1 | 06:00 SD | 18:00 SD | |