Israel: New direct operated link to Tel Aviv Stock Exchange Clearing House
Clearstream Banking1 informs clients that it will enhance its existing domestic link to Israel effective
9 September 2024
with a direct custodial membership at the Israeli CSD, Tel Aviv Stock Exchange Clearing House (TASECH). Clearstream Banking will continue to use Citibank, N.A., Israel Branch as the operator of this direct account.
This direct participant status will ensure better protection of Clearstream Banking clients’ assets and will enable future service upgrades.
Impact on clients
Settlement process and settlement services
The instruction formats, reporting and service level will not change for clients.
Impact on domestic counterparties
Clients should inform their counterparties about the revised information to be indicated in their settlement instructions regarding Clearstream Banking’s direct account with the Israeli CSD as follows:
Procedure for the domestic counterparty
For receipt transactions free of and against payment, domestic counterparties must instruct the TASECH as follows:
- Non-Citibank Israel Counterparty:
Deliver to: (REAG) CEDELULL
SAFE//1050
BUYR//BIC of CBL client (or CEDELULL if client has an unpublished BIC)
SAFE//5-digit account of CBL client - Citibank Israel Custody Client Counterparty:
Deliver to: (REAG) CEDELULL
SAFE//6201730010
BUYR//BIC of CBL client (or CEDELULL if client has an unpublished BIC)
SAFE//5-digit account of CBL client
For delivery transactions free of and against payment, domestic counterparties must instruct TASECH as follows:
- Non-Citibank Israel Counterparty:
Receive from: (DEAG) CEDELULL
SAFE//1050
SELL//BIC of CBL client (or CEDELULL if client has an unpublished BIC)
SAFE//5-digit account of CBL client - Citibank Israel Custody Client Counterparty:
Receive from: (DEAG) CEDELULL
SAFE//6201730010
SELL//BIC of CBL client (or CEDELULL if client has an unpublished BIC)
SAFE//5-digit account of CBL client
Migration procedure
Clearstream Banking will proceed with the migration of all settled securities positions from the current segregated account at the CSD in the name of Clearstream Banking S.A. held by Citibank, N.A., Israel Branch to its own omnibus account at TASECH, at close of business on Sunday, 8 September 2024.
All pending instructions, including matched instructions that did not settle, at close of business on Friday, 6 September 2024 will be automatically cancelled by Clearstream Banking. Clients will be informed of any cancelled instructions via MT548. Clients and their respective counterparties will have to reinstruct after the successful completion of the migration on Monday, 9 September 2024 with the new account details.
As such, for trades with settlement date up to and including 6 September 2024, 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.
Further information
The Market Link Guide - Israel will be updated in due course.
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 Mergenthalerallee 61, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.