ESES Markets: Transfer of foreign T2S eligible securities from Euroclear Nederland and Euroclear Belgium to Euroclear France - Update
Note: This announcement originally published on 24 September 2015, has been updated with an attached updated list of impacted securities.
Effective close of business day
Friday 9 October 2015
the Euroclear Belgium and Euroclear Nederland Central Securities Depositories (CSDs) will transfer the below foreign securities to Euroclear France.
This transfer is a result of Euroclear’s TARGET2-Securities (T2S) strategy whereby Euroclear France has been appointed investor CSD within the Euroclear Settlement of Euronext-zone Securities (ESES) CSD structure. As a result, all eligible foreign securities from Euroclear Nederland and Euroclear Belgium will be transferred to Euroclear France as the CSD of reference.
This transfer of securities is planned for Friday 9 October 2015, with the CSD of reference change taking effect on Monday 12 October 2015, based on end of day positions on Friday 9 October 2015.
The foreign securities this applies to are as follows and are attached below:
- Securities that were primarily issued via a T2S CSD other than the ESES CSDs;
- Securities that were issued via a T2S CSD with which the ESES CSDs currently have, or will develop, a direct link; and
- Securities for which the settlement currency is EUR.
All other securities (including Eurobonds) will remain in their current CSD of reference.
Impact on customers
Settlement
No action is required by Clearstream Banking1 customers as Clearstream Banking will process the transfer on their behalf.
However, customers should note that on Friday 9 October 2015, starting from 18:00 CET, pending instructions with intended settlement date prior to 12 October 2015 will be automatically modified with the new Place of Settlement (PSET), Euroclear France.
The new PSET for settlement instructions with settlement date (SD) as of 12 October 2015 for these securities must be as follows:
:95P::PSET//SICVFRPPXXX.
Instructions with the incorrect PSET will be rejected.
Note: Instructions with the new PSET sent prior to and on 9 October 2015, with requested settlement date (RSD) equal to or later than 12 October 2015, will be accepted, but only released to ESES on the morning of 12 October 2015.
Corporate actions
There are no open or outstanding corporate actions on the securities concerned, and therefore no impact. This will be monitored until the transfer of securities has taken place.
Tax
No action is required by customers since there will be no change to the processes of tax reclaims for these securities.
Impacted securities
Please find the list of impacted securities attached below.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and 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.