OneClearstream: Instruction specification changes for CBL counterparties - update
Note: This Announcement, originally published on 25 July 2018, has been updated to show the dates that the new standing settlement instructions take effect.
Clearstream Banking S.A. (CBL1) informs customers that Clearstream Banking AG (CBF) will be used as a gateway to T2S for Belgian debt instruments (NBB) from 22 October 2018 and Austrian securities (OeKB) from 10 December 2018.
For the migrated securities, CBL will no longer access the these markets via its own account in NBB or OeKB but will instead access these markets through its account in CBF.
As a consequence, T2S counterparties that want to instruct against CBL customers, should no longer instruct against the CBL account in NBB or OeKB but against the CBL account in CBF and standing settlement instructions must be updated accordingly.
Customer impacts
- No impact on Bridge or internal instructions;
- No impact on domestic instructions for CBL customers but a change for their counterparties (change of Place of Settlement from the BIC11 of local CSDs to DAKVDEFFXXX for all migrated securities);
- The change of Place of Settlement is applicable to all CBL T2S counterparties (even if the counterparty is not located in NBB or OeKB)2 that wish transact with a CBL customer on NBB or OeKB migrated securities;
- New Realignment guides will be published to reflect the specification changes for the migrated securities;
Some of the securities will not be part of the migration and will be kept with the current depository (these securities will be communicated closer to the migratation). For these non-migrated securities, the counterparties must continue to use the current instruction format specifications.
Please find below the recommended formats that should be used by your counterparties from Q4 2018, the exact date will be communicated in due course.
For ICP counterparties (SWIFT ISO 15022)
Note: ICP counterparties should ask their domestic CSDs or agents for the proper formats to reach the CBL omnibus in CBF. Some CSDs or agents may still have proprietary formats that differ from the below
Settlement party details of CBL | Migrated securities | Non-migrated securities |
Place of settlement (PSET) | DAKVDEFFXXX | NBBEBEBB216 OCSDATWWXXX |
Delivering/Receiving Agent (:95P::DEAG/REAG) | CEDELULLXXX | CEDELULLXXX |
:97A::SAFE of the DEAG/REAG | Should not be specified. If specified, it must be the valid CBL SAC within CBF for the given market | Should not be specified. If specified, it must be the valid CBL SAC within the NBB/OeKB CSDs for the given market |
Buyer/Seller (BUYR/SELL) | BIC11 of the CBL customer | BIC11 of the CBL customer |
For DCP counterparties (SWIFT ISO 20022)
Settlement party details of CBL | Migrated securities | Non-migrated securities |
Depository | DAKVDEFFXXX | NBBEBEBB216 OCSDATWWXXX |
Party 1 | CEDELULLXXX
(Party 1 SAC should not be specified. If specified, it must be the valid CBL SAC within CBF for the given market) | CEDELULLXXX
(Party 1 SAC should not be specified. If specified, it must be the valid CBL SAC within NBB/OeKB CSDs for the given market) |
Party 2 | BIC11 of the CBL customer | BIC11 of the CBL customer |
DEAG/REAG - Party 1 (safekeeping account) recommendation
We encourage our customers to ask their counterparties not to include the safekeeping account of the DEAG/REAG- Party 1 in their instructions to avoid any matching issues. If counterparties still wish to do so, please be advised that the T2S SAC of CBL at CBF for migrated securities are:
| NBB | DAKV7201107 |
| OeKB | DAKV7201100 |
It must be the valid CBL SAC for the given market, for example, DAKV7201107 for NBB securities (independent of where the counterparty is located in T2S).
By not mentioning the CBL T2S SAC in the instruction, the counterparty will be able to benefit from one single instruction specification for all OneClearstream migrated securities.
BUYR/SELL - Party 2 recommendation
As T2S only matches BIC code (:95P:) with BIC code; or proprietary code (:95R:) with proprietary code the customer and its counterparty must ensure that they use identical BIC11s or identical proprietary codes in the BUYR/SELL – Party 2 information.
If the customer has not identified himself in the instruction, CBL will default the matching BIC linked to the account in their T2S instruction, if the counterparty uses a proprietary code this may lead to mismatches unless the customer has specified a proprietary code in its instruction. Please see Announcement A16033.
Therefore, Clearstream Banking always recommends that customers and their counterparty use a BIC11 rather than a proprietary code for the BUYR/SELL- Party 2 information.
Further information
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. CBL 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 customers 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.
2. Provided that the counterparty CSD has established the relevant set-up to allow Cross-CSD settlement with CBF for these securities.