Thailand: Change of custodian and cash correspondent bank – cut-over details

09.11.2018

Further to Announcement A18147, Clearstream Banking¹ informs its customers of a change of local custodian and cash correspondent bank in Thailand.

Effective Settlement Date

19 November 2018

Standard Chartered Bank (Thai) Public Company Limited will replace The Hong Kong and Shanghai Banking Corporation Limited (HSBC) as Clearstream Banking’s local custodian and cash correspondent bank (CCB).

Customers are requested to take note of Clearstream Banking’s new custodian and CCB details as follows and to update their records and advise their counterparties accordingly.

New custodian details

Standard Chartered Bank (Thai) Public Company Limited

100 North Sathorn Road, Silom

Bangrak, Bangkok, 10500 Thailand

Depository Code: 3T

New cash correspondent details

Currency:	Thai Baht (THB)
CCB name:	Standard Chartered Bank (Thai) Public Company Limited
CBL account:	00100869378
SWIFT address:	SCBLTHBX

New custodian settlement timings

The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL and in the local market. Customers must also ensure that any necessary provision is available. If any of these criteria are not met, CBL cannot guarantee timely settlement.

Important Note: As part of CBL’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.

Settlement times in Central European Time (CET)

19 November 2018 - 30 March 2019

Instruction		Provisioning		Deadline for receipt of valid instruction	Expected settlement results
Instruction		start	end	Deadline for receipt of valid instruction	from	to	value
AP=Against payment FOP=Free of payment SD=Settlement date
Book-entry settlement (equities)
Receipts	FOP	21:30 SD-2	08:35 SD-1	08:35 SD-1	08:15^a SD	11:00 SD
Receipts	AP	21:30 SD-2	08:35 SD-1	08:35 SD-1	08:15^a SD	11:00 SD	SD
Deliveries	FOP	21:30 SD-2	08:35 SD-1	08:35 SD-1	08:15^a SD	11:00 SD
Deliveries	AP	21:30 SD-2	08:35 SD-1	08:35 SD-1	08:15^a SD	11:00 SD	SD
Book-entry settlement (debt securities)
Receipts	FOP	21:30 SD-1	09:25 SD	09:25 SD	08:15 SD	11:00 SD
	AP	21:30 SD-1	05:35 SD	05:35 SD	08:15 SD	11:00 SD	SD
Deliveries	FOP	21:30 SD-1	09:25 SD	09:25 SD	08:15 SD	11:00 SD
	AP	21:30 SD-1	05:35 SD	05:35 SD	08:15 SD	11:00 SD	SD

a. If Clearstream Banking’s depository is identified by TCH and/or TSD as having holding positions under pending settlement status (that is, being a pending receiver) then customers will receive settlement confirmations after 15:00 Thai time / 09:00 CET.

New cash correspondent cash deadlines

19 November 2018 - 30 March 2019

Pre-advice:	VD 06:30 CET
Withdrawal:	VD 06:30 CET
Transfer:	VD 20:00 CET
FX:	VD-2 10:00 CET

New procedures for domestic counterparties

Procedure for the domestic counterparty		Deadline
Receipt in CBL / Delivery from CBL
Customers delivering securities to, or receiving from the Thai market must request their domestic counterparty to deliver / receive the securities from the CBL sub-account with Standard Chartered Bank (Thai) Public Company Limited as follows:		Market deadline
Delivering / Receiving Agent: Standard Chartered Bank (Thai) Public Company Limited (BIC SCBLTHBX)
Deliverer's / Receiver's custodian: Clearstream Banking Luxembourg (BIC: CEDELULL) for/from account TH0000314422 Clearstream Nominees Limited Clearstream’s segregated depository account number at TSD: 3120000314422 (for debt instruments only) ^a
Seller / Buyer: Ordering party's / beneficiary's account number in CBL.

a. Customers must inform their counterparties to include Clearstream Banking’s segregated depository account number, 3120000314422, in the Seller/Buyer Safekeeping Account field :97A::.

Instruction specifications

Instruction specifications – Xact via SWIFT and Xact File Transfer

In the following tables, M=Mandatory; O=Optional; C=Conditional;
Seq=SWIFT Message (sub)sequence.

Equities

	MT540		Receive Free	Seq
M	:98a:	:TRAD	//Trade date/time	B
O	:90a:	:DEAL	//Deal price
M	:95P:	:PSET	//TSDCTHBK[XXX]	E1
M	:95P:	:DEAG	//Counterparty's BIC ^{b d}
O	:95P:	:SELL	//Ordering party's BIC, if different from DEAG^c
O	:97A:	:SAFE	//Ordering party's account
	MT541		Receive Against Payment	Seq
M	:98a:	:TRAD	//Trade date/time	B
O	:90a:	:DEAL	//Deal price
C	:22F:	:RTGS	// ^a	E
M	:95P:	:PSET	//TSDCTHBK[XXX]	E1
M	:95P:	:DEAG	//Counterparty's BIC^{b d}
O	:95P:	:SELL	//Ordering party's BIC, if different from DEAG^c
O	:97A:	:SAFE	//Ordering party's account
	MT542		Deliver Free	Seq
M	:98a:	:TRAD	//Trade date/time	B
O	:90a:	:DEAL	//Deal price
M	:95P:	:PSET	//TSDCTHBK[XXX]	E1
M	:95P:	:REAG	//Counterparty's BIC^{b d}
O	:95P:	:BUYR	//Beneficiary's BIC, if different from REAG^c
O	:97A:	:SAFE	//Beneficiary's account
	MT543		Deliver Against Payment	Seq
M	:98a:	:TRAD	//Trade date/time	B
O	:90a:	:DEAL	//Deal price
C	:22F:	:RTGS	// ^a	E
M	:95P:	:PSET	//TSDCTHBK[XXX]	E1
M	:95P:	:REAG	//Counterparty's BIC ^{b d}
O	:95P:	:BUYR	//Beneficiary's BIC, if different from REAG^c
O	:97A:	:SAFE	//Beneficiary's account

Debt securities

	MT540		Receive Free	Seq
M	:98a:	:TRAD	//Trade date/time	B
O	:90a:	:DEAL	//Deal price
M	:95P:	:PSET	//TSDCTHBK[XXX]	E1
M	:95P:	:DEAG	//Counterparty's BIC ^b
M	:95P:	:SELL	//Ordering party's BIC, if different from DEAG^c
M	:97A:	:SAFE	//Ordering party’s segregated depository account number at TSD ^d
	MT541		Receive Against Payment	Seq
M	:98a:	:TRAD	//Trade date/time	B
O	:90a:	:DEAL	//Deal price
C	:22F:	:RTGS	// ^a	E
M	:95P:	:PSET	//TSDCTHBK[XXX]	E1
M	:95P:	:DEAG	//Counterparty's BIC^b
M	:95P:	:SELL	//Ordering party's BIC, if different from DEAG^c
M	:97A:	:SAFE	//Ordering party’s segregated depository account number at TSD^d
	MT542		Deliver Free	Seq
M	:98a:	:TRAD	//Trade date/time	B
O	:90a:	:DEAL	//Deal price
M	:95P:	:PSET	//TSDCTHBK[XXX]	E1
M	:95P:	:REAG	//Counterparty's BIC ^b
M	:95P:	:BUYR	//Beneficiary's BIC, if different from REAG^c
M	:97A:	:SAFE	//Beneficiary's segregated depository account number at TSD ^d
	MT543		Deliver Against Payment	Seq
M	:98a:	:TRAD	//Trade date/time	B
O	:90a:	:DEAL	//Deal price
C	:22F:	:RTGS	// ^a	E
M	:95P:	:PSET	//TSDCTHBK[XXX]	E1
M	:95P:	:REAG	//Counterparty's BIC^b
M	:95P:	:BUYR	//Beneficiary's BIC, if different from REAG^c
M	:97A:	:SAFE	//Beneficiary's segregated depository account number at TSD ^d

------------------------------------------
a. When RTGS-DVP is required, this field must contain the code word YRTG.
b. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
d. For all transactions in debt securities, the Ordering Party’s or Beneficiary’s segregated depository account number at TSD is mandatory. There will be no validation in Clearstream on this field, only on the local market. Therefore, if it is incorrectly or incompletely populated, it may cause settlement delays

Instruction specifications – CreationOnline

In the following tables, M=Mandatory; O=Optional; C=Conditional.

Equities

	Receive Free
M	Trade Date
O	Deal Price
M	Place of Settlement	BIC
	Party	TSDCTHBKXXX - Thailand
M	Delivering Agent	BIC ^{b d}
	Party	counterparty's BIC ^b
O	Seller	BIC ^c
	Party	ordering party's BIC ^c
O	Account	ordering party's account
	Receive Against Payment
M	Trade Date
O	Deal Price
C	Process Indicator	^a
M	Place of Settlement	BIC
	Party	TSDCTHBKXXX - Thailand
M	Delivering Agent	BIC ^{b d}
	Party	counterparty's BIC^{b d}
O	Seller	BIC ^c
	Party	ordering party's BIC ^c
O	Account	ordering party's account
	Deliver Free
M	Trade Date
O	Deal Price
M	Place of Settlement	BIC
	Party	TSDCTHBKXXX - Thailand
M	Receiving Agent	BIC^{b d}
	Party	counterparty's BIC ^{b d}
O	Buyer	BIC ^c
	Party	beneficiary's BIC ^c
O	Account	beneficiary's account
	Deliver Against Payment
M	Trade Date
O	Deal Price
C	Process Indicator	^a
M	Place of Settlement	BIC
	Party	TSDCTHBKXXX - Thailand
M	Receiving Agent	BIC^{b d}
	Party	counterparty's BIC ^{b d}
O	Buyer	BIC ^c
	Party	beneficiary's BIC^c
O	Account	beneficiary's account

------------------------------------------
a. When RTGS-DVP is required, this field must be set to “Optional”.
b. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
d. For equities, customers are requested not to use field "Account" that connects with field “Receiving/Delivering Agent".

Debt securities

	Receive Free
M	Trade Date
O	Deal Price
M	Place of Settlement	BIC
	Party	TSDCTHBKXXX - Thailand
M	Delivering Agent	BIC ^b
	Party	counterparty's BIC ^b
M	Seller	BIC ^c
	Party	ordering party's BIC ^c
M	Account	ordering party's segregated depository account number at TSD ^d
	Receive Against Payment
M	Trade Date
O	Deal Price
C	Process Indicator	^a
M	Place of Settlement	BIC
	Party	TSDCTHBKXXX - Thailand
M	Delivering Agent	BIC ^b
	Party	counterparty's BIC^b
M	Seller	BIC ^c
	Party	ordering party's BIC ^c
M	Account	ordering party's segregated depository account number at TSD ^d
	Deliver Free
M	Trade Date
O	Deal Price
M	Place of Settlement	BIC
	Party	TSDCTHBKXXX - Thailand
M	Receiving Agent	BIC^b
	Party	counterparty's BIC ^b
M	Buyer	BIC ^c
	Party	beneficiary's BIC ^c
M	Account	beneficiary's segregated depository account number at TSD ^d
	Deliver Against Payment
M	Trade Date
O	Deal Price
C	Process Indicator	^a
M	Place of Settlement	BIC
	Party	TSDCTHBKXXX - Thailand
M	Receiving Agent	BIC^b
	Party	counterparty's BIC ^b
M	Buyer	BIC ^c
	Party	beneficiary's BIC^c
M	Account	beneficiary's segregated depository account number at TSD ^d

------------------------------------------
a. When RTGS-DVP is required, this field must be set to “Optional”.
b. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
d. For all transactions in debt securities, the Ordering Party’s or Beneficiary’s segregated depository account number at TSD is mandatory. There will be no validation in Clearstream on this field, only on the local market. Therefore, if it is incorrectly or incompletely populated, it may cause settlement delay.

Instruction specifications - Xact Web Portal

In the following tables, M=Mandatory; O=Optional; C=Conditional.

Equities

	Receive Free
M	Trade date
O	Deal price
	Delivering settlement parties
M	Depository Format	BIC
	Depository Identifier	TSDCTHBKXXX
M	Party 1 Format	BIC ^{b d}
	Party 1 Identifier	counterparty's BIC ^b
O	Party 2 Format	BIC ^c
	Part 2 Identifier	ordering party's BIC ^c
O	Party 2 Safekeeping account	ordering party's account
	Receive Against Payment
M	Trade date
O	Deal price
C	Securities RTGS	^a
	Delivering settlement parties
M	Depository Format	BIC
	Depository Identifier	TSDCTHBKXXX
M	Party 1 Format	BIC ^{b d}
	Party 1 Identifier	counterparty's BIC^{b d}
O	Party 2 Format	BIC ^c
	Party 2 Identifier	ordering party's BIC ^c
O	Party 2 Safekeeping account	ordering party's account
	Deliver Free
M	Trade date
O	Deal price
	Receiving settlement parties
M	Depository Format	BIC
	Depository Identifier	TSDCTHBKXXX
M	Party 1 Format	BIC^{b d}
	Party 1 Identifier	counterparty's BIC ^{b d}
O	Party 2 Format	BIC ^c
	Party 2 Identifier	beneficiary's BIC ^c
O	Party 2 Safekeeping account	beneficiary's account
	Deliver Against Payment
M	Trade date
O	Deal price
C	Securities RTGS	^a
	Receiving settlement parties
M	Depository Format	BIC
	Depository Identifier	TSDCTHBKXXX
M	Party 1 Format	BIC^{b d}
	Party 1 Identifier	counterparty's BIC ^{b d}
O	Party 2 Format	BIC ^c
	Party 2 Identifier	beneficiary's BIC^c
O	Party 2 Safekeeping account	beneficiary's account

Debt securities

	Receive Free
M	Trade date
O	Deal price
	Delivering settlement parties
M	Depository Format	BIC
	Depository Identifier	TSDCTHBKXXX
M	Party 1 Format	BIC ^b
	Party 1 Identifier	counterparty's BIC ^b
O	Party 2 Format	BIC ^c
	Party 2 Identifier	ordering party's BIC ^c
O	Party 2 Safekeeping account	ordering party's segregated depository account number at TSD ^d
	Receive Against Payment
M	Trade date
O	Deal price
C	Securities RTGS	^a
	Delivering settlement parties
M	Depository Format	BIC
	Depository Identifier	TSDCTHBKXXX
M	Party 1 Format	BIC ^b
	Party 1 Identifier	counterparty's BIC^b
O	Party 2 Format	BIC ^c
	Party 2 Identifier	ordering party's BIC ^c
O	Party 2 Safekeeping account	ordering party's segregated depository account number at TSD ^d
	Deliver Free
M	Trade date
O	Deal price
	Receiving settlement parties
M	Depository Format	BIC
	Depository Identifier	TSDCTHBKXXX
M	Party 1 Format	BIC^b
	Party 1 Identifier	counterparty's BIC ^b
O	Party 2 Format	BIC ^c
	Party 2 Identifier	beneficiary's BIC ^c
O	Party 2 Safekeeping account	beneficiary's segregated depository account number at TSD ^d
	Deliver Against Payment
M	Trade date
O	Deal price
C	Securities RTGS	^a
	Receiving settlement parties
M	Depository Format	BIC
	Depository Identifier	TSDCTHBKXXX
M	Party 1 Format	BIC^b
	Party 1 Identifier	counterparty's BIC ^b
M	Party 2 Format	BIC ^c
	Party 2 Identifier	beneficiary's BIC^c
M	Party 2 Safekeeping account	beneficiary's segregated depository account number at TSD ^d

------------------------------------------
a. When RTGS-DVP is required, this field must be set to “Optional”.
b. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.
d. For all transactions in debt securities, the Ordering Party’s or Beneficiary’s segregated depository account number at TSD is mandatory. There will be no validation in Clearstream on this field, only on the local market. Therefore, if it is incorrectly or incompletely populated, it may cause settlement delay.

Migration and cutover impact on customers

Clearstream Banking will proceed with the migration of settled positions to the new custodian at close of business in Thailand, on Friday, 16 November 2018. As such, customers must ensure that their instructions via HSBC, with requested settlement date up to and including 16 November 2018, are complete, accurate and eligible for straight-through processing (STP) in Clearstream Banking and in the local market and that any necessary provision is available for the instructions and that the counterparty’s instructions are also in place. If any of these criteria are not met, Clearstream Banking cannot guarantee timely settlement and migration of such positions to the new custodian.

To minimise impact on customers during the migration period, Clearstream Banking will be responsible for the reinstructing of unmatched positions at HSBC, with the new custodian. Instructions that have failed to match at HSBC on 16 November 2018 or have been instructed with a settlement date beyond 16 November 2018 at HSBC will be cancelled by Clearstream Banking at close of business in Thailand, on Friday, 16 November 2018 and reinstructed by Clearstream Banking at the new custodian, with notice to the impacted customers.

Impacted customers whose trades fail to match at HSBC on 16 November 2018 or have a settlement date beyond 16 November 2018, will need to advise their counterparties accordingly, that is, the counterparties will also need to cancel their instructions and reinstruct per the new procedures for domestic counterparties for settlement date 19 November 2018 or beyond.

To date, no corporate action events and income payments have been identified for the migration period. Should this situation change, we will publish a revised announcement prior to the migration to provide the necessary details.

Further information

The Market Link Guide – Thailand will be updated accordingly and available on the effective date to reflect the changes.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

_________________________________________

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 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.

Reference Number

A18153

Service levels

CBL

Products and Services

Custody, Settlement

Market

Thailand

Main Menu

Thailand: Change of custodian and cash correspondent bank – cut-over details

New custodian details

New cash correspondent details

New custodian settlement timings

Settlement times in Central European Time (CET)

New cash correspondent cash deadlines

New procedures for domestic counterparties

Instruction specifications

Instruction specifications – Xact via SWIFT and Xact File Transfer

Instruction specifications – CreationOnline

Instruction specifications - Xact Web Portal

Migration and cutover impact on customers

Further information