Cyprus: New direct operated link to Cyprus Stock Exchange
Clearstream Banking1 informs clients
that it will enhance its existing domestic link to Cyprus effective
5 August 2024
with a direct participant account at the Cypriot CSD, Cyprus Stock Exchange. Citibank Europe PLC Greece Branch will continue as the operator of this direct account.
This direct participant status will ensure better protection of client assets and will enable future service upgrades.
Impact on clients
Settlement process
The instruction formats, reporting and service level will not change.
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 Cypriot CSD as follows:
Procedure for the domestic counterparty
Receipt in CBL | |
Deliver to: | Clearstream Banking, Luxembourg (BIC: CEDELULL) |
Delivery from CBL | |
Deliver to: | Clearstream Banking, Luxembourg (BIC: CEDELULL) |
Citibank Europe PLC Greece Branch will act as the account operator of the following Clearstream Banking omnibus account at the local CSD:
SAT code: 2004765061-6
SAT account: CY06980067-7
Operator code: 0000000666
Cash tolerances
For domestic instructions against payment in EUR, the allowed settlement countervalue difference changes to EUR 18.00.
Instruction specifications
Instruction specifications for Xact via SWIFT, Xact File Transfer, and Xact Web Portal remain unchanged.
Migration procedure
Clearstream Banking will proceed with the migration of all settled securities positions from the current SAT account held by Citibank Europe PLC Greece Branch to its own omnibus account, at close of business on Friday 2 August 2024.
All pending instructions, including matched instructions that did not settle, at close of business on Friday 2 August 2024 will be automatically cancelled by Clearstream Banking. Clients will be informed of any cancelled instructions via MT548. Clients and their respective counterparties must reinstruct after the successful completion of the migration on Monday 5 August 2024 with the new account details.
For trades with settlement date until 2 August 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 - Cyprus will be updated in due course.
For further information, please contact the Clearstream Banking Tax Help Desk or Clearstream Banking Client Services or your 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 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.