Slovenia: OneClearstream service activation for KDD - update
Note: This Announcement originally published on 5 August 2024 and updated on 2 October 2024 and 31 October 2024, has been further updated to update the list of ISINs that are migrating.
Further to Announcement C24017, Clearstream Banking1 informs clients that Clearstream Banking S.A. (CBL) will be using Clearstream Banking AG (CBF) as a gateway to TARGET2-Securities (T2S) for Slovenia effective
25 November 2024
From Monday, 25 November 2024, CBL will no longer access the market via its own account at KDD, but through its account in CBF.
As a consequence, T2S counterparties who wish to instruct against CBL clients, should no longer instruct against the CBL account in KDD, but against the CBL account in CBF and standing settlement instructions must be updated accordingly.
Impact on clients
New Depository Code: 4X
BIC: KDDSSI22XXX
KDD counterparty information
There is no impact on Bridge or internal instructions.
There is no impact on domestic instructions for CBL clients but a change for their Slovenian counterparties: Change of Place of Settlement from the BIC11 of local CSD 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 KDD) who wish to transact with a CBL client on KDD-migrated securities.
Clients can find below the recommended formats that should be used by KDD counterparties from 21 October 2024 for ECMS eligible securities and 25 November 2024 for all remaining securities.
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 account in CBF. Some CSDs or agents may still have proprietary formats that differ from the below.
Settlement party details of CBL | Migrated securities |
Place of settlement (PSET) | DAKVDEFFXXX |
Delivering/Receiving Agent (:95P::DEAG/REAG) | CEDELULLXXX |
Buyer/Seller (BUYR/SELL) | BIC11 of the CBL client |
For DCP counterparties (Swift ISO 20022)
Settlement party details of CBL | Migrated securities |
Depository | DAKVDEFFXXX |
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.) |
Party 2 | BIC11 of the CBL client |
DEAG/REAG – Party 1 (safekeeping account) recommendation
CBL encourages clients to ask their counterparties not to include the safekeeping account of the DEAG/REAG – Party 1. If counterparties still wish to do so, they should be advised that the T2S SAC of CBL at CBF for migrated securities is the following:
KDD | DAKV7201118 |
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.
Migration schedule
Clearstream Banking will proceed with the migration of settled positions on Friday, 22November 2024, for settlement date Monday, 25 November 2024.
To facilitate the smooth migration, the Slovenian market will close at 11:00 CET on 22 November 2024.
Client should note at each migration that any unmatched pending settlement instructions will be cancelled after the closing of the domestic market on Friday, 11:00 CET, and clients will be informed to reinstruct after the migration on Monday.
As a result, Clearstream Banking recommends that clients request their counterparties to send their matching instructions as soon as possible before market closure to avoid possible cancellation.
Clients will be informed of any cancelled pending instructions via MT548. Clients will need to reinstruct any cancelled instructions in accordance with the new settlement formats.
Clients should also contact their counterparties to cancel their instructions and reinstruct as per the new procedure for counterparties.
Further information
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, registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.