Public holiday regulation in 2020 for CASCADE and Creation
Clearstream Banking1 informs customers of the public holiday regulation for the CASCADE and Creation systems applicable to Germany (national) or for certain regions (R) in 2020. The table below lists the regulation for individual public holidays. Public holidays that fall on a weekend are not included.
The CASCADE settlement days are adjusted to the TARGET2-Securities (T2S) holiday calendar. On days on which T2S is open, CASCADE is open as well.
In 2020 T2S is closed on the following holidays. On these holidays no settlement of delivery against / with payment instructions (DvP2) in Euro takes place3.
- 1 January (New Year’s Day);
- 10 April (Good Friday);
- 13 April (Easter Monday);
- 25 December (Christmas Day).
In addition, the TARGET2-Cash System (T2) is closed on
- 1 May (Labour Day)
whereas T2S is open for free of payment (FoP) settlement activities and instruction management in Danish Kroner (DKK)4.
CBF asks customers to review delivery against / with payment instructions4 (DvP2) in Euro for settlement and to provide cash liquidity for the subsequent business day after the 1 May according to the already established process. Further information is available in Announcement D18073. Moreover, all other procedures described in this announcement still apply in 2020.
On 1 May, corporate action-related security movements can also be processed. Then these corporate actions will select 1 May as Record Date with value day next business day (in 2020 it is 4 May). If the announced Record Date is a public holiday according to the T2 calendar, the previous business day will be processed as Record Date. An example is Good Friday where T2 as well as T2S are closed. A Record Date that falls on Good Friday and has the subsequent Tuesday as value date will consider for Good Friday the security positions of Thursday, the business day before Good Friday. The same procedure applies for Easter Monday.
Payments in foreign currencies can settle via the Creation platform, depending on the deadlines for cash provisioning and public holiday regulation of the respective foreign currency.
The T2S holiday calendar applies for all T2S In-CSDs (central security depositories). The settlement of cross-border transactions against other domestic markets with closing days differing from the T2S holiday calendar will remain pending on those closing days until the next business day.
Public holiday | National / | CASCADE | Creation |
Wednesday, 1 January 2020, | national | closed | closed |
Monday, 6 January 2020, | R | open | open |
Friday, 10 April 2020, | national | closed | open |
Monday, 13 April 2020, | national | closed | open |
Friday, 1 May 2020, | national | open | open |
Thursday, 21 May 2020, | national | open | open |
Monday, 1 June 2020, | national | open | open |
Thursday, 11 June 2020, | R | open | open |
Wednesday, 18 November 2020, | R | open | open |
Thursday, 24 December 2020, | national | open | open |
Friday, 25 December 2020, | national | closed | closed |
Thursday, 31 December 2020, | national | open | open |
Counter opening hours at CBF
On days that CASCADE is not open for business, the counters of CBF will also remain closed.
In addition, counters will remain closed on 1 May (Labour Day), 21 May (Ascension Day), 1 June (Whit Monday), 11 June (Corpus Christi), 24 December (Christmas Eve) and 31 December (New Year’s Eve). Due to a regional public holiday on Tuesday, 25 February 2020, the counters will also be closed from 13:00.
Public holidays on which CASCADE is closed and Creation is open
Stock exchange trades in securities held in non-collective safe custody (NCSC securities) are not settled on these days. Stock exchange trades are forwarded to Creation on the eve of the public holiday with value date first business day after the public holiday. However, such stock exchange trades will be settled on the day after the public holiday and will be confirmed in the Settlement List or the Clearing & Settlement Statement in the afternoon.
Further information
Regarding the deposits and withdrawals of securities, please note that for the eMISSION Service the points described in Announcement D18067 for December 2018 apply in the same way in December 2019. Please take into account that value dates that fall on a holiday will not be considered.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.
2. DvP stands for Delivery versus Payment, Receive versus Payment, Delivery with Payment and Receipt with Payment instructions.
3. This also applies for the custody type NCSC-T (non-collective safe custody securities to be settled via T2S)
4. CBF does not maintain DvP settlement instructions in DKK via T2S but via CBL. Non-income and income payments in DKK for CBF positions with payment date or value day 1 May can also be processed in CBL.