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 D24014, Clearstream Banking1 provides CBF account holders with cutover information about the enhanced OneClearstream Investor-CSD service rollout for Centralna klirinško depotna družba d.dsettlement system (KDD) issued securities that will be effective in one phase
25 November 2024
Following the ECB announcement that the ECMS implementation will postponed to 2025, Clearstream Banking will proceed with the migration of settled positions in one phase. All securities will be migrated on Friday, 22 November 2024, for settlement date Monday, 25 November 2024.
The OneClearstream service will introduce the below changes affecting the following areas in relation to KDD issued securities:
- Securities static data;
- Account structure;
- OTC and CCP/stock exchange settlement;
- Asset servicing;
- Connectivity; and
- Xemac activity.
In order to become acquainted with the new service offering and understand the impacts, clients are strongly encouraged to participate in testing (upon subscription) and explore the new Xact Web Portal features. Clients should contact the Connectivity Helpdesk for further information.
Scope of securities eligible for CBF OneClearstream service
From 25 November 2024, the T2S eligible securities issued by KDD and currently held in CBL, will be eligible for settlement in CBF-T2S with the Non-Collective Safe Custody (NCSC-T) status and will become part of the OneClearstream service.
Those additional ISINs, made eligible in CBF, will not automatically trigger the migration of client holdings from their CBF 6-series accounts/CBL accounts to CBF accounts. Clearstream Banking leaves it to the client’s discretion to migrate its portfolio of securities if needed.
SE trades
Clients must be aware that as of 25 November 2024 that all non-cleared stock exchange trades (LION) for those securities and cleared stock exchange trades will settle on the CBF accounts.
GSF collateral management services
Those securities will not be made available for GSF collateral management services on CBF CASCADE accounts and therefore should remain available on CBF 6-series accounts/CBL accounts.
Securities will change from NCSC to NSCS-T
Finally, clients should note that securities will change from NCSC to NSCS-T and this means that SE flows will be routed to T2S and no longer 6-series accounts.
Activation timeline
The activation of the new service will be completed on the following dates:
Activation date | Impacted securities | Important remarks |
Thursday, 21 November 2024 | CBF will make the first pool of ISINs NCSC-T eligible. Those securities will be a selection of ISINs that have been active in CBL within the last twelve months and have no ongoing corporate action events. Those securities will be setup as:
| Those additional ISINs, made eligible in CBF, will not automatically trigger the migration of client holdings from their CBF 6-series accounts/CBL accounts to CBF accounts. Clearstream Banking leaves it to the client’s discretion to migrate its portfolio of securities if needed. SE trades: Clients must be aware that as of 22 November 2024 all non-cleared stock exchange trades (LION) for those securities and cleared stock exchange trades will settle on the CBF accounts. GSF collateral management services: Those securities will not be made available for GSF collateral management services on CBF CASCADE accounts and therefore should remain available on CBF 6-series accounts/CBL accounts. Securities will change from NCSC to NSCS-T and this means that SE flows will be routed to T2S and no longer 6-series accounts. |
Thursday, 21 November 2024 (at the latest). | CBF will make the remaining ISINs NCSC-T eligible that could not be migrated at initial migration date, due to ongoing corporate action events (if any). Those securities will be setup as:
|
List of impacted ISINs
The list of the impacted ISINs (existing and new) will be available on the website. The preliminary lists with all impacted ISINs, as well as the list of non-migrating instruments, will be published one month before the migration and then, two weeks before the migration. The final list of ISINs will be published on Thursday prior to each migration date.
The list will be in Excel format and will provide the following information:
- ISIN;
- Security long name;
- Security T2S short name;
- Issuer CSD;
- Current Custody value (NCSC);
- OneClearstream Custody value (CSC);
- Financial instrument category (debt, equity, warrant, unit, right);
- Listed on German stock exchange (Yes or No);
- Current WM values WM-GD400;
- Current WM values WM-GD100A;
- Current WN values WM-GD420;
- OneClearstream WM values WM-GD400;
- OneClearstream WM values WM-GD420;
- Subject to OneClearstream asset servicing (either contains the “Datum ab LMP” date or is empty).
Clearstream Banking reminds clients that all OneClearstream asset servicing bookings in T2S-eligible proceeds and its related reporting will be done at the client’s sub-account level.
Ahead of the OneClearstream activation, clients are requested to make sure that each sub-account has an appropriate account setup and is well subscribed to the relevant reporting.
To ensure a smooth OneClearstream activation on 22 November 2024 (and if not done yet with the previous OneClearstream activations):
- The client’s sub-accounts without the appropriate reporting subscription will be subject to a default reporting setup by Clearstream Banking as described in the OneClearstream Client Migration Guide.
- The client’s sub-accounts without the appropriate T2S setup will be linked by default by Clearstream Banking to the DCA of their main account. This default linkage is a technical setup and only applies to debits and credits originated by OneClearstream. The current DVP participation flag setup remains unchanged.
Note: After migration, to accept in CBF any new KDD issued securities supported by OneClearstream, clients should contact their dedicated Client Services officer.
Migration impacts on clients
The overview of the generic client migration impacts can be found in the OneClearstream Client Migration Guide (See Section 2.1).
For information about the migration impacts on client CBF 6-series accounts or CBL accounts, clients should refer to Announcement C24042.
Note: This is the current situation based on latest information, should there be any changes or additional information Clearstream Banking will inform clients accordingly.
Further information
For further information, clients 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. Any T2S eligible securities issued by KDD for which a position was not held on the ICSD (CBL) within the last twelve months will not be made available in CBF upon activation.
3. “Datum ab LMP” is a field in WSS Online Plus that helps clients to identify the Investor CSD securities migrated to OneClearstream.