Pre-matching services for external instructions
Immediate release flag service - manage the timing of your instructions release
Clearstream offers the possibility to release its external settlement instructions to the domestic market as soon as the trade has been instructed; i.e. the instruction will be provisioned and sent to the local market immediately. This service is available without subscription and can be used by mentioning CEDE/IREL in the 22F field of your instruction.
Benefits include:
- Quicker feedback from the domestic market against external transactions.
Instructions pre-matching - benefit from pre-matching messages
Specific markets do not need to use the immediate release flag. Clearstream sends your instruction for pre-matching purposes only (irrespective of the formal provisioning period and without provision check) and then for settlement (after the start of the formal provisioning period and on successful provisioning).
Pre-matching feedback is reported to customers as soon as information is available from the depository. For information on the markets that offer this service, please check the Creation Link guide on www.clearstream.com.
Benefits include:
- Quicker feedback from the domestic market without any provision check.
Matching BIC service
In order to reduce the cross-matching possibilities on your external instructions and help prepare for T2S we have introduced a new concept of matching BIC.
All your transactions are automatically populated with the matching BIC defined on your account, either in the buyer field (for receipt instructions) or the seller field (for delivery instructions), provided the buyer/seller field has not already been populated on your settlement instruction.
Benefits include:
- Significant reduction of crossmatching possibilities, especially on T2S markets.
Domestic allegement matching service - automatic reporting of domestic allegement against your account or BIC
Where supported by the local market, and as a complement to the prematching services described previously, we receive allegements from your domestic counterparties via our local market depositories.
Upon receipt of every allegement message, our best-match algorithm tool automatically searches and finds your best matching instruction.
Benefits include:
- Automatic reporting of the allegements against your account or BIC
- Automatic update on the status of your best matching instruction