Entitlement Compensation Rules - Germany

16.06.2011

Bonds, interest payment

Market compensation basis:

Trade Date

Automatic Compensation Managed by Local CSD:

Yes

Restriction on custody events/transaction types:

Compensations on stock exchange trades only

Additional information:
By close of business one day before the Ex-Date, CEU performs an automatic compensation on interest payments for pending, late stock exchange trades only.

For detailed information, please refer to the CEU Compensation Rules Guide.
Service offered by CBL:
Two days after the Payment Date (at the latest), CBL will book the cash credits or debits resulting from CEU’s automatic interest compensation on the client’s account, with value payment day.

Bonds, corporate action

Market compensation basis:

Trade Date

Automatic Compensation Managed by Local CSD:

Yes

Restriction on custody events/transaction types:

Compensations on stock exchange trades only.

Additional information:
By close of business one day before the Ex-Date, CEU performs an automatic compensation on pending stock exchange trades and OTC trades.

For detailed information, please refer to the CEU Compensation Rules Guide.
Service offered by CBL:
Two days after Ex-Date (at the latest), CBL will book the securities credits or debits resulting from CEU’s automatic dividend compensation on the client’s account, with value payment day.

Equities, dividend payment

Market compensation basis:

Trade date

Automatic Compensation Managed by Local CSD:

Yes

Restriction on custody events/transaction types:

Compensations on stock exchange trades and OTC trades.

Additional information:
CEU performs an automatic compensation of dividend payment, as follows:

-

On pending stock exchange trades and pending matched OTC transactions by close of business one day before the Ex-Date;

-

On settled stock exchange trades and OTC transactions with trade date before the Ex-Date.

If the original Payment Date is five days after the Ex-Date or earlier, the Value Date of the additional compensation run is six days after the Ex-Date. If the Payment Date is later than five days, Value Date equals Ex-Date.

For detailed information, please refer to the CEU Compensation Rules Guide.
Service offered by CBL:
Two days after the Payment Date (at the latest), CBL will book the cash credits or debits that result from CEU's automatic dividend compensation on the client's account, with value Payment Date.

If the dividend Payment Date is later than that Ex-Date +6, credits or debits on the client's account resulting from the second compensation run will be booked with value Ex-Date +6 or on dividend Payment Date.

Equities, corporate action

Market compensation basis:

Trade Date

Automatic Compensation Managed by Local CSD:

Yes

Restriction on custody events/transaction types:

Compensation on stock exchange trades and OTC trades.

Additional information:
CEU performs an automatic compensation of corporate events on pending stock exchange trades and OTC transactions by close of business one day before the Ex-Date.

For detailed information, please refer to the CEU Compensation Rules Guide.
Service offered by CBL:
Two days after Ex-Date (at the latest), CBL will book the securities credits or debits resulting from CEU’s automatic dividend compensation on the client's account.