Settlement times - Germany
The deadlines shown below are valid provided that the client's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL, CEU, LuxCSD and in the local market. Clients must also ensure that any necessary provision is available. If any of these criteria are not met, Clearstream cannot guarantee timely settlement.
Important Note: As part of CBL, CEU, LuxCSD's internal compliance procedures, all incoming client instructions will be automatically scanned before entering transaction processing. Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the client via their chosen media channel(s), until either being manually released for processing or rejected. In order to ensure that instructions being investigated do not miss the applicable deadlines, clients are advised to input instructions at least 15 minutes before the associated deadline.
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| Settlement in EUR | |||||||
| Receipts | FOP | 18:05 SD-1 a | 17:55 SD b | 17:55 SD | 22:00 SD-1 c | 18:00 SD | |
AP | 19:30 SD-1 a | 15:55 SD b | 15:55 SD | 22:00 SD-1 c | 18:00 SD | SD | |
| Deliveries | FOP | 18:05 SD-1 a | 17:55 SD b | 17:55 SD | 22:00 SD-1 c | 18:00 SD | |
AP | 18:05 SD-1 a | 15:55 SD b | 15:55 SD | 22:00 SD-1 c | 18:00 SD | SD | |
| CBL - Against payment in all other currencies | |||||||
| Receipt | AP | 18:05 SD-1 | 17:10 SD | 17:10 SD | 17:00 SD | 18:00 SD | SD |
| Deliveries | AP | 18:05 SD-1 | 17:10 SD | 17:10 SD | 17:00 SD | 18:00 SD | SD |
| CEU - Against payment in all other currencies | |||||||
| Receipt | AP | 20:00 SD-1 | 17:10 SD | 17:30 SD d | 17:00 SD | 18:00 SD | SD |
| Deliveries | AP | 20:00 SD-1 | 17:10 SD | 17:30 SD d | 17:00 SD | 18:00 SD | SD |
a. Start of provision time for CEU and LuxCSD is 20:00 SD-1 (start of Night-time Settlement (NTS) for CEU and LuxCSD).
b. Instructions received from CEU and LuxCSD clients after 15:55 (against payment) and 17:55 (free of payment) are settled on a "best efforts" basis only.
c. For CEU and LuxCSD clients, the first results from NTS can be expected around 22:20 SD-1.
d. Determined by reservation CDLR (instruction is on hold) in T2S.
CEU and CBL clients can enter into against payment transactions with counterparties in CEU for settlement in EUR or in the foreign currencies AUD, CAD, CHF, CNY, CZK, DKK, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR.
Physical transactions (CBL only)
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| FOP=Free of payment SD=Settlement date | |||||||
| Receipts | Securities should be sent to the depository with full details of the account to be credited in CBL. | ||||||
| Deliveries | FOP | 18:05 SD-1 | 22:00 SD-1 | 20:30 SD-1 | 06:00 SD | 18:00 SD | |