Transaction Management: New transformation process on German reorganisation events
Clearstream Banking1 informs clients that, effective
24 November 2025
it will change its transformation process on German reorganisation events.
Background
Following the Corporate Events Joint Working Group (CEJWG) standards aiming to harmonise corporate actions processing across Europe, Clearstream Banking will change its processing of transformations on reorganisation events on the German market.
For the following reorganisation events, settlement instructions which have a trade date after the event record date will not be transformed:
Mandatory reorganisation events
- Reclassification (CHAN);
- Squeeze Out (TEND);
- Exchange offer (EXOF);
- Reverse Stock Split (SPLR);
- Stock Split (SPLF);
- Merger (MRGR);
- Conversion (CONV);
- Redemption (REDM);
- Liquidation Payment (LIQU);
- Pari-Passu (PARI);
- Worthless (WRTH);
- German dividend option event on Cash Line (DVOP).
Clients are requested to contact their counterparty to align on a bilateral basis for their entered, not transformed trades.
Further information
For further information, please contact the Clearstream Banking Client Services or your Relationship Manager.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG, registered office at Mergenthalerallee 61, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500. Clearstream Banking S.A. is registered as an Australian CS (Overseas) Facility, under subsection 824B(2) of the Corporations Act 2001, with registration number ARBN 675 244 783.