ECMS-SCoRE Standard 10: Transaction management enhancements
Clearstream Banking1 informs clients about functionality enhancements related to transformations.
The implementation of the enhancements will take place, effective
24 November 2025
Transformations
According to SCoRE rules - Standard 10, Mandatory with options Corporate Actions events (that is, mandatory reorganisations with options), Issuer CSDs should ensure settlement does not occur after the market deadline.
At present, Clearstream Banking performs transformations for pending matched trades on record date/entitlement date.
To comply with Standard 10 “No settlement after Market Deadline Date” which requires that any settlement instructions impacted by the mandatory reorganisations with options in the old ISIN (as of the end of Market Deadline Date) should undergo the transformation process, so that old transactions in the old ISIN are cancelled and new transactions in the new ISIN are created.
The transformation extends from the EOD market deadline until 20 business days after the market deadline.
These rules apply to the following events (REORG CHOS events with a SECMOVE debit):
- BONU CHOS (with rights);
- DRIP CHOS (with rights);
- DVOP CHOS (with rights);
- EXOF CHOS;
- EXRI CHOS (with rights)
Note: For the German market, EXRI CHOS events have been temporarily excluded from the above rules until market readiness activities have been completed; - EXTM CHOS (only for ESES);
- EXWA CHOS;
- MRGR CHOS;
- REDM CHOS.
Deadline | Instructions | Trade date | Processing |
End of day market deadline | Unmatched pending | TD smaller than or equal to market deadline | Will not be cancelled neither transformed (wait for matching until 20 business days otherwise automatically cancelled thereafter (cancellation CAND//CANT + reason “CA EVENT ref”) |
Matched pending | Will be subject to transformation (cancellation [CAND//CANT + reason “CA EVENT ref”] and re-instruction) if the market supports the transformations and/or the instruction does not include “Opt out” indicator | ||
Pending (un)matched | TD greater than market deadline | Will neither be cancelled nor transformed | |
During the transformation detection period (that is, 20 business days after market deadline) | Matched pendinga | TD smaller than or equal to market deadline | Will be subject to transformation (cancellation [CAND//CANT + reason “CA EVENT ref”] and re-instruction) if the market supports the transformations and/or the instruction does not include “Opt out” indicator |
TD greater than market deadline | Will neither be cancelled nor transformed | ||
At the end of the detection period | No more cancellations / transformations | ||
a. Regardless if the ISIN has matured or not.
Cutover
Any ongoing MAND CHOS events with a market deadline date before the release implementation date, that is, 24 November 2025, and payment date after the release implementation date, will follow the above process.
Further information
The Client Handbooks will be updated in due course.
For further information, clients may contact Clearstream Banking Client Services or their Relationship Officer.
The relevant contact details are available on the website under Contacts & Client Services.
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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.