Transaction management rules - Spain

30.11.2020

Market claims and reverse market claims

	Market claims and reverse market claims
Processing of market claims and reverse market claims on the market	Applicable
Eligible corporate action events	All income and non-income distribution events in cash and securities
Detection period	20 T2S opening days after the record date
Eligible transactions	Market claim instructions will be generated on pending trades as of status matched and regardless of the payment status of the underlying corporate action event.
Detection key dates	Securities in units: Ex date Trade date Record date Effective settlement date Securities in nominal: Record date Intended settlement date Effective settlement date
Opt-out/Ex/Cum indicator	The Opt-out as well as the Cum-/Ex-Indicator can be used for matching purposes (additional matching field), but are not taken into account for market claims detection. This applies to all types of transactions.
Characteristics of market claims/reverse market instructions	Transaction code “CLAI” Status unmatched Same trade date as per underlying instruction Settlement date being the payment date of the underlying event Partial settlement indicator as per underlying instruction (always NPAR for claims in cash)
Tax status of claims	Interest: Market claims are processed on a gross basis without tax adjustment.
Market specifics	Not generated for: Cash distributions in a currency other than EUR Securities distributions in non-T2S eligible securities
Processing of market claims and reverse market claims by Clearstream	Applicable

Scenarios for market claim detection for securities in nominal

TD before

Ex-date^a

ISD before or on RD

ASD before or on RD

Opt-out indicator

Ex/Cum indicator

Market claim

to be created

(T2S rules)

Direction

Issuer CSD

compliance

Y/N

Blank

From Seller to Buyer

Scenarios for market claims detection for securities in unit

TD before Ex-date^a	ISD before or on RD	ASD before or on RD	Opt-out indicator	Ex/Cum indicator	Market claim to be created (T2S rules)	Direction
Y	n/a	N	Blank	Blank	Y	From Seller to Buyer
N	n/a	N	Blank	Blank	Y	From Seller to Buyer
N	n/a	Y	Blank	Blank	Y	From Buyer to Seller
Y	n/a	Y	Blank	Ex	Y	From Buyer to Seller

No market claim detection for transactions in which opt-out is present

TD before

Ex-date^a

ISD before or on RD

ASD before or on RD

Opt-out indicator

Ex/Cum indicator

Market claim

to be created

(T2S rules)

Direction

n/a

Opt-out

n/a

a. N means TD => Ex-Date but TD <= RD.

Transformations

	Transformations
Processing of transformations on the market:	Applicable
Eligible corporate action events	All income and non-income distribution events
Detection period	20 T2S opening days after the record date
Eligible transactions	Iberclear processes transformations at the end of Record Date over the total of positions, including matched and unmatched instructions. For unmatched instructions this means cancellation only. Clearstream will not cancel any pending unmatched instruction but waits for T2S to cancel the trade when the securities are redeemed.
Detection key dates	Record date, for mandatory reorganisations without options Market deadline, for mandatory reorganisations with options
Opt-out indicator	Supported as additional matching field
Characteristics of re-instructions due to transformations	Transaction condition “TRAN” Status unmatched Same trade date as per underlying instruction Settlement date being the latest date between the payment date of the underlying event and the intended settlement date of the underlying instruction Partial settlement indicator as per underlying instruction (always NPAR for claims in cash)
Market specifics	Transformations are not generated for: For cash distributions in a currency other than EUR For securities distributions in non T2S eligible securities
Processing of transformations by Clearstream:	Applicable

Buyer protection

Subject to Manual Buyer Protection mechanism. No Buyer Protection (BP) key dates are reported as not provided by the market.

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