Poland: Change to instruction formats following new market standards
Effective
immediately
customers of Clearstream Banking1 are requested to follow the new market standards for settlement of transactions in Polish T-bonds and equities in the Polish CSD, NDS.
The implementation of ISO 15022 market standards for settlement instructions will improve efficiency in transaction pre-matching and the automation of settlements.
The use of the new formats will be strictly mandatory as of 1 August 2014. However, we strongly encourage customers to adapt to the new standards as soon as possible.
Format changes
When identifying the Delivering/Receiving Agent in settlement instructions by account (that is, when the counterparty’s BIC is not available), the 4-digit NDS local code of the custodian/broker must be used instead of the 3-digit NDS account identifier.
Also, if the BIC is used to identify the Seller/Buyer, the safekeeping account of the respective ordering party/beneficiary must be provided.
Customers should be aware that incorrectly formatted instructions will be considered as repairs, entailing a risk of delays to settlement.
Note: There is no change in the instruction formats for the settlement of Polish T-bills.
Further information
The revised instruction specifications for CreationOnline and Creation via SWIFT and CreationDirect are published in the Creation Link Guide – Poland in the Information Centre on the Clearstream website.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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