Year-end processing and instruction deadlines 2016 - update 2
Note: This announcement has been updated to include early closing for Bulgaria and Russia on 30 December 2016.
LuxCSD reminds customers of the impact of the year-end processing holidays on standing instructions for central bank money funding as well as on the availability of reports.
Standing instructions for central bank money funding
Considering the TARGET2 holidays of 25 December 2015 and 1 January 2016, are falling both on a Sunday usual customers standing instructions for central bank money funding will not be impacted.
Reporting for value date 23 December 2016 and 30 December 2016
For EUR TARGET2 based delivery versus payment, delivery versus payment non-EUR and free of payment transactions:
- The night-time processing on 23 December 2016 will run as usual.
- The night-time processing on 30 December 2016 will run as usual.
Nevertheless as both days will fall on Sundays, LuxCSD would like to announce that the usual weekend maintenance will be completed earlier than usual. As such and on an exceptional basis, LuxCSD customers are advised that all applications on 24 December and 31 December 2016 will stop at 12:00 instead of 17:00:
- The 23 December 2016 end of day reports will be available as usual.
- The 30 December 2016 end of day reports will be available as usual.
Settlement with Clearstream Banking Luxembourg and Bridge Counterparties
25 December 2016 and 1 January 2017 will both fall on a Sunday which are non-business days for Clearstream Banking so that standard deadlines will apply:
- The night-time processing (between Clearstream Banking and Euroclear Bank) on 23 December 2016 will run as usual.
- The night-time processing (between Clearstream Banking and Euroclear Bank) on 30 December 2016 will run as usual.
Securities and cash instructions
Customers are reminded that processing holidays are shown in the Cash and Securities Holidays, which are updated as soon as information is available.
In the below-mentioned markets, however, exceptional deadlines or exceptional arrangements apply:
Bulgaria
Changed deadlines in the Bulgarian market on 30 December 2016.
Clearstream Banking deadlines are as follows:
T-bills and government bonds - free of payment | unchanged |
Equities, investment funds, corporate, mortgage and municipal bonds - SE Trades free of payment | 12:15 |
| Equities, investment funds, corporate, mortgage and municipal bonds - SE Trades against payment | unchanged |
Cash | unchanged |
Estonia/Latvia/Lithuania
23 December 2016
Early closing at AS SEB Pank, Clearstream Banking’s agent/depository for the Estonian, Latvian and Lithuanian markets.
LuxCSD settlement deadlines are as follows:
Securities | Estonia | Latvia | Lithuania |
Settlement instructions against payment | 12:45 | unchanged | unchanged |
Settlement instructions free of payment | 12:45 | 12:45 | 12:45 |
Poland
Changed deadlines in the Polish Market on 30 December 2016.
LuxCSD deadlines are as follows:
WSE transactions | 09:00 |
All OTC transactions | 10:30 |
Cash deadline | VD 12:00 |
Russia
Early closing on 30 December 2016 in the Russian Market.
The cash leg of delivery against payment transactions can only be settled within the first batch of the Central Bank of Russia (CBR). Please pay attention to the time schedule of the cash leg calculation in accordance with the RUB delivery against payment flow.
All instructions received for later batches on 30 December 2016 will be rejected by the depository.
Clearstream Banking deadlines are as follows:
| Settlement instructions free of payment | 11:15 |
| Settlement instructions against payment (USD) | 11:15 |
| Settlement instructions against payment (RUB) | 07:45 |
| Cash | unchanged. Please note that due to the early closing of the CBR, no high volume payments will be possible after 12:15 |
Winter Break from 2 January 2017 to 8 January 2017
There will be no trading, clearing or settlement of trades on 2 January 2016 to 6 January 2017 inclusive.
United Kingdom
Shorter deadlines for securities against payment transactions in the UK market with a requested settlement date of 30 December 2016:
Securities deposited in Citibank UK | 10:00 |
Gilts | 10:00 |
Cash pre-advices and withdrawals of funds | 10:00 |
Instructions transmitted after the above deadline but for the same requested settlement date could still settle on the requested settlement date and therefore could affect customer cash balances at close of business.
For more details, please refer to Announcement L16151.
On Tuesday, 27 December 2016 and Monday, 2 January 2017, the CREST system will be available for EUR and free of payment settlement only.
Please note that Kerry Group Registrars (R019) will be closed on Tuesday, 27 December 2016 and Monday, 02 January 2017, Therefore, settlement will not occur for transactions that involve ISIN - IE0004906560 - KERRY GP EUR 0.125.
The above-mentioned LuxCSD deadlines are valid provided that the customer’s instructions are complete, accurate and eligible for straight-through processing (STP) in LuxCSD and in the local market. Customers must also ensure that any necessary provision is available. If any of these criteria are not met, LuxCSD cannot guarantee timely settlement.
Christmas Day 2016 and New Year's Day 2017
Christmas Day in 2016 and New Year's Day in 2017 both fall on a Sunday, LuxCSD will be closed on both dates. Business will be as usual on 26 December 2016 and on 2 January 2017.
Seasonal greetings
We would like to take this opportunity to wish all customers an enjoyable and peaceful end of year and a prosperous and happy 2017.
Further information
For further information please contact LuxCSD Customer Service or your Relationship Officer.