Germany: Change of the Euroclear Bank SA/NV CBF account number - Update
Note: This Announcement, originally published on 8 January 2016, has been updated to include minor clarifications. The changes are highlighted.
Clearstream Banking1 informs customers about the opening of two new CBF security accounts “4312“ and “4410“ for Euroclear Bank SA/NV (below referred to as Euroclear Bank). CBL’s customers will be able to settle cross-border against them effective
18 January 2016
The current Euroclear Bank accounts “7204“ and “7263“ at CBF will be deactivated and will no longer be available for settling securities from close of business on 15 January 2016.
Cutover procedures for migration weekend
Euroclear Bank’s current CBF accounts “7204” and “7263” will continue to be used for settling transactions up to settlement date 15 January 2016.
From 5 January 2016 it will be possible for CBL customers to instruct transactions cross-border on the two new CBF accounts “4312“ and “4410“ for settlement date 18 January 2016 and onwards. Instructions in CASCADE will not match until 18 January 2016 as Euroclear bank will send their instructions to their new accounts at CBF on the morning of 18 January 2016.
Handling of pending instructions
After close of business on 15 January 2016 the accounts “7204“ and “7263“ will not be valid for settling any transactions and all pending transactions will have to settle on the two new accounts “4312“ and “4410“ on 18 January 2016.
At the close of Business on 15 January 2016 Euroclear Bank will cancel all their pending settlement transactions and will only reinstruct on the morning of 18 January 2016 on their two new CBF accounts “4312“ and “4410“.
CBL customers will have to cancel all pending cross-border transactions at the close of business on 15 January 2016 by 17:00 CET.
Any transaction instructed to settle against the old accounts “7204“ and “7263“ which has not been cancelled by Friday 15 January 2016 by 17:00 CET will be cancelled by CBF. CBL’s customers will have to reinstruct against the two new security accounts “4312“ and “4410”.
Settlement date 18 January 2016 and onwards
Euroclear Bank will only start instructing transactions on its new accounts “4312” and “4410” in the morning of 18 January 2016. Matching will hence be delayed and only take place as of 18 January 2016.
Further information
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and 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.