Extension of transformation period for internal settlement instructions


Further to announcement C20069, Clearstream Banking1 informs customers that, effective

13 June 2022

the scope of internal settlement instructions eligible for transformation will be enhanced to enable the transformation process for 20 business days after the maturity date. 

Future processing

To comply with the Corporate Action standards, internal settlement instructions received by 16:45 CET 20 business days after the maturity date that meet the conditions below: 

  • The trade date is before the maturity date; and,
  • The Intended Settlement Date (ISD) is before the maturity date + 20 business days 

will no longer be rejected and will be attempted for matching. Once matched, those instructions will be subject to transformation. Clearstream Banking will cancel the underlying instruction and reinstruct a new one with the new outturn.

Instructions not meeting the above conditions will be rejected and notified via MT548 Settlement Status and Processing Advice with either the new rejection reason INST IPRC//REJT REJT//DTRD "Trade date must be before maturity date of the security" or INST IPRC//REJT REJT//DSEC "Security has been redeemed" if the trade date exceeds the maturity date, provided this report has been subscribed to.

Changes will only apply for internal trades. Bridge and domestic trades are excluded.


Currently, for all internal settlement instructions  with an ISIN maturing due to a reorganisation corporate action and that are received and matched before or on the record date and up to the maturity date at 16:45 CET , are subject to transformation by Clearstream Banking at the times mentioned below:

  • On the record date/entitlement date at the end of day at 20:30 CET; and,
  • On the maturity date at 03:00 CET, 10:00 CET, 14:00 CET and 17:00 CET 

Internal settlement instructions received on the maturity date after 16:45 CET will not be transformed and will be rejected at 20:30 CET. 

Further information

The Xact via SWIFT User Guide and Customer Handbook will be updated in due course.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

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 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.