Greece: Update on situation XI
Information from the market
Our Greek depository, Citibank Athens, has informed us that following the New Legislative Decree published in the Government Gazette B’1617 of 3 August 2015, the restrictions set out in the Legislative Content Act A’84, dated 18 July 2015, for the carrying out of transactions on financial instruments in Greek regulated markets are to be lifted.
With effect from
3 August 2015
the Hellenic Capital Market Commission, during its 725th Board of Directors' meeting held on 3 August 2015, decided the following:
- The ATHEX regulated market and the Multilateral Trading Facility of "EN.A" (Alternative Market of the Athens Exchange) shall reopen;
- The Electronic Secondary Market "HDAT", for government bonds operated by the Bank of Greece shall reopen; and
- ATHEXClear is again operational for securities traded on the Greek market and the Multilateral Trading Facility "EN.A".
As a result, the settlement of against and free of payment transactions is again possible in the Greek market.
Citibank Athens has also confirmed that all pending trades with a requested settlement date up to 31 July 2015 will be cancelled and will need to be reinstructed.
Impact on customers
Customers are advised that the following settlement activities are possible for Clearstream Banking1 customers, as detailed below.
Settlement
The following transactions will be possible:
Internal | against and free of payment for HCSD and BOGS eligible securities |
Bridge | against and free of payment for BOGS-eligible securities |
Domestic | against and free of payment (deliveries) for BOGS-eligible securities against and free of payment (receipts) for BOGS-eligible securities. This is still subject to a final market validation. Clearstream Banking will confirm this as soon as possible. a against and free of payment (receipts/deliveries) HCSD eligible securities a |
a. Please note that receipt instructions may be rejected at the level of the domestic market.
Pending trades
All pending trades with a requested settlement date up to 31 July 2015 will be cancelled and will need to be re-instructed with new trade date and new value date. Please agree with your counterparty the procedure for any pending transactions.
Asset services
Income and corporate action proceeds can now be repatriated. Please note that they may still be delayed. Customers will be informed if and when any proceeds become available.
Further information
We will continue to monitor the situation.
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.