Austria: Decoupling of Austrian CSD’s business and banking services – Cutover Details
Further to our announcement A15126, dated 1 July 2015, Clearstream Banking1 advises customers that effective
14 September 2015
the Austrian CSD, Österreichische Kontrollbank AG (OeKB AG) is decoupling its CSD services from its additional business services, via the establishment of a new legal entity, OeKB CSD GmbH.
This is in response to the EU Central Securities Depositories Regulation (regulation No. 909/2014), that came into force on 17 September 2014.
Impact on customers
Customers are requested to use the following in their instructions for the Austrian market:
- BIC of new Austrian CSD: OCSDATWWXXX
- PSET of new Austrian CSD: OCSDATWWXXX
- Country code for new Austrian CSD: OCSD
The new PSET BIC and new country code should be used in the following formats:
Swift
95P::PSET// OCSDATWWXXX
:95R::DEAG/OCSD /2xxx00
or
:95P::DEAG//Counterparty’s BIC
CreationOnline
10 | Delivering Agent | OCSD |
Party | 2xxx00 | |
or | Delivering Agent | BIC |
Party | counterparty’s BIC |
Cutover migration weekend
OeKB will migrate the Austrian CSD to the new company OeKB CSD GmbH during the weekend of Friday 11 September to Monday 14 September 2015. During this weekend customers will be impacted by the following:
- All instructions sent to Clearstream Banking, that are in the Austrian market by market close on Friday 11 September 2015, with matched or unmatched statuses, with past and future settlement dates will automatically have the BIC and country code changed from the old BIC OEKOATWW to the new BIC OCSDATWWXXX and the old country code OEKO to the new country code OCSD. No action is required from the customer.
- All instructions for the Austrian market, sent to Clearstream after 21:30 on Friday 11 September 2015, customers must ensure their instruction contains the new PSET BIC OCSDATWWXXX and the new country code OCSD. Any instructions sent before 21:30 on Friday 11 September with the new PSET BIC OCSDATWWXXX and the new Country code OCSD will be rejected by Clearstream and customers will have to reinstruct.
- Any instructions, sent to Clearstream after 21:30 on Friday 11 September, quoting the old PSET BIC OEKOATWWXXX and the old country code OEKO will be rejected by Clearstream and customers will have to reinstruct with the new PSET BIC and country code.
Further information
The instruction specifications will be updated in the Creation Link Guide – Austria on 14 September 2015.
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 Trade and Companies Register under number B-9248.