Year-end processing and instruction deadlines 2015 - update V
LuxCSD is pleased to remind 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, customers have to update their standing instructions for central bank money funding the business day before value date, that is on 24 December 2015 for value 28 December 2015 and on 31 December 2015 for value 4 January 2016.
Reporting for value date 24 December and 31 December 2015
For EUR TARGET2 based against payment, non-EUR against payment and free of payment transactions:
- The night-time processing on 24 December 2015 will be delayed and run on 25 December 2015 at 20:00. The 24 December 2015 end of day reports will be available on 25 December 2015 at the usual time.
- The night-time processing on 31 December 2015 will be delayed and run on 1 January 2016 at 20:00. The 31 December 2015 end of day reports will be available on 1 January 2016 at the usual time.
Settlement with Clearstream Banking Luxembourg and Bridge counterparties
- Instructions received with a requested settlement date of 25 December 2015 or 1 January 2016 will not be processed for settlement until the next Clearstream Banking business day, being 28 December 2015 or 4 January 2016, respectively.
As a consequence, for all internal and Bridge instructions, the debit and credit of cash will be given the value of 28 December 2015 or 4 January 2016, provided the instructions settle on those days.
For domestic instructions:
- The effective settlement date for instructions with a requested settlement date of 25 December 2015 or 1 January 2016 will be the first Clearstream Banking business day following the Clearstream non-business day, being 28 December 2015 or 4 January 2016, respectively, under the condition that the instructions settle in the market with the requested settlement dates.
- For receipt instructions that settle on the market on 25 December 2015 or 1 January 2016, the cash countervalue of the trade will be debited with value 25 December 2015 or 1 January 2016, respectively. The debit of cash in Clearstream Banking will be booked on 28 December or 4 January 2016, respectively.
- For delivery instructions that settle on the market on 25 December 2015 or 1 January 2016, the cash countervalue of the trade will be credited with value date 28 December 2015 or 4 January 2016, respectively. The credit of cash in Clearstream Banking will be booked on 28 December 2015 or 4 January 2016 respectively.
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:
Canada
Shorter deadlines on 24 December 2015 and 31 December 2015.
LuxCSD deadlines are as follows:
| Settlement instructions against payment | 18.00 |
| Settlement instructions free of payment | unchanged |
| Cash payments | 18:00 |
For more details, please refer to Announcement L15153.
Czech Republic
Early closing on 31 December 2015 at the CSD Prague (CDCP).
LuxCSD deadlines are as follows:
| Bonds and equities against payment | unchanged |
| Bonds and equities free of payment | 13:25 |
| T-bills against and free of payment | unchanged |
| Cash payments | unchanged |
Estonia / Latvia / Lithuania
23 December 2015
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 | unchanged | unchanged | unchanged |
Settlement instructions free of payment | 12:45 | 12:45 | 12:45 |
24 December 2015 and 25 December 2015
Closed in Estonia, Latvia and Lithuania for both securities settlement and cash payment.
30 December 2015
Early closing on the Latvian market.
LuxCSD settlement deadlines are as follows:
| Securities | Latvia |
Settlement instructions against payment | unchanged |
Settlement instructions free of payment | 12:45 |
31 December 2015
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 | unchanged | closed | unchanged |
Settlement instructions free of payment | 12:45 | closed | 12:45 |
Hong Kong
24 December 2015 is a non-settlement day in CCASS for A-Shares.
| Settlement of of CMU-eligible instruments | unchanged |
| Cash | unchanged |
31 December 2015
Settlement day in CCASS for A-Shares.
Non-settlement day for Hong Kong equities and warrants.
| Settlement of of CMU-eligible instruments | unchanged |
| Cash | unchanged |
Iceland
Early closing on 31 December 2015 in the Icelandic market.
LuxCSD deadlines are as follows:
| Free of payment OTC instructions via off market method for same day settlement | 12:00 |
| Against payment OTC instructions via ISD,TRS matching system for value date 4 January 2016 | 12:00 |
| For cash payments | 12:00 |
Ireland
Early deadlines for against payment transactions in GBP with a requested settlement date of 31 December 2015.
LuxCSD deadlines are as follows:
| All securities | 10:00 |
All other deadlines remain unchanged.
Instructions transmitted after the above LuxCSD 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 L15184.
Luxembourg
Early closing at ICBC Luxembourg (CNY CCB) on 31 December 2015.
LuxCSD deadlines are as follows:
| Cash pre-advice of funds | 12:00 |
Mexico
Shorter deadlines on 24 December 2015 and 31 December 2015.
LuxCSD deadlines are as follows:
| Settlement instructions against payment | 18:00 |
| Settlement instructions free of payment | unchanged |
| Cash payments | 18:00 |
For more details, please refer to Announcement L15153.
Poland
31 December 2015
WSE transactions will not be possible.
Early closing in the Polish market.
Clearstream Banking deadlines are as follows:
| All OTC transactions | 10:30 |
| Cash | VD 12:00 |
Romania
The Central Depository (CSD) will be closed on 24 December 2015 and 31 December 2015. No settlement of municipal and selected foreign bonds will be possible.
LuxCSD deadlines are as follows:
| Settlement for National Bank of Romania (NBR) eligible government bonds and bills | unchanged |
| Cash payments | unchanged |
Russia
Early closing on 31 December 2015 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 31 December 2015 will be rejected by the depository.
LuxCSD deadlines are as follows:
| Settlement free of payment | 11:15 |
| Settlement against payment | 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 1 January 2016 to 10 January 2016
There will be no trading, clearing or settlement of trades on 1 January 2016 and on 7 January 2016 to 8 January 2016 inclusive.
Settlement free of and against payment will be possible on 4, 5 and 6 January 2016.
Cash and FX transactions will not be possible during the Winter Break.
Singapore
24 December 2015 and 31 December 2015 are half working days at the Central Depository (Pte) Limited (CDP).
LuxCSD deadlines are as follows:
| Settlement of CDP-eligible securities (equities, warrants, loan stocks and corporate bonds) and Singapore corporate bonds | 10:20 on 23 December 2015 for SD 24 December 2015 |
| 10:20 on 30 December 2015 for SD 31 December 2015 | |
| Cash | unchanged |
Early closing at ICBC Singapore (CNY CCB) on 31 December 2015.
LuxCSD deadlines are as follows:
| Cash pre-advice and withdrawal of funds | 12:30 |
Slovenia
Early closing on 24 December and 31 December 2015 in the Slovenian Market.
LuxCSD deadlines are as follows:
Settlement instructions free of payment | 13:15 |
Settlement instructions against payment | 13:15 |
South Africa
Shorter deadlines for cash transactions in the South African market on 24 December 2015 and 31 December 2015.
LuxCSD deadlines are as follows:
Settlement instructions free and against payment | unchanged |
Cash | 11:30 CET |
United Kingdom
Shorter deadlines for securities against payment transactions in the UK market with a requested settlement date of 31 December 2015:
| Securities deposited in Citibank UK | 10:00 |
| Gilts | 10:00 |
| Cash pre-advices and withdrawals of funds | 10:00 |
Instructions transmitted after the above LuxCSD 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 L15184.
Please note that Kerry Group Registrars (R019) will be closed for processing on 24 December 2015 and 31 December 2015.
Therefore, settlement will not occur for transactions that involve ISIN - IE0004906560 - KERRY GP EUR 0.125.
The above security will be available for Delivery By Value (DBV) settlement on both Wednesday 23 December 2015 and Wednesday 30 December 2015. However, as a consequence of this holiday, Delivery by Value Return (DBR) transactions will only be returned on Tuesday 29 December 2015 or Monday 4 January 2016.
U.S.A.
Shorter deadlines on 24 December 2015 and 31 December 2015.
LuxCSD deadlines are as follows:
| Settlement instructions against payment | 18:00 |
| Settlement instructions free of payment | unchanged |
| Cash payments | 18:00 |
For more details, please refer to Announcement L15153.
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 2015 and New Year's Day 2016
Christmas Day in 2015 and New Year's Day in 2016 both fall on a Friday, LuxCSD will be closed on both dates. Business will be as usual on 28 December 2015 and on 4 January 2016.
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 2016.
Further information
For further information please contact LuxCSD Client Services or your Relationship Officer.