Spain: T+2 settlement cycle for equities and impact on instructions
Note: This announcement originally published on 24 March 2016 has been updated following an announcement on 7 June 2016 by the National Securities Market Commission (CNMV), regarding the postponement in the implementation of the change in the settlement cycle from T+3 to T+2. Changes have been highlighted.
Following the decision from the Spanish CNMV, and in addition to our Marketflash M15012, dated 7 September 2015, and our Announcement A15237, dated 2 February 2016, effective trading date
29 September 2016
the settlement cycle for equities transactions will be shortened from T+3 to T+2. The change in the settlement period will now take place on trade date Thursday, 29 September 2016 and settlement date Monday, 3 October 2016.
Impact on customers
The change was initially planned on Trade Date Thursday, 23 June 2016 with settlement date Monday, 27 June 2016.
Wednesday, 28 September 2016 will be the last trading date in Iberclear’s platform ARCO for trades to settle with a T+3 settlement cycle.
All Clearstream Banking1 customer settlement transactions with trade date on/after Thursday, 29 September 2016 must be instructed with the new settlement cycle of T+2 or less.
If the customer’s instruction does not match with the counterparty’s instruction due to different settlement cycles, no matching will take place at ARCO and we will report the unmatched status to the customer.
Customers are required to cancel their unmatched instructions and re-instruct with the appropriate settlement date.
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 Register of Commerce and Companies under number B-9248.