Internal instructions: Amendment to cancellation rules
Clearstream Banking1 would like to inform customers that effective
17 October 2016
Clearstream Banking will amend its rules on the cancellation of internal instructions that have reached a matched status. Clearstream Banking will no longer automatically cancel matched internal instructions.
Impact on customers
Matched internal instructions can only be cancelled bilaterally. Only unmatched internal instructions will be subject to the automatic cancellation process.
Automatic cancellation process
For all unmatched internal instructions that are pending for 45 calendar days after the requested Settlement Date, a request will be sent to the customer to either cancel, or confirm the instruction.
Customers will have a further 15 calendar days during which the unmatched internal instruction is recycled, to cancel or confirm this instruction. If no decision is provided by the customer after this period, the instruction will be cancelled automatically. If confirmation is received from the customer, the 60 calendar-day period (45 plus 15) will start over again. If the internal instruction is matched within the additional 15 calendar day period, the instruction will not be cancelled automatically.
This change only concerns the settlement of internal instructions and does not impact Bridge and external instructions.
Further information
The Customer Handbook will be updated accordingly.
For further information, please contact Clearstream Banking Client Services or your Relationship Officer.
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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 (for CBF customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.