Cyprus: T+2 settlement cycle and impact on instructions
Effective
6 October 2014
the Cyprus settlement cycle will shorten from T+3 to T+2 with impacts on customer settlement instructions with counterparties in Cyprus as described below.
This is further to our Marketflashes M14022, dated 4 June 2014, and M14024, dated 20 June 2014.
Impact on customers
Friday 3 October 2014 will be the last trading date in Cyprus for trades to settle with a T+3 settlement cycle.
All Clearstream Banking1 customer settlement transactions (also called "OTC-like") resulting from on-exchange trades, as well as OTC transactions (including OTC re-registration), with trade date on/after Monday 6 October 2014 must be instructed with the 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 takes place at the CSD and we will report the unmatched status to the customer.
Customers are required to cancel their unmatched instructions and re-instruct with the SD on/after the current date; transactions with SD in the past are not valid at the CSD.
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 (CBF) 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 (CBL).