Greece: T+2 settlement cycle and impact on instructions
Effective
6 October 2014
the Greece settlement cycle will shorten from T+3 to T+2 with impacts on customer settlement instructions with counterparties in Greece as described below.
This is further to our Marketflashes M14021, dated 4 June 2014, and M14025, dated 20 June 2014.
Customer settlement resulting from trades in HELEX
Friday 3 October 2014 will be the last trading date in HELEX 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 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 HCSD 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 HCSD.
OTC trades
OTC trades with requested SD on/after Monday 6 October 2014 must be instructed with a settlement cycle T+2 or less. If a T+3 or longer settlement cycle is used, the instruction will be rejected by the HCSD system. CBL will report the rejection to customer, who will need to cancel their instruction and re-instruct with the SD on/after the current date (transactions with SD in the past are not valid at HCSD).
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).