Spain: Reminder - new qualifier for pledge instructions - Revision
Note: This announcement originally published on 12 June 2015 has been updated to correct the mandatory qualifier code included in the pledge instruction. The change is highlighted.
Clearstream Banking1 reminds customers that effective
15 June 2015
the qualifier CNCB (Central Bank Collateral Operation) will become mandatory in field :22F::SETR for pledge instructions on the Spanish market. This was previously announced in Announcement A14157 dated 22 April 2015.
Clearing and Settlement Instructions - MT540, MT541, MT542 and MT543
From 15 June 2015, customers of Clearstream choosing to use the pledge method to receive credit from their Central Banks must indicate the following in their pledge instruction.
Creation via SWIFT
:22F::SETR//CNCB (Sequence E)
Type of Settlement Transaction: Central Bank Collateral Operation
Settlement Processing Narrative: pledge
Failure to do so may result in the instruction not being identified as pledge instruction and not being reported accurately in the position report.
Clearing and Settlement Reports - MT544, MT545, MT546 and MT547
In Sequence E, field :22F::SETR, the new qualifier CNCB will be reported if present in the original clearing and settlement instruction. It will also be reported in the Securities Post-Release in CreationOnline.
An updated Creation Link Guide (Spain) will be available on our website on the effective date to reflect the changes.
For further information, customers may contact Client Services or their Relationship Officer.