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.

Further information

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.