T2S wave 1: Impact on Clearstream Banking services – cutover details
Effective
Monday 22 June 2015
the first wave of TARGET2-Securities (T2S) will be launched.
For Greece and Switzerland please find below the cutover details for the handling of pending transactions. For Malta and Romania there is no impact for Clearstream Banking1 customers.
Greece - Bank of Greece System (BOGS)
Matched instructions released to BOGS
All T2S eligible transactions that are in matched status and that have been released to BOGS by 17:00 CET Friday 19 June 2015 will be migrated to T2S by BOGS.
No action is required from Clearstream Banking customers
Matched and unmatched instructions not released to BOGS
T2S eligible transactions in matched or unmatched status, but not yet released to BOGS by 17:00 CET Friday 19 June 2015, will be cancelled and re-instructed by Citibank International Limited Greece branch (Citibank Athens) and released into T2S .
The transactions may subsequently remain unmatched, matched or be settled or rejected. Customers will be informed of the status upon receipt from Citibank Athens.
Settlement cut off time
There is no change to the current Clearstream Banking settlement deadlines for BOGS eligible securities on 19 June 2015 and they remain as 13:55 CET for both against and free of payment.
Income events
There is no impact on income events for Greek government securities.
Switzerland - SIX SIS
All T2S eligible transactions that are in matched or unmatched status and have been released to SECOM by 21:30 CET on Friday 19 June 2015 will be migrated to T2S by SIX SIS.
All T2S eligible instructions sent after 21:30 CET on Friday 19 June 2015 must be in the correct T2S format as UBS will block them and release them to SIX SIS on Sunday 21 June 2015 after confirmation of SIX SIS migration to T2S. If the instructions are not in the correct T2S format they will be rejected or routed into SECOM.
Customers must instruct all T2S eligible instructions in the correct format.
Settlement cut off time
There is no change to the current Clearstream Banking settlement deadlines for SIX SIS eligible securities on 19 June 2015 and they remain as follows:
Against payment in EUR: 14:10 CET
Free of payment: 20:00 CET
Income and custody events
There is no impact on income events (interest or dividend) on SIX SIS eligible securities. Furthermore, no impact is expected on corporate events over the migration weekend.
No action is required from Clearstream Banking or its customers.
Further information
For further information, customers may contact 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, and 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.