Italy: Introduction of market claims and transformation service


Clearstream Banking1 would like to inform customers that, effective

23 January 2017

The Italian Central Securities Depository (CSD) Monte Titoli will implement the market claims and transformation functionality for corporate actions on flow in line with the international standards developed by the Corporate Actions Joint Working Group (CAJWG) and Corporate Actions Subgroup (CASG).

Impact on customers

Domestic market claims and transformations will be detected and processed automatically by Monte Titoli in T2S, and will require no input from Clearstream Banking customers.

For instructions impacted by an event with Record Date equal to or after 23 January 2017, market claims and transformations will be generated by Monte Titoli with the TARGET2-Securities (T2S) rules and standards.

Exception: For mandatory events with options and voluntary events, customers are requested to process cancellation and transformation of the new instruction according to the terms of the event or reorganisation. In case no action is taken by the Clearstream Banking customer for mandatory events with options, Monte Titoli will perform the transformation according to the default option as communicated by the issuer.

Further information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. Clearstream Banking refers collectively to 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, and 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.