Germany: Securities held remotely in Switzerland will be migrated to Germany

27.10.2017

Effective

6 November 2017

Clearstream Banking¹ will migrate all German securities held remotely in Switzerland (UBS) to the home market Germany (Clearstream Banking AG) for value Monday 6 November 2017.

On Friday 3 November 2017 realignment instructions will be sent to both UBS and CBF to migrate the German securities for settlement on Monday 6 November 2017.

From Monday 6 November 2017 it will no longer be possible to hold German issued securities via the Swiss market at UBS, they will have to be held in Clearstream Bank Luxembourg via the German market Clearstream Banking AG (CBF).

Pending transactions

All transactions on the German market with settlement date of 6 November or later must be instructed via the German market. Clearstream Banking will have a blocking rule in place so any German securities sent via the Swiss market will be rejected and the customer will have to re-instruct.

Settling with Swiss counterparties

It will be possible for customers to instruct transactions in German securities to settle with Swiss counterparties via CBF into Switzerland.

Customers can also settle German transactions with Swiss counterparties via CBF in T2S with SIX SIS T2S account but these have to be free of payment or against payment in EUR only.

To instruct correctly please see formats below.

Instruction specifications - Xact via SWIFT and Xact File Transfer – Germany to Switzerland and T2S

In the following tables, M=Mandatory; O=Optional; C=Conditional;
Seq=SWIFT Message (sub)sequence.

	MT540		Receive Free	Seq
O	:20C:	:COMM	//common reference^a	A1
M	:98a:	:TRAD	//Trade date/time	B
O	:22F:	:TTCO	//CCPN or XCPN^b
O	:22F:	:STCO	//NPAR^c	E
O	:22F:	:STCO	//NOMC^c
M	:95P:	:PSET	//DAKVDEFFXXX	E1
M	:95P:	:DEAG	// INSECHZZTRA
O	:97A:	:SAFE^a	//Counterparty’s account in T2S
or	:95R:	:DEAG	/DAKV/ 7121
O	:95P:	:SELL^a	//Ordering party’s BIC8 or BIC11, if different from DEAG^d
or	:95Q:	:SELL	//Ordering party’s name, if different from DEAG
or	:95R:	:SELL^a	//Ordering party’s proprietary code, if different from DEAG
O	:97A:	:SAFE	//Ordering party’s account
O	:95a:^e	:BUYR	//Beneficiary
	MT541		Receive Against Payment	Seq
O	:20C:	:COMM	//common reference^a	A1
M	:98a:	:TRAD	//Trade date/time	B
O	:22F:	:TTCO	//CCPN or XCPN^b
O	:22F:	:STCO	//NPAR^c	E
O	:22F:	:STCO	//NOMC^b
M	:95P:	:PSET	//DAKVDEFFXXX	E1
M	:95P:	:DEAG	// INSECHZZTRA,
O	:97A:	:SAFE^a	//Counterparty’s account in T2S
or	:95R:	:DEAG	/DAKV/7121
O	:95P:	:SELL^a	//Ordering party’s BIC8 or BIC11, if different from DEAG^d
or	:95Q:	:SELL	//Ordering party’s name, if different from DEAG
or	:95R:	:SELL^a	//Ordering party’s proprietary code, if different from DEAG
O	:97A:	:SAFE	//Ordering party’s account
O	:95a:^e	:BUYR	//Beneficiary
	MT542		Deliver Free	Seq
O	:20C:	:COMM	//common reference^a	A1
M	:98a:	:TRAD	//Trade date/time	B
O	:22F:	:TTCO	//CCPN or XCPN^b
O	:22F:	:STCO	//NPAR^c	E
O	:22F:	:STCO	//NOMC^b
M	:95P:	:PSET	//DAKVDEFFXXX	E1
M	:95P:	:REAG	// INSECHZZTRA
O	:97A:	:SAFE^a	//Counterparty’s account in T2S
or	:95R:	:REAG	/DAKV/ 7121
O	:95P:	:BUYR^a	//Beneficiary’s BIC8 or BIC11, if different from REAG^d
or	:95Q:	:BUYR	//Beneficiary’s name, if different from REAG
or	:95R:	:BUYR^a	//Beneficiary’s proprietary code, if different from REAG
O	:97A:	:SAFE	//Beneficiary’s account
O	:95a:^e	:SELL	//Ordering Party
	MT543		Deliver Against Payment	Seq
O	:20C:	:COMM	//common reference^a	A1
M	:98a:	:TRAD	//Trade date/time	B
O	:22F:	:TTCO	//CCPN or XCPN^b
O	:22F:	:STCO	//NPAR^c	E
O	:22F:	:STCO	//NOMC^b
M	:95P:	:PSET	//DAKVDEFFXXX	E1
M	:95P:	:REAG	// INSECHZZTRA
O	:97A:	:SAFE^a	//Counterparty’s account in T2S
or	:95R:	:REAG	/DAKV/ 7121
O	:95P:	:BUYR^a	//Beneficiary’s BIC8 or BIC11, if different from REAG^d
or	:95Q:	:BUYR	//Beneficiary’s name, if different from REAG
or	:95R:	:BUYR^a	//Beneficiary’s proprietary code, if different from REAG
O	:97A:	:SAFE	//Beneficiary’s account
O	:95a:^e	:SELL	//Ordering Party

------------------------------------------
a. Optional matching fields.
b. Additional matching fields.
c. Only provide in order to prevent partial settlement. CBF only accepts indicators COEX/PARQ and COEX/PARC when instructing in ISO20022.
d. If a customer uses a BIC8, Clearstream Banking shall be entitled to modify the BIC8 by adding the default XXX suffix to comply with T2S settlement rules. Accordingly, such customers remain liable for any settlement fails that the use of the BIC8 may cause.
e. This optional matching field will be forwarded as received. T2S will only match if provided with format BIC or proprietary. If a customer uses a BIC8, Clearstream Banking will add the default XXX suffix to comply with T2S settlement rules. If not present, Clearstream will default the customer’s matching BIC for the instructing account (refer to Announcement A16033).

Instruction specifications - Xact Web Portal – Germany to Switzerland and T2S

In the following tables, M=Mandatory; O=Optional; C=Conditional.

	Receive Free
O	Common ID^a
M	Trade date
O	Trade transaction cond.	XCPN – Ex Coupon or CCPN – Cum Coupon
O	Sett. transaction cond.	NOMC –No automatic Market Claim
O	Partial settlement	PART – Partial allowed ( default in T2S) NPAR – Partial not allowed
	Delivering settlement parties
M	Depository Format	BIC
	Depository Party	DAKVDEFFXXX
M	Party 1 Format	BIC
	Party 1 Identifier	INSECHZZTRA
O	Party 1 Safekeeping account^a	Counterparty’s account in T2S
or	Party 1 Format	Proprietary
	Party 1 Issuer	DAKV
	Party 1 Identifier	Counterparty’s proprietary’s value
	Party 1 Safekeeping account	7121
O	Party 2 Format^a	BIC
	Party 2 Identifier	ordering party’s BIC
or	Party 2 Format	Name
	Party 2 Identifier	ordering party’s Name
or	Party 2 Format^a	Proprietary
	Party 2 Issuer	ordering party’s proprietary (DSS) code
	Party 2 Identifier	ordering party’s proprietary value
O	Party 2 Safekeeping account^a	ordering party’s account
	Receiving settlement parties
O	Depository Format	BIC
	Depository Identifier	BIC of receiving settlement party depository
O	Party 1 Format	BIC
	Party 1 Identifier	CEDELULLXXX (CBL customers only)
	Party 1 Safekeeping account	(T2S SAC number ) DAKV7201000 (CBL customers only) ^a
O	Party 2 Format	BIC, Name or Proprietary
	Party 2 Issuer	If Format is Proprietary: Buyer’s proprietary (DSS) code
	Party 2 Identifier	Buyer’s BIC or Name or Proprietary value

	Receive Against Payment
O	Common ID^a
M	Trade date
O	Trade transaction cond.	XCPN – Ex Coupon or CCPN – Cum Coupon
O	Sett. transaction cond.	NOMC –No automatic Market Claim
O	Partial settlement	PART – Partial allowed ( default in T2S) NPAR – Partial not allowed
	Delivering settlement parties
M	Depository Format	BIC
	Depository Party	DAKVDEFFXXX
M	Party 1 Format	BIC
	Party 1 Identifier	INSECHZZTRA
O	Party 1 Safekeeping account^a	Counterparty’s account in T2S
or	Party 1 Format	Proprietary
	Party 1 Issuer	DAKV
	Party 1 Identifier	Counterparty’s proprietary’s value
	Party 1 Safekeeping account	7121
O	Party 2 Format^a	BIC
	Party 2 Identifier	ordering party’s BIC
or	Party 2 Format	Name
	Party 2 Identifier	ordering party’s Name
or	Party 2 Format^a	Proprietary
	Party 2 Issuer	ordering party’s proprietary (DSS) code
	Party 2 Identifier	ordering party’s proprietary value
O	Party 2 Safekeeping account^a	ordering party’s account
	Receiving settlement parties
O	Depository Format	BIC
	Depository Identifier	BIC of receiving settlement party depository
O	Party 1 Format	BIC
	Party 1 Identifier	CEDELULLXXX (CBL customers only)
	Party 1 Safekeeping account	(T2S SAC number ) DAKV7201000 (CBL customers only) ^a
O	Party 2 Format	BIC, Name and Address or Proprietary
	Party 2 Issuer	If Format is Proprietary: Buyer’s proprietary (DSS) code
	Party 2 Identifier	Buyer’s BIC or Name or Proprietary value
	Deliver Free
O	Common ID^a
M	Trade date
O	Trade transaction cond.	XCPN – Ex Coupon or CCPN – Cum Coupon
O	Sett. transaction cond.	NOMC –No automatic Market Claim
O	Partial settlement	PART – Partial allowed ( default in T2S) NPAR – Partial not allowed
	Receiving settlement parties
M	Depository Format	BIC
	Depository Party	DAKVDEFFXXX
M	Party 1 Format	BIC
	Party 1 Identifier	INSECHZZTRA
O	Party 1 Safekeeping account^a	Counterparty’s account in T2S
or	Party 1 Format	Proprietary
	Party 1 Issuer	DAKV
	Party 1 Identifier	Counterparty’s proprietary’s value
	Party 1 Safekeeping account	7121
O	Party 2 Format^a	BIC
	Party 2 Identifier	beneficiary’s BIC
or	Party 2 Format	Name
	Party 2 Identifier	beneficiary’s Name
or	Party 2 Format^a	Proprietary
	Party 2 Issuer	beneficiary’s proprietary (DSS) code
	Party 2 Identifier	beneficiary’s proprietary value
O	Party 2 Safekeeping account^a	beneficiary’s account
	Delivering settlement parties
O	Depository Format	BIC
	Depository Identifier	BIC of delivering settlement party depository
O	Party 1 Format	BIC
	Party 1 Identifier	CEDELULLXXX (CBL customers only)
	Party 1 Safekeeping account	(T2S SAC number ) DAKV7201000 (CBL customers only) ^a
O	Party 2 Format	BIC, Name or Proprietary^c
	Party 2 Issuer	If Format is Proprietary: Seller’s proprietary (DSS) code
	Party 2 Identifier	Seller’s BIC or Name or Proprietary value

	Deliver Against Payment
O	Common ID^a
M	Trade date
O	Trade transaction cond.	XCPN – Ex Coupon or CCPN – Cum Coupon
O	Sett. transaction cond.	NOMC –No automatic Market Claim
O	Partial settlement	PART – Partial allowed ( default in T2S) NPAR – Partial not allowed
	Receiving settlement parties
M	Depository Format	BIC
	Depository Party	DAKVDEFFXXX
M	Party 1 Format	BIC
	Party 1 Identifier	INSECHZZTRA
O	Party 1 Safekeeping account^a	Counterparty’saccount in T2S
or	Party 1 Format	Proprietary
	Party 1 Issuer	DAKV
	Party 1 Identifier	Counterparty’s proprietary value
	Party 1 Safekeeping account	7121
O	Party 2 Format^a	BIC
	Party 2 Identifier	beneficiary’s BIC
or	Party 2 Format	Name
	Party 2 Identifier	beneficiary’s Name
or	Party 2 Format^a	Proprietary
	Party 2 Issuer	beneficiary’s proprietary (DSS) code
	Party 2 Identifier	beneficiary’s proprietary value
O	Party 2 Safekeeping account^a	beneficiary’s account
	Delivering settlement parties
O	Depository Format	BIC
	Depository Identifier	BIC of delivering settlement party depository
O	Party 1 Format	BIC
	Party 1 Identifier	CEDELULLXXX (CBL customers only)
	Party 1 Safekeeping account	(T2S SAC number ) DAKV7201000 (CBL customers only)^e
O	Party 2 Format	BIC, Name or Proprietary
	Party 2 Issuer	If Format is Proprietary: Seller’s proprietary (DSS) code
	Party 2 Identifier	Seller’s BIC or Name or Proprietary value

------------------------------------------
a. Optional matching fields.
b. Only provide in order to prevent partial settlement. CBF only accepts indicators COEX/PARQ and COEX/PARC when instructing in ISO20022.
c. This optional matching field will be forwarded as received. T2S will only match if provided with format BIC or proprietary. If not present, Clearstream will default the customer’s matching BIC for the instructing account (refer to Announcement A16119).
d. Additional matching fields.

e. The securities account number (SAC) is an optional matching criteria in T2S.

Instruction specifications - CreationOnline – Germany to Switzerland and T2S

In the following tables, M=Mandatory; O=Optional; C=Conditional.

	Receive Free
O	Common Reference^a
O	Partial Settlement^b	Partial allowed (default in T2S) Partial not allowed
M	Trade Date
M	Place of Settlement	BIC
	Party	DAKVDEFFXXX - Germany
M	Delivering Agent	BIC
	Party	INSECHZZTRA
O	Account^a	Counterparty’s account in T2S
or	Delivering Agent	Data source scheme
	Party	Clearstream Banking Frankfurt
	Account	7121
O	Seller^a	BIC
	Party	ordering party’s BIC
or	Seller	Name and Address
	Party	ordering party’s Name
or	Seller^a	Data source scheme
	Party	ordering party’s proprietary code
O	Account	ordering party’s account
O	Other Parties	Type: Buyer^c Format: BIC, Name and Address or Data source scheme
O	Additional Indicators:	Type: Trade Transaction Condition Indicator Code: Ex Coupon or Cum Coupon^d
O	Additional Indicators:	Type: Settlement Transaction Condition Indicator Code: No Automatic Market Claim^d
	Receive Against Payment
O	Common Reference^a
O	Partial Settlement^b	Partial allowed (default in T2S) Partial not allowed
M	Trade Date
M	Place of Settlement	BIC
	Party	DAKVDEFFXXX - Germany
M	Delivering Agent	BIC
	Party	INSECHZZTRA
O	Account^a	Counterparty’s account in T2S
or	Delivering Agent	Data source scheme
	Party	Clearstream Banking Frankfurt
	Account	7121
O	Seller^a	BIC
	Party	ordering party’s BIC
or	Seller	Name and Address
	Party	ordering party’s Name
or	Seller^a	Data source scheme
	Party	ordering party’s proprietary code
O	Account	ordering party’s account
O	Other Parties	Type: Buyer^c Format: BIC, Name and Address or Data source scheme
O	Additional Indicators:	Type: Trade Transaction Condition Indicator Code: Ex Coupon or Cum Coupon^d
O	Additional Indicators:	Type: Settlement Transaction Condition Indicator Code: No Automatic Market Claim^d
	Deliver Free
O	Common Reference^a
O	Partial Settlement^b	Partial allowed (default in T2S) Partial not allowed
M	Trade Date
M	Place of Settlement	BIC
	Party	DAKVDEFFXXX - Germany
M	Receiving Agent	BIC
	Party	INSECHZZTRA
O	Account^a	Counterparty’s account in T2S
or	Receiving Agent	Data source scheme
	Party	Clearstream Banking Frankfurt
	Account	7121
O	Buyer^a	BIC
	Party	beneficiary’s BIC
or	Buyer	Name and Address
	Party	beneficiary’s Name
or	Buyer^a	Data source scheme
	Party	beneficiary’s proprietary code
O	Account	beneficiary’s account
O	Other Parties	Type: Seller^c Format: BIC, Name and Address or Data source scheme
O	Additional Indicators:	Type: Trade Transaction Condition Indicator Code: Ex Coupon or Cum Coupon^d
O	Additional Indicators:	Type: Settlement Transaction Condition Indicator Code: No Automatic Market Claim^d
	Deliver Against Payment
O	Common Reference^a
O	Partial Settlement^b	Partial allowed (default in T2S) Partial not allowed
M	Trade Date
M	Place of Settlement	BIC
	Party	DAKVDEFFXXX - Germany
M	Receiving Agent	BIC
	Party	INSECHZZTRA
O	Account^a	Counterparty’s account in T2S
or	Receiving Agent	Data source scheme
	Party	Clearstream Banking Frankfurt
	Account	7121
O	Buyer^a	BIC
	Party	beneficiary’s BIC
or	Buyer	Name and Address
	Party	beneficiary’s Name
or	Buyer^a	Data source scheme
	Party	beneficiary’s proprietary code
O	Account	beneficiary’s account
O	Other Parties	Type: Seller^c Format: BIC, Name and Address or Data source scheme
O	Additional Indicators:	Type: Trade Transaction Condition Indicator Code: Ex Coupon or Cum Coupon^d
O	Additional Indicators:	Type: Settlement Transaction Condition Indicator Code: No Automatic Market Claim^d

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 (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.

Reference Number

L17115

Entities

LuxCSD

Products and Services

Settlement, Connectivity

Market

Switzerland, Germany