LuxCSD Investor-CSD link activation for Greece (BoGS) market
Note: This announcement, first published on 21 December 2018, has been updated to include the Market specifics for the activation of the LuxCSD link via CBF to Bank of Greece (BOGS).
As a next milestone in implementing our enhanced Investor-CSD solution, effective
24 June 2019
LuxCSD1 is pleased to announce the activation of its direct link to Clearstream Banking AG for Bank of Greece (BOGS) eligible securities for settlement in T2S.
The securities to be eligible2 for holding in LuxCSD are, but not limited to:
- Greek government debt securities:
- Fixed rate bonds;
- Savings certificates;
- Privatisation certificates.
- Treasury bills.
The access to BoGS-eligible securities may require system changes, especially in the areas of asset servicing and connectivity.
In order to help customers to prepare for the activation, a functional specifications document describing the market specific details concerning eligible assets, settlement, asset servicing and cash management for the BoGS eligible securities will be published prior to activation date.
We would like to remind customers that technical specifications related to SWIFT are available in the Xact via Swift User Guide , available on the LuxCSD website.
Customers are reminded that due to capital restrictions in Greece certain types of transactions are subject to limitations, for example:
- Against payment transactions are allowed by BOGS provided that they refer to transfers between different counterparties and do not constitute portfolio transfers. Customers are responsible to ensure compliance with this requirement.
- Free of payment deliveries from Greek BOGS participants to foreign BOGS participants (that is, receipts in CBF) are allowed under the following conditions:
- The free of payment transfer aims to cover an onward delivery that has already been concluded abroad;
- The sale proceeds of the onward delivery must be returned to a cash account maintained in the Greek banking system as specified in the Ministerial Decision of 31.7.2015/Article 1-par 5.
Further information
For further information, customers may contact LuxCSD Client Services or their Relationship Officer.
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1. LuxCSD S.A. (LuxCSD), registered office at 42, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-154.449.
2.The scope of eligible securities will exceptionally include one warrant with ISIN GRR000000010.