Portugal: Change of depository – Further information and cutover details
Further to our announcement A15024, dated 3 February 2015, and effective
30 March 2015
BNP Paribas Securities Services (BP2S) will replace Banco Santander Totta (BST) as Clearstream Banking’s1 local depository for the Portuguese market.
New depository details
BNP Paribas Securities Services (BP2S)
9 Rue du Débarcadère
93500 Pantin
France
Depository Code: 2P
BIC address: PARBFRPPXXX
Physical securities (i.e. securities in liquidation) will be deposited with:
BNP Paribas Securities Services (BP2S)
Av. 5 Outubro, 206
1050-065 Lisboa
Portugal
Depository Code: 1F
BIC address: PARBFRPPXXX
Impact on customers
The change of depository will be in place effective settlement date 30 March 2015.
Customers are requested to provide their settlement instructions with requested settlement date on/after 30 March 2015 after 20:30 CET on Friday, 27 March 2015.
Instruction specifications
Instruction specifications for Creation via SWIFT, CreationDirect and CreationOnline remain the same.
Settlement timings
Note: All time in this document are Central European Time (CET).
External settlement deadlines will remain unchanged and will be applicable for all domestic counterparties.
The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for straight-through processing (STP) in Clearstream Banking and in the local market. Customers must also ensure that any necessary provision is available. If any of these criteria are not met, Clearstream Banking cannot guarantee timely settlement.
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| OTC trades - domestic counterparty | |||||||
| Receipts | FOP | 17:20 SD-1 | 17:15 SD | 17:15 SD | 22:00 SD-1 | 18:00 SD | |
| AP | 21:30 SD-1 | 16:45 SD | 16:45 SD | 22:00 SD-1 | 18:00 SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 17:15 SD | 17:15 SD | 22:00 SD-1 | 18:00 SD | |
| AP | 21:30 SD-1 | 16:45 SD | 16:45 SD | 22:00 SD-1 | 18:00 SD | SD | |
Cutover details for transfer from Banco Santander Totta to BNP Paribas Securities Services
The transfer of holdings will start on Friday 27 March 2015, based on 27 March 2015 position, and will be effective on Monday 30 March 2015.
All instructions with requested settlement date until 27 March 2015 will be handled and confirmed by Banco Santander Totta.
All instructions with requested settlement date from 30 March 2015 onwards, will be handled and confirmed by BNP Paribas Securities Services. Customers should pass on this information to their domestic counterparties.
A delay can occur on the transfer of physical securities (i.e. securities in liquidation).
Specific settlement instruction deadline on 27 March 2015
In order to facilitate the transfer, we ask customers to enter their domestic instructions with requested settlement date on 27 March 2015 by 12:50 at the latest.
Handling of pending trades on transfer date (27 March 2015)
Matched instructions with settlement date up to and including 27 March 2015
Instructions matched for settlement date up to and including 27 March 2015 still pending at the end of the last settlement cycle of 27 March 2015 will remain pending until settled or reversed with Banco Santander Totta. Once these instructions will be settled (receipts) or reversed (deliveries), the resulting new security positions will be subject to a separate transfer by Clearstream Banking.
Remaining unmatched transactions at the end of the day on 27 March 2015
All remaining unmatched transactions at the end of the day on 27 March 2015 will be cancelled by Clearstream Banking. Customers will need to re-instruct as from 20:30 CET on Friday 27 March 2015 if needed.
Instructions with settlement date on 30 March 2015
We remind customers that customers should only send instructions with requested settlement date on or after 30 March 2015 as from 20:30 CET on Friday 27 March 2015 to avoid cancellation and ensure appropriate settlement with the new depository.
Customers are requested to avoid using the “Immediate Release” functionality.
On the transfer date on Friday 27 March 2015, the posting of settlement confirmations for value date 27 March 2015 might be slightly delayed.
New procedures for domestic counterparties
To ensure that instructions are processed in the market, customers must advise their Portuguese domestic counterparties that, from the effective date, they should cancel unmatched instructions that are pending in favour of Banco Santander Totta BIC (TOTAPTPL) for account of CBL (CEDELULL) and re-instruct as follows:
| Procedure for the domestic counterparty | Deadline | ||
| Receipts in CBL | |||
| Deliver to: BNP Paribas Securities Services (PARBFRPPXXX) For account of: Clearstream Banking, Luxembourg (BIC: CEDELULL) In favour of: BIC and account number of Clearstream Banking customer | Market deadline | ||
| Deliveries from CBL | |||
| Receive from: BNP Paribas Securities Services (PARBFRPPXXX) For account of: Clearstream Banking, Luxembourg (BIC: CEDELULL) By order of: BIC and account number of Clearstream Banking customer | Market deadline | ||
Further information
An updated Creation Link Guide - Portugal will be available on our website on the effective date to reflect the changes.
For further information, customers may contact Clearstream Banking 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.