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Clearstream Banking SA

10/12/2021 | Press release | Distributed by Public on 10/12/2021 06:03

Finland: Change of depository – New link and cut-over details

Finland: Change of depository - New link and cut-over details

12.10.2021

Following Announcement A21040, Clearstream Banking1 is pleased to announce that effective settlement date

29 November 2021

Citibank Europe PLC, Dublin, will become operator of Clearstream Banking's Nominee account at the Finnish Central Securities Depository, Euroclear Finland, and replace current operator Nordea Bank Abp who has decided to exit the sub-custody business.

Impact on customers

Customers of Clearstream Banking are requested to take note of the new custodian details as follows and to update their records and advise their counterparties accordingly:

CSD details

Euroclear Finland Ltd
PL 1110
00101 Helsinki
Finland

New account operator details

Citibank Europe PLC
1 North Wall Quay
Dublin 1
Ireland

Depository Code: 5F

BIC address: CITIIE2XFIN

Instruction specifications

Instruction specifications for Xact via SWIFT, Xact File Transfer remain unchanged.

Settlement timing

Settlement deadlines for receipts and deliveries instructions against payment that are eligible for straight-through-processing will be improved by 10 minutes (from 15:35 CET to 15:45 CET). Other deadlines remain unchanged.

Disclosure requirements

Disclosure requirements remain unchanged.

Customer guidelines for the cut-over

Domestic instructions

In order to reduce the number of matched instructions at the time of migration to a minimum, Clearstream Banking will suspend the instruction pre-matching service one week before the migration weekend on the evening of Friday 19 November 2021.

The re-activation of the instruction pre-matching service is scheduled on the evening of Friday, 26 November 2021. Customers should be aware that domestic settlement instructions sent for pre-matching purposes only (with field :23G::PREA) will not be forwarded to Nordea while the instruction pre-matching service is suspended.

The Immediate Release Flag service, which triggers immediate provisioning and submission of the instruction to the domestic market, will not be available as well.

Specific settlement instruction process on 26 November 2021

  • In order to facilitate the transfer, customers of Clearstream Banking are required to send their instructions at the latest by 15:00 CET.
  • All OTC instructions with requested settlement date up to Friday 26 November 2021 will be processed through Nordea Bank Abp.
  • All instructions with requested settlement date up to 26 November 2021 that are received after the cut-off time of 15:00 CET will be automatically rejected.
  • Clearstream Banking recommends that customers request their counterparties to send their leg of the instructions as soon as possible to avoid possible cancellation.
  • Clearstream Banking reminds its customers that instructions with requested settlement date 29 November and beyond must be sent no earlier than 20:00 CET on 26 November 2021.

Handling of pending trades on transfer date 26 November 2021

  • Unmatched instructions for settlement date up to and including 26 November 2021 that are still pending after around 15:10 CET will be cancelled.
  • For all pending matched domestic instructions, customers must contact their counterparties as early as possible to ensure that these instructions are cancelled by both counterparties by 16:00 CET, as the bilateral cancellation principle applies.
  • Customers impacted will be informed via MT548. Customers will need to reinstruct after the successful completion of the migration, on Friday 26 November 2021 19:00 CET.

Further information

The Market Link Guide - Finland and the Cash Timing Matrix will be updated accordingly and available 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 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.