Transaction management rules – France
Market claims and reverse market claims
Market claims | Reverse market claims | |
Processing of market claims and reverse market claims on the market | Applicable | Applicable |
Eligible corporate action events | All income and non-income distribution events in cash and securities | All income and non-income distribution events in cash and securities |
Detection period | 20 T2S opening days after the record date | 20 T2S opening days after the record date |
Eligible transactions | All as of status matched | All as of status settled |
Detection key dates | Securities in units:
Securities in nominal:
| Securities in units:
Securities in nominal: n/a |
Opt-out/Ex/Cum indicator | Supported as additional matching field | Supported as additional matching field |
Characteristics of market claims/reverse market instructions |
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Tax status of claims | For securities issued by French issuers, market claims will be processed on a gross basis. The tax will be adjusted as per applicable tax status of the customer. | For securities issued by French issuers, market claims will be processed on a gross basis. The tax will be adjusted as per applicable tax status of the customer. |
Market specifics | Not generated for:
| Not generated for:
|
Processing of market claims and reverse market claims by Clearstream | Applicable | Applicable |
Scenarios for market claim detection for securities in nominal
TD before Ex-datea | ISD before or on RD | ASD before or on RD | Opt-out indicator | Ex/Cum indicator | Market claim to be created (T2S rules) | Direction | Issuer CSD compliance |
Y/N | Y | N | Blank | N/A | Y | From Seller to Buyer | Y |
a. N means TD => Ex-Date but TD <= RD.
Scenarios for market claims detection for securities in unit
TD before Ex-datea | ISD before or on RD | ASD before or on RD | Opt-out indicator | Ex/Cum indicator | Market claim to be created (T2S rules) | Direction |
Y | n/a | N | Blank | Blank/Cum | Y | From Seller to Buyer |
N | n/a | N | Blank | Cum | Y | From Seller to Buyer |
N | n/a | Y | Blank | Blank/Ex | Yb | From Buyer to Seller |
Y | n/a | Y | Blank | Ex | Yb | From Buyer to Seller |
a. N means TD => Ex-Date but TD <= RD.
b. Reverse market claims.
No market claim detection for transactions in which opt-out is present
TD before Ex-datea | ISD before or on RD | ASD before or on RD | Opt-out indicator | Ex/Cum indicator | Market claim to be created (T2S rules) | Direction |
n/a | n/a | n/a | Opt-out | n/a | No | n/a |
a. N means TD => Ex-Date but TD <= RD.
Transformations
Transformations | Comments | |
Processing of transformations on the market: | Applicable | |
Eligible corporate action events | All income and non-income mandatory reorganisation events in cash and securities | Voluntary reorganisations are subject to buyer protection |
Detection period | 20 T2S opening days after the record date | |
Eligible transactions | All as of status matched, but still pending | |
Detection key dates |
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Opt-out indicator |
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Characteristics of re-instructions due to transformations |
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Market specifics | Transformations are not generated:
| If there are multiple proceeds, ESES will manage transformations for elective events while for mandatory events ESES will only process cancellations |
Processing of transformations by Clearstream: | Applicable |
Scenarios for transformations
Reorganisation event type | Cancellation instruction to be created | Opt-out Indicator | Transformed instruction to be created |
MAND | Y | Blank | Y |
MAND | Y | Opt-out | N |
CHOS | Y | Blank | Y (using default option) |
CHOS | Y | Opt-out | N |
VOLU | N | Blank | N |
VOLU | N | Opt-out | N |
Buyer protection
Subject to Manual Buyer Protection mechanism.