France, Cyprus, Mexico: Change of Clearstream reference data from FAMT to UNIT - update

09.09.2016

This Announcement, originally published on 25 April 2016 and updated on 11 August 2016 and 2 September 2016, has been updated with a new list of impacted securities.

Clearstream Banking1 wishes to inform customers that on

9 September 2016

Clearstream Banking will change the quantity type code used in its reference data for certain securities on the French, Cypriot and Mexican markets, from “FAMT” (face amount) into “UNIT” (unit number). This is to adapt to market practices as well as to the validation of the quantity type in TARGET2-Securities (T2S).

Note: A list of impacted securities is attached below (only those securities listed are impacted). Clearstream may update this list until the end of business on Friday 9 September 2016 when the final list of securities will be determined.

Impact on customers

From 12 September 2016, all securities mentioned in the attached list must be instructed in UNIT and not in FAMT (SWIFT field :36B::SETT). If instructed in FAMT, the instruction will be rejected.

For CreationOnline users, this field will be automatically populated by default.

Impact on the instruction and reporting process

The process will remain as follows for customers:

  • The Quantity of Financial Instrument (field :36B::SETT//FAMT or UNIT) included in settlement instructions will continue to be validated against Clearstream Banking’s reference data;
  • Instructions that do not comply with Clearstream Banking’s reference data will be rejected (as is already the case);
  • This validation applies to all internal, Bridge and external instructions.
  • Holdings changed from FAMT into UNIT in Clearstream’s reference data will be reported to the customers in UNIT form.

Cutover procedure

The change from FAMT to UNIT for the impacted securities will take place at the end of business on 9 September 2016 (starting at around 20:35 CET).

All impacted settlement instructions (internal, Bridge or external) and corporate action instructions that remain pending at the close of business on 9 September 2016 will be automatically modified by Clearstream Banking with the updated quantity type code UNIT. No action is required from customers.

For any open ASL or ASLplus loans where the principal is affected by this change, the existing loan will be closed and a new loan opened to reflect the updated reference data.

For allocated securities in Triparty Collateral Management, the change from FAMT to UNIT will be treated as for any corporate action. The securities will be substituted three days before the reference change and will not be eligible between 7 September 2016 and 12 September 2016.

Market-specific impacts (for securities listed in the below attachment)

France

  • The quantity type will change from FAMT to UNIT, with each impacted holding divided by a certain factor (nominal value per unit). The factor is indicated in the attachment;
  • The statement of holding reports will be sent with the new quantity type and the new position.

Cyprus and Mexico

  • The quantity type will change from FAMT to UNIT, with no change to the holding amount;
  • The statement of holding reports will be sent with the new quantity type.

Further information

For further information, customers may contact 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.