argentina_ transfer of securities
Post on 06-Nov-2015
2.192 Views
Preview:
DESCRIPTION
TRANSCRIPT
-
12/6/2015 Argentina:Transferofsecurities
http://www.clearstream.com/clearstreamen/productsandservices/a15118/74932 1/5
Argentina: Transfer of securities
12.06.2015
Effective
19 June 2015
Further to our announcement A15105, dated 2 June 2015, Clearstream Banking1will use its direct account at the Argentinian Central Securities Depository, Cajade Valores S.A. (CVSA) to safekeep and service all its Argentinian securities,which were previously held at Citibank Argentina.
New depository detailsCAJA DE VALORES S.A.25 De Mayo 362C1002ABHBuenos AiresArgentina
Depository code: 3ABIC Address: CAVLARBA
CashCash services for Argentine Pesos will continue to be provided by CitibankArgentina N.A., Buenos Aires, and the account number remains unchanged.
Reminder of Cash correspondent details
Currency: Argentine Peso (ARS)
CCB name: CITIBANK N.A., BUENOS AIRES
CBL account: 5806635016
SWIFT address: CITIUS33ARR
Impact on customers
CashCash deadlines will improve from 19:00 to 19:30 CET.
Clearstream Banking repatriation service offered for income proceeds will bereinstated as of 19 June 2015. The existing procedure for Argentine Pesos (ARS)to be converted to United States Dollars (USD), which is available for Argentinenon-residents, remains in place. Please refer to the section Foreign exchange -exception to repatriation limit in the Creation Link Guide - Argentina.
Cash instruction formats will remain unchanged. Please refer to the CreationLink Guide - Argentina for BCRA mandatory requirements for inclusion in cashinstructions (SWIFT MT103 and MT202).
SettlementNew procedures for domestic counterparties
Clearstream Bankings counterparty in CVSA shall instruct CVSA as follows:
In order to Clearstream Banking Number to indicate
Reference NumberA15118
EntitiesCBL
Products and ServicesCustody
MarketArgentina
Clearstream Products and Services
-
12/6/2015 Argentina:Transferofsecurities
http://www.clearstream.com/clearstreamen/productsandservices/a15118/74932 2/5
account details at CVSA
receive from/deliver toa Clearstream Bankingdepositante account atCVSA
8500
by order of/in favour ofa The comitente sub-account of ClearstreamBanking
0004
a. As applicable.
New Instruction specifications Creation via SWIFT andCreationDirect
CreationOnlineIn the following tables, M=Mandatory; O=Optional; C=Conditional.
Book-entry transactions, counterparties in CVSA
Receive Free
M Trade Date
O Deal Price
M Place of Settlement BIC
Party CAVLARBAXXX - Argentina CVSA
M Delivering Agent Caja De Valores
Party Delivering Agent's CVSA depositante account (noleading zeroes)
O Account counterparty's comitente sub-account in CVSA
O Seller BIC
Party counterpartys BIC
or Seller Name and Address (if BIC does not exist)
Party counterpartys name
C Account counterparty's comitente sub-account in CVSA if notprovided with Delivering Agent
Deliver Free
M Trade Date
O Deal Price
M Place of Settlement BIC
Party CAVLARBAXXX - Argentina CVSA
M Receiving Agent Caja De Valores
Party Receiving Agents CVSA depositante account (noleading zeroes)
O Account counterparty's comitente sub-account in CVSA
O Buyer BIC
Party counterpartys BIC
or Buyer Name and Address (if BIC does not exist)
Party counterpartys name
C Account counterpartys comitente sub-account in CVSA if notprovided with Receiving Agent
SWIFTIn the following tables, M=Mandatory; O=Optional; C=Conditional;Seq=SWIFT Message (sub)sequence.
Book-entry transactions, counterparties in CVSA
-
12/6/2015 Argentina:Transferofsecurities
http://www.clearstream.com/clearstreamen/productsandservices/a15118/74932 3/5
MT540 Receive Free Seq
M :98a: :TRAD //Trade date/time B
O :90a: :DEAL //Deal price
M :95P: :PSET //CAVLARBA[XXX] E1
M :95R: :DEAG /CAVL/xxxx (Delivering agents CVSA depositanteaccount)
O :97A: :SAFE //Counterpartys comitente sub-account in CVSA
O :95P: :SELL //Counterparty's BIC, if different from DEAG
or :95Q: :SELL //Counterpartys name, if different from DEAG (ifBIC does not exist)
C :97A: :SAFE //Counterpartys comitente sub-account in CVSA ifnot provided with DEAG
MT542 Deliver Free Seq
M :98a: :TRAD //Trade date/time B
O :90a: :DEAL //Deal price
M :95P: :PSET //CAVLARBA[XXX] E1
M :95R: :REAG /CAVL/xxxx (Receiving Agents CVSA depositanteaccount)
O :97A: :SAFE //Counterparty's comitente sub-account in CVSA
O :95P: :BUYR //Counterparty's BIC, if different from REAG
or :95Q: :BUYR //Counterpartys name, if different from REAG (ifBIC does not exist)
C :97A: :SAFE //Counterpartys comitente sub-account in CVSA ifnot provided with REAG
Note: The Argentine market does not use delivery versus payment principles.CVSA transfers the securities free of payment. Cash is to be moved separately.
Settlement timings remain unchanged and are as follows29 March 2015 - 24 October 2015 CET
Instruction Provisioning Deadlinefor receiptof validinstruction
Expectedsettlementresults
start end from to
FOP=Free of payment SD=Settlement date
Receipts FOP 21:30SD-1
20:35SD
20:00SD
14:00SD
17:00SD+1
Deliveries FOP 21:30SD-1
20:35SD
20:00SDb
14:00SD
17:00SD+
29 March 2015 - 24 October 2015 Buenos Aires time
Instruction Provisioning Deadline forreceipt of validinstruction
Expectedsettlementresults
start end from to
FOP=Free of payment SD=Settlement date
Receipts FOP 16:30SD-1
15:00SD
15:00SD
09:00SD
12:00SD+1
Deliveries FOP 16:30SD-1
15:00SD
15:00SD
09:00SD
12:00SD+1
Customer guidelines for the Cutover
-
12/6/2015 Argentina:Transferofsecurities
http://www.clearstream.com/clearstreamen/productsandservices/a15118/74932 4/5
The transfer of holdings from Citi Argentina to CVSA will start on Thursday 18June 2015 based on 18 June 2015 position, and will be effective on Friday 19June 2015.
All instructions with requested settlement date until 18 June 2015 will beprocessed by Citi Argentina.
All instructions with requested settlement date from 19 June 2015 onwards, willbe processed by CVSA.
Customers must advise their counterparties accordingly.
Specific settlement instruction deadline on 18 June 2015
In order to facilitate the transfer, we ask customers to enter their domesticinstructions with requested settlement date on 18 June 2015 by 17:00 CET atthe latest. We also recommend customers to inform their counterparties tosend their matching instructions as soon as possible to avoid any potentialcancellation.
Instruction Provisioning Deadline forreceipt ofvalidinstruction
Expectedsettlementresults
Value
start end from to
FOP=Free of payment SD=Settlement date
Receipts FOP 21:30SD-1
17:00SD
17:00SD
14:00SD
17:00SD+1
SD
Deliveries FOP 21:30SD-1
17:00SD
17:00SD
14:00SD
17:00SD+1
SD
Handling of pending trades on transfer date (18 June 2015)
Instructions matched for settlement date up to and including 18 June 2015still pending at the last settlement cycle that day will remain pending untilsettled, or will be reversed by Citi Argentina at the end of the day. Once theseinstructions will be settled (receipts) or reversed (deliveries), the resultingnew security positions will be subject to a separate transfer by ClearstreamBanking to the new depository, CVSA.
Unmatched instructions provisioned (or not) before transfer on 18 June 2015will be cancelled by Clearstream Banking from 17:00 CET onwards, withnotice to the impacted customers (SWIFT MT548 confirmation ofcancellation).
Customers will need to re-instruct any instructions that have been cancelledor reversed with the new depository details of CVSA for further settlementfrom 19 June.
We remind our customers that they should only send instructions withrequested settlement date on or after 19 June 2015 as from 21:00 CET on 18June 2015 to avoid cancellations and ensure appropriate settlement with thenew depository.
On the transfer date 18 June 2015, the posting of settlement confirmation forvalue date 18 June 2015 may face delays.
Further informationAn updated Creation Link Guide - Argentina will be available on our website onthe effective date to reflect the changes.
For further information, customers may contact Clearstream Banking ClientServices or their Relationship Officer.---------------------------------------------1. Clearstream Banking refers to Clearstream Banking S.A., registered office at42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with theLuxembourg Trade and Companies Register under number B-9248.
-
12/6/2015 Argentina:Transferofsecurities
http://www.clearstream.com/clearstreamen/productsandservices/a15118/74932 5/5
top related