CCP Services & Enhanced SDRT Assessment Services from EUI

Following previous announcements, EuroCCP is pleased to confirm that its “Stamp Data Provider” (SDP) ID in CREST is EMCFNLKE.

Participants (or their settlement agents) should ensure that they nominate EuroCCP as SDP in CREST between 23 June and 27 June and are reminded that the latest version of the CREST GUI must be installed.  Given these changes, the updated version of EuroCCP’s Settlements and Corporate Actions Regulations are available in the Documentation Regulations section.

In addition, EuroCCP’s CREST Participant ID will change from EMCFX to ECCP on trade date 30 June.  As ECCP is a CCP participant in CREST, a “dummy” CREST clearing member ID of ZEUIC will be allocated to EuroCCP participants, as required by EUI, which will not be used for reporting purposes.

Participants are encouraged to consult EuroCCP’s Q&A section on the Enhanced SDRT Assessment service initiative.

 

T+2 settlement cycle announcement

The CSDR Regulation will come into effect in 2015 and, as part of this mandate, a shorter T+2 settlement cycle will be introduced.

Consequently, securities transactions will settle two business days after trade date rather than the current three day period. Given that EuroCCP already undertakes T+2 settlement in Germany, there are minimal changes to be made  from this European harmonisation.

The chart below details the implementation date of the forthcoming changes:

Country Segment Central Securities Depositary (CSD) Date to move to T+2
Austria OEKD 6th October 2014
Belgium Euroclear Belgium 6th October 2014
Czech Republic CSD Prague 6th October 2014
Denmark VP Securities 6th October 2014
France Euroclear France 6th October 2014
Finland Euroclear Finland 6th October 2014
Germany Clearstream Frankfurt Already T+2
Hungary KELER Ltd 6th October 2014
Ireland Euroclear UK & I 6th October 2014
Italy Monti Titoli 6th October 2014
Netherlands Euroclear Nederland 6th October 2014
Norway VPS 6th October 2014
Portugal Interbolsa 6th October 2014
Spain Iberclear Q4 2015 (Equities)
Sweden Euroclear Sweden 6th October 2014
Switzerland SIX SIS 6th October 2014
United Kingdom Euroclear UK & Ireland 6th October 2014
Depositary Receipts Euroclear Bank 6th October 2014
US Euroclear Bank Remains T+3 out of scope
Impact to EuroCCP Participants

EuroCCP’s client reporting will not be impacted by this market change.  Following client consultation, the “Trade Date” netting model will be retained over this period.

As a consequence, trading undertaken on Friday 3 October will settle on a T+3 basis whereas trading undertaken on Monday 6 October will settle on a T+2 basis.  This will result in two net trades created with settlement date 8 October for those markets which migrate on 6 October.

Testing

Although there are no technical changes or modifications to EuroCCP’s reporting, clients may wish to undertake testing prior to this change. EuroCCP will be pleased to provide testing facilities to its clients during July and any testing related queries should be forwarded to clienttesting@euroccp.com.

Offering Clearing Services for US Securities

As of trade date Monday 24 February 2014, EuroCCP will be offering a clearing service for US securities traded on the Turquoise platform, using Euroclear Bank as the place of settlement..

We would confirm that this service is available to all EuroCCP clients utilising a non-US settlement agent in Euroclear Bank. Bridge settlements between Euroclear and Clearstream are not allowed for this segment.

Any clients wishing to go live with this service on the launch date should ensure that the required documentation – Statement of Authority and SSI documentation – are completed and returned to EuroCCP no later than close of business 20th February.

As a result of this change, the following Regulations are available in the Documentation Regulations section:

  • Regulation Buy-in procedures
  • Regulation Fees and Penalties
  • Regulation Settlements

Clearing Participants are requested to use the following settlement instructions:

Euroclear Bank

  • Rec/Del agent: DEUTNL2A
  • Buyer/Seller: EMCFNL2A
  • Beneficiary account: 15083
  • Place of settlement: MGTCBEBE

New account operator in Italy

As of trade date Wednesday 5 February 2014, EuroCCP will use Citi Milan as account operator in Italy, subject to regulatory approval.

As a result of this change, the following updated Regulations are available in the Documentation Regulations section:

  • Regulation Buy-in procedures
  • Regulation Settlements

Clearing Participants are kindly requested to change their settlement instructions per above date as follows:

Segregated account Monte Titoli: 88102
Broker code: 88102
X-TRM code: 2989
Buyer/Seller: EMCFNL2A

Beneficiary account at Citi Milan: 1258279
Place of settlement: MOTIITMM

New settlement agent in Germany

As of trade date Friday 31 January 2014 EuroCCP will use Citigroup Global Markets Deutschland AG as settlement agent in Germany, subject to regulatory approval.

As a result of this change, the following updated Regulations are available in the Documentation Regulations section:

  • Regulation Buy-in procedures
  • Regulation Settlements

Clearing Participants are kindly requested to change their settlement instructions per above date as follows:

Rec/Del agent: DAKV 8468

Beneficiary account: 21682400

Place of settlement: DAKVDEFF