Monday May 29 2017
News Source: Global Exchanges
Focus: Other
Type: General
Country: Hungary
Link: http://www.clearstream.com/blob/90378/95d3bf5cc17bccdfab3a717d3e4ec19d/a17081-hungary-data.pdf
Clearstream Banking will implement the required adaptations to its systems in order to comply with the T2S mandatory specifications of KELER.
Customers should be aware of some changes to current market practices and align with their counterparties accordingly, where relevant.
- T2S settlement day and timings;
- Instruction types;
- Identification of CSDs in T2S;
- Identification of parties to settlement instruction;
- Matching rules;
- Allegements;
- Hold and release;
- Recycling rules;
- Bilateral cancellation.
In addition to allowing settlement free of payment and against payment in EUR, T2S will introduce the following new instruction types: PFOD (Payment Free Of Delivery), DWP (Delivery With Payment) and RWP (Receipt With Payment).
Customers can settle free of and against payment (HUF only) via Clearstream Banking in line with the requirements provided in this announcement. However, PFOD, DWP and RWP instructions will not be supported by Clearstream Banking and Clearstream Banking will reject such instructions if received from customers Changes are effective from 3rd July 2017.
Click on the above link for more information.