INTERNATIONAL: Clearstream to Amend Cancellation Rules

Tuesday October 4 2016

Clearstream Banking has announced that effective 17 October 2016, Clearstream Banking will amend its rules on the cancellation of internal instructions that have reached a matched status. Clearstream Banking will no longer automatically cancel matched internal instructions.

The impact on the clients will bethat matched internal instructions can only be cancelled bilaterally. Only unmatched internal instructions will be subject to the automatic cancellation process.

For all unmatched internal instructions that are pending for 45 calendar days after the requested Settlement Date, a request will be sent to the customer to either cancel, or confirm the instruction.

Customers will have a further 15 calendar days during which the unmatched internal instruction is recycled, to cancel or confirm this instruction. If no decision is provided by the customer after this period, the instruction will be cancelled automatically. If confirmation is received from the customer, the 60 calendar-day period (45 plus 15) will start over again. If the internal instruction is matched within the additional 15 calendar day period, the instruction will not be cancelled automatically.

This change only concerns the settlement of internal instructions and does not impact Bridge and external instructions.

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