Clearstream Banking has informed clients that it will enhance its existing domestic link to Cyprus effective 5 August 2024 with a direct participant account at the Cypriot CSD, Cyprus Stock Exchange.
Citibank Europe PLC Greece Branch will continue as the operator of this direct account.
This direct participant status will ensure better protection of client assets and will enable future service upgrades.
Clearstream Banking will proceed with the migration of all settled securities positions from the current SAT account held by Citibank Europe PLC Greece Branch to its own omnibus account, at close of business on Friday 2 August 2024.
All pending instructions, including matched instructions that did not settle, at close of business on Friday 2 August 2024 will be automatically cancelled by Clearstream Banking. Clients will be informed of any cancelled instructions via MT548. Clients and their respective counterparties must reinstruct after the successful completion of the migration on Monday 5 August 2024 with the new account details.
For trades with settlement date until 2 August 2024, clients should send their instructions as early as possible and ensure that these are complete, accurate and eligible for straight-through processing (STP) in Clearstream Banking and in the local market. Clients should also ensure that any necessary provision is available for the instructions and that their counterparty’s instructions are in place.
