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REGULATION
pursuant to the definitions of CSD and Settlement Date and articles 3.13.3, 3.14.2 and 3.14.4 of the
Clearing Rule Book
SETTLEMENT
Capitalised terms used in this Regulation, and not otherwise defined, shall have the meaning as set out in
the Clearing Rule Book.
This Regulation comes into force on 2nd January 2015.
Changes to this Regulation will be implemented in accordance with the Change Management Process for
Clearing Rules, without prior consultation.
1
SETTLEMENT
1.1
GENERAL
This Regulation has been adopted under the Rules and Regulations of the EuroCCP Rulebook, and the
local market practises.
The intended settlement date for all markets is T+2, with the exception of the Spanish domestic market
(T+3).

SETTLEMENT SPECIFICS - SPANISH HOME MARKET
Settlement in the Spanish home market deviates from settlement in other home markets due to the
registration obligations. Registration is a legal requirement in Spain. Securities are registered in the name
of the beneficial owner (“Registration Name”) and every change in ownership needs to be recorded via a
registration reference number. A registration reference number can be obtained through the Spanish
stock exchange and through the Spanish CSD, Iberclear. The procedures described in this section have
been devised to support trading via MTF’s and to offer cost savings by netting where possible while
adhering to registration requirements.
The quintessence of these procedures is that EuroCCP nets trades to the extent possible on the day the
trades are concluded (Trade Date), provides this netted information in the form of special files and
settlement instructions to Iberclear, through EuroCCP’s Spanish settlement service provider, BNP
Securities Services in Madrid, and split those net instructions based on the information EuroCCP receives
from the Clearing Participants into the individual parts on the next day. The Clearing Participants are
required to instruct Iberclear to receive or deliver the individual parts (“MTF-instructions”). Via the MTFinstructions, registration reference numbers are obtained and the Securities are received from or
delivered to the correct Registration Name.
In the following paragraphs the information exchange between EuroCCP and its Clearing Participants
concerning the activity of a specific Trading Participant is mentioned on several occasions. The Clearing
Participant may authorise the Trading Participant to exchange that information directly with EuroCCP on
behalf of the Clearing Participant via the Statement of Authority Spain.
EuroCCP has authorised its settlement agent in Spain, BNP Securities Services Madrid, to directly
communicate on EuroCCP’s behalf with Clearing Participants about the resolution of issues related to the
split of instructions and the assignment of Registration Names.
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1
EuroCCP Regulation Settlement
European Central Counterparty N.V.
Preparation for the start of the service
Clearing Participants need to complete and sign the Statement of Authority Spain for each Trading
Participant for which they guarantee trades in Spanish Securities. That Statement of Authority is part of
the Regulation Statement of Authority. The Clearing Participant provides the following information via the
form:
1.
2.
3.
4.
Trading Participant BIC and Clearing Participant BIC;
House account netting level required: directional (“aggregation”) or full. Note that full netting will
result in directional netting in case of so-called strange nets;
House account registration name. The registration name is expressed as a BIC or as a COD
number. Even in case the Trading Participant intends to use its Client account only, a House
account registration name needs to be provided. This name will be used in circumstances where
no or incorrect or incomplete registration names are provided, or if the information is provided after
the deadline as specified in this Regulation Settlement;
Trading Participant direct information exchange authorisation by the Clearing Participant, if
applicable.
The Clearing Participant does not need to indicate whether or not the Trading Participant will conclude
Trades to be registered in its Client account. EuroCCP will register Trades in the Trading Participants’
Client account if required by the information in the Trade message it receives, and will process these
Trades as described below. If no other information about the Registration Name(s) is provided, the House
account Registration Name as specified on the Statement of Authority Spain will be used.
Recurring activities from trading to settlement
The recurring activities during the days from trading to settlement are described in the paragraphs below.
The activities vary from the day the trade has been concluded (Trade Date, “TD”), the next two days
(“TD+1”, “TD+2”) and the day the actual settlement is supposed to take place (“TD+3” or “ISD”).
TD
EuroCCP will receive trades in Spanish Securities from the various MTFs during the day. Each valid trade
will result in an updated settlement instruction for the Securities, account and account type in which the
trade is registered. The trades in the Client account will be directionally netted (“aggregated”). The trades
in the House account will be netted according to level specified by the Clearing Participant on the
Statement of Authority Spain (fully or directionally netted).
The MTF’s will close trading in Spanish Securities at the time agreed with EuroCCP and published in their
respective rules. Each MTF will send a special message ("End Of Day Spain") to EuroCCP after the MTF
has closed trading in Spanish Securities to inform EuroCCP about this event. Upon receipt of the last
"End of Day Spain" message, EuroCCP will generate two special files (HEW and HEV) with the netted
information. These files are sent electronically to EuroCCP’s settlement service provider in Spain, to be
sent through to Iberclear before 19:00h CET on TD.
After having produced and sent the HEW and HEV-file, EuroCCP will generate netted settlement
instructions and will send those to it’s settlement service provider.
TD+1
EuroCCP or its settlement agent may receive additional registration information. The Clearing Participants
or – if authorised – the trading participants can provide additional registration information via email or via
the web based, secure internet portal of EuroCCP’s settlement agent. The email address for the delivery
of that information is specified in this Regulation Settlement. Detailed information regarding the web
based, secure internet portal of EuroCCP’s settlement agent can be found on the EuroCCP website.
EuroCCP’s settlement agent arranges the further split of the settlement instructions according to the
____________________________________________________________________________________
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additional registration information it has received from Clearing Participants or –if authorised- directly from
the Trading Participants. In case there is no additional registration information received before the
deadline, or if the information is incomplete or incorrect, the House account registration name as specified
in the Statement of Authority will be used for further processing.
Clearing Participants do not need to provide split information for Trading Participants that only conclude
trades that are registered in the House account and have opted into full netting via the Statement of
Authority Spain.
If the reporting of splits will be done in the form of an Excel spreadsheet (“split report”) it should contain
the following information: the Trading Participants BIC as specified on the Statement of Authority Spain,
the Trade Date, the type of instruction (delivery or receipt, a “D” or an “R”), ISIN, number of shares, the
Registration Name in the form of a BIC or COD-number and a Trading Participant’s reference.
For the avoidance of doubt, EuroCCP’s settlement agent expects to receive an “R” if the Trading
Participant has bought Securities on the MTF and a “D” if the Trading Participant has sold on the MTF.
EuroCCP’s settlement agent will reconcile the instructions received from EuroCCP with the split
information delivered in the form of an Excel spreadsheet or via the web based portal of EuroCCP’s
settlement by the Clearing Participant (or sent directly by the Trading Participant if authorized). The
deliverer of the split information will be informed by EuroCCP’s settlement agent about any discrepancies
arising from the reconciliation.
More precisely, the following scenarios may occur in a specific Security and for a specific Trading
Participant:
a)
The number of shares specified by EuroCCP exceeds the sum of all splits specified by the
deliverer of the split information. The deliverer will receive an email with the outcome of the
reconciliation. The deliverer may subsequently deliver revised split information. This will only be
processed if received prior to the deadline. In case no revised split information is received or if the
revised information is received after the deadline, EuroCCP’s settlement agent will assign the
Trading Participant’s House account Registration Name as specified on the Statement of Authority
Spain to the remaining number of shares not mentioned by the sender in the split information.
b)
The amount of shares specified by EuroCCP is less than the sum of all splits specified by the
deliverer of the split information. The deliverer will receive an email with the outcome of the
reconciliation. The deliverer may subsequently deliver revised split information. This will only be
processed if received prior to the deadline. In case EuroCCP’s settlement agent does not receive a
revised split information, or receives the revised information after the deadline, EuroCCP’s
settlement agent will assign the Trading Participant’s House account Registration Name as
specified on the Statement of Authority Spain to the entire number of shares specified by EuroCCP
as it is unclear to EuroCCP’s settlement agent what split information is correct and what is
incorrect.
In case no split information is received from the Clearing Participant for a specific Trading Participant, and
no split information is received from that specific Trading Participant directly (if authorized), the Trading
Participants House account Registration Name as specified on the Statement of Authority Spain will be
assigned to each instruction. Note that in case all trades concluded by the Trading Participant are to be
registered in their House account, there will be no need to deliver any split information.
In case no discrepancy exists or/and the deadline for delivering the split information has been reached,
EuroCCP’s settlement agent will automatically generate a file containing the splits and registration details
for each Trading Participant and communicate this information to Iberclear after which EuroCCP’s
settlement agent will receive the confirmations.
At the end of TD+1, when all the splits and registration details for all Trading Participants have been
delivered, EuroCCP’s settlement agent will automatically generate on behalf of EuroCCP, the new
settlement instructions .
____________________________________________________________________________________
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TD+2
Client will have the possibility to amend their registration details till 14:00 CET.
On this day, before 15:00h CET all EuroCCP settlement instructions must be matched. Instructions that
are not matched by this deadline will be rejected by Iberclear. The rejected instructions will automatically
be recycled by EuroCCP’s settlement agent. This means that the instructions will be resubmitted to
Iberclear with the recyclement date as trade date and recyclement date +3, as settlement date. A recycled
instruction will have the same trade reference number as the original instruction.
TD+3 or ISD
On this day, all EuroCCP receipt instructions (deliveries to EuroCCP) must be settled.
After 11.30 CET, Clearing Participants will have the option to:
a) Contact BNP Paribas Madrid and arrange for the EV to be cancelled and delivery to be made
in the name of EuroCCP via an interbank transfer (“traspaso”) or;
b) Settling the trade as an EV transaction
In order to maximise efficiency, Clearing Participants are requested to ensure insofar as possible the
delivery of securities before 11.30 CET.
In case Clearing Participants need to deliver after the 11.30 CET deadline, we again urge Clearing
Participants to deliver to EuroCCP in our name via the “traspaso” option mentioned above. This will allow
EuroCCP to turn the trades around and deliver to the buying entity, thus providing maximum protection
and market efficiency.
On ISD, before 14:00h CET, all EuroCCP delivery settlement instructions should be settled. Instructions
that are not settled by this deadline, will be rejected by Iberclear. The rejected instructions will
automatically be recycled by EuroCCP’s settlement agent. This means that the instructions will be
resubmitted to Iberclear with the recyclement date as trade date and the recyclement date + 3 as
settlement date. A recycled instruction will have the same trade reference number as the original
instruction.
Further settlement processing deadlines and details.
Number of Clearing Days between the day the Statement of Authority Spain Addendum has been
received by EuroCCP and the first day EuroCCP is able to process Registration Names mentioned on
that Addendum: 2 Clearing Days.
Deadline for delivery of the split information:
The final split information uploaded via the web-based internet tool of EuroCCP’s settlement agent must
be delivered on TD+1 before 18.00 CET.
The split information should be sent to the following two email addresses:
1. [email protected]
2. [email protected]
The split report should be send to both email addresses for contingency reasons.
____________________________________________________________________________________
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4
Instructions that have been rejected by Iberclear on T+2 (unmatched) or T+3 (unsettled) will be recycled
only once. If recycled instructions are rejected again by Iberclear, EuroCCP will execute a buy-in or cash
compensation.

SETTLEMENT SPECIFICS - UNITED KINGDOM & IRISH HOME MARKETS
CREST participants can opt into the Euroclear UK & Ireland (EUI) “Direct Input” facility to allow settlement
transactions to be created in a matched status without the need for bilateral matching instructions.
To facilitate correct STP processing of settlements related to CREST participants who did NOT opt for
direct input within Crest, the CREST participant must:
1) match within the settlement instruction the same “trade price” as EuroCCP, or leave the field
“trade price” empty.
2) quote stamp status – “K - No SDRT liability & Irish exempt, net/aggregate transaction or assessed
elsewhere” – within the transaction stamp status field of all matching settlement instructions
versus EuroCCP
Clearing Participants (or their Settlement Agents) are also required to set EuroCCP as their “Stamp Data
Provider” (SDP) in CREST with ID EMCFNLKE to allow EuroCCP to act as such. This will help to avoid
stamp reconciliation failures being reported by EUI to the Irish tax authorities. Participants wishing to
discontinue using the service should inform EuroCCP in advance.
Clearing Participants may also opt to perform all Strange Net scenarios in CREST (as opposed to
“Directional” settlements – see section 4).
2
2.1
Partial settlement
General
EuroCCP and Clearing Participants can both send partial requests to each other. The Czech and
Spanish segments are excluded. Partial requests will only be accepted taking the below deadlines
into account.
It is mandatory for Clearing Participants to follow the instructions to cancel and/or re-instruct,
issued by EuroCCP in respect of the partial settlement process.
The size of all Partial requests from EuroCCP towards the participant will have a minimum
threshold of Euro 50.000 (other currencies equivalent of this amount) , the size of the partial
requests from participants towards EuroCCP is optional.
All partial requests should be sent to email address: [email protected]
Table with deadlines (ALL TIMES ARE CET):
MARKET
START
PARTIAL
REQUESTS
RECEIVED
FROM CP’s
DEADLINE
PARTIAL
REQUESTS
RECEIVED FROM
CP'S
START
PARTIAL
REQUESTS
SENT TO CP'S
DEADLINE
PARTIAL
REQUESTS
SENT TO CP'S
THRESHOLD
AUSTRIA
12:00
13:00
13:30
14:30
€ 50.000,-
BELGIUM
CZECH
REPUBLIC
12:30
14:00
14:45
15:15
€ 50.000,-
NO PARTIALS
NO PARTIALS
NO PARTIALS
NO PARTIALS
N/A
____________________________________________________________________________________
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5
DENMARK
AUTOPARTIALLING BY CSD
AUTOPARTIALLING
BY CSD
N/A
NETHERLANDS
12:30
14:00
14:45
15:15
€ 50.000,-
FINLAND
11:30
13:30
14:00
14:30
€ 50.000,-
FRANCE
12:30
14:00
14:45
15:15
€ 50.000,-
1
€ 50.000,-
GERMANY
10:30
11:00
12:00
12:15
HUNGARY
12:00
12:30
13:30
14:00
IOB/US
13:00
$ 50.000,-
AUTOSPLITTING
AUTOSPLITTING
N/A
AUTOSPLITTING
14:00
AUTOSPLITTING
AUTOSPLITTING
15:00
UK
12:00
AUTOSPLITTING
AUTOSPLITTING
AUTOSPLITTING
N/A
ITALY
14.00
14.30
15.00
15.30
€ 50.000,-
NORWAY
8:30
9:00
9:30
9:45
NOK 400.000,-
PORTUGAL
11:30
12:30
13:30
14:30
€ 50.000,-
SPAIN
NO PARTIALS
NO PARTIALS
NO PARTIALS
NO PARTIALS
SWEDEN
11:30
12:30
13:00
13:30
N/A
SEK
1.000.000,-
SWITZERLAND
11:00
12:00
13:00
14:00
CHF 50.000,-
IRELAND
3
Shaping
EuroCCP may request a Clearing Participant to shape a pending CSD settlement instruction. In the
case of such a request by EuroCCP, it is mandatory for the Clearing Participant to honour the
request by timely instructing the CSD (or their settlement agent) where the original settlement
instruction needs to be cancelled and a new settlement instruction needs to be entered, as
requested by EuroCCP. EuroCCP may request Clearing Participants to shape a settlement
instruction as from T+1. Spanish settlement instructions will be excluded from shaping.
The threshold for shaping will be a net settlement consideration of EUR 20 million (or the
equivalent of this amount).
EuroCCP will request shaping instructions to affected Clearing Participants by email, using the
same email addresses which we have on file for the splitting process. Clearing Participants are
obliged to cancel the original settlement instruction and to re-instruct the shapes as mentioned in
the email before 15:00 CET.
4
Strange nets
4.1
Multilateral netting will result in one of the 9 following outcomes:2
Stock movement Cash movement
1
2
3
“Normal” purchase
“Normal” sale
Delivery with payment
Receive
Deliver
Deliver
Deliver
Receive
Deliver
1
EuroCCP may review requests for RTS settlements up until 16.00 hours (CET) on a reasonable endeavours basis.
Please note that for the UK and Irish markets, strange net processing is processed in a different manner in the CSD.
____________________________________________________________________________________
2
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4
5
6
7
8
9
Receive with payment
Deliver stock with no cash
Receive stock with no cash
Deliver cash but no stock 0
Receive cash but no stock
No stock or cash movement
Receive
Deliver
Receive
Receive
0
0
Deliver
Receive
0
0
0
By default, EuroCCP will resolve scenario’s 3 to 9 by means of a directional net. In this case, all
buys and sells will be netted “directional”, resulting in two settlement instructions.
The scenarios 3, 4, 5 and 6 the strange net can also be resolved by means of a FOP, with or
without a separate payment instruction. Please note that for technical reasons (different settlement
operating model) this is not an option for the UK market. Therefore, for the UK market, these
strange nets will always result in two directional settlements.
For scenario’s 7, 8 and 9, the strange net can also be resolved by means of a cash settlement (or
no settlement at all, for scenario 9) only. Latter means that no settlement instruction is send to the
CSD.
Since the alternative methods of resolving strange nets are not the default option, participants have
to inform EuroCCP via an e-mail ([email protected]) detailing for which Trading
Participant(s) and market segment(s) this option should become applicable. Furthermore the e-mail
should also contain the payment details. It is possible to send us payment details per underlying
client.
Please note that EuroCCP will accumulate the results of all cash settlements and as such will only
expect one payment or make one payment per Clearing or Trading Participant. This is depending
on the requested set-up per Clearing or Trading Participant with regards to netting preferences.
4.2
Procedure for payments to EuroCCP
In the case whereby Clearing Participants have to make a payment (on settlement day) to
EuroCCP, the following payment instructions apply;
4.2.1
Czech Kornuna (CZK)
Deutsche Bank AG Filiale Prag
Account: 5013400006
(Tag 57): BIC DEUTCZPX
(tag 58/59): IBAN CZ25791000000013400006
Beneficiary: EMCFNL2A
4.2.2
Danish Kronor (DKK)
Danish National Banken, Copenhagen
(Tag 57): DKNBDKKK
(tag 58): EMCFNL2A
4.2.3
Euro (EUR)
Cash correspondent: ABN AMRO CLEARING BANK
BIC: ABNANL2A
(tag 57): ABNCNL2A
(tag 58/59) IBAN: NL88ABNC0246055286
____________________________________________________________________________________
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4.2.4
Great British Pound (GBP):
HSBC Bank, London
(Tag 57) BIC: MIDLGB22
(Tag 58/59): IBAN: GB14MIDL40051571564002
Attn. EMCFNL2A
4.2.5
Hungarian Forint (HUF)
Deutsche Bank ZRt
Account: 16300000-03002086-90006408 (First 8 digits can be left out)
(Tag 57): BIC DEUTHU2B
(tag 58/59) IBAN HU47163000000300208690006408
Beneficiary BIC: EMCFNL2A
4.2.6
Norwegian Kronor (NOK)
Skandinaviska Enskilda Banken, Oslo
Account: 9750 05 06788
(Tag 57): BIC ESSENOKX
(Tag58): IBAN: NO6897500506788
Beneficiary BIC: EMCFNL2A
4.2.7
Swedish Kronor (SEK) (same account as EURO’s)
ABN AMRO BANK N.V.
BIC ABNANL2A
(tag57): ABNCNL2A
(tag 58/59) IBAN: NL88ABNC0246055286
4.2.8
Swiss Franc (CHF)
SIX SIS, Zurich
BP ID: NL100386
Account : 40358858 CHF
Attn. EuroCCP.
BIC: EMCFNL2A
4.2.9
US dollars (USD)
Deutsche Bank Trust Company Americas, New York
(Tag 56): BIC: BKTRUS33
(Tag 57) BIC: DEUTNL2A
Account DB at Corr. Bank: 04-410-816
ATTN: European Central Counterparty N.V.
(Tag 58/59) IBAN: NL08DEUT0265049156
4.3
Procedure for payments from EuroCCP.
EuroCCP will make payments towards Clearing Participants with a value date being the
settlement date. It is possible to instruct EuroCCP with different account numbers per underlying
Trading Participant.
____________________________________________________________________________________
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5
EuroCCP SETTLEMENT ADDRESSES FOR SETTLEMENT INSTRUCTIONS
5.1
Settlement instructions for Securities:
Austrian Securities:
OeKB (Ostereichische Kontrollbank )
Rec/Del agent: OEKB 212500
Buyer/Seller: EMCFNL2A
Place of settlement: OEKOATWW
Belgium Securities:
Euroclear Belgium
Rec/Del agent: EGSP 29109
Beneficiary account: 24.60.55.286
Place of settlement: CIKBBEBB
Czech Republic Securities:
Deutsche Bank AG filiale Prag
Rec/Del agent: DEUTCZPX
Beneficiary account: 5013400000
Place of settlement: STCUCZP1
Danish Securities:
VP
Rec/Del agent: EMCFNL2A
Clearing Participant no.: 17500
Beneficiary account: N/A
Place of settlement: VPDKDKK
International Depository
Receipts:
Euroclear Bank
Rec/Del agent: DEUTNL2A
Place of settlement: MGTCBEBE
Dutch Securities:
Euroclear NL
Place of settlement: NECINL2A
Finnish Securities:
Euroclear Finland Oy
Place of settlement: APKEFIHH
____________________________________________________________________________________
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9
French Securities
Euroclear France
Place of settlement: SICVFRPP
German Securities:
Clearstream Banking Frankfurt
Rec/Del agent: DAKV 8468
Place of settlement: DAKVDEFF
Hungarian Securities:
Deutsche Bank ZRt, Budapest
Field 95R: /KELR/0390
Place of settlement: KELRHUHB
Irish Securities:
Euroclear UK & Ireland
Rec/Del agent: CRST ECCP
Place of settlement: CRSTGB22
Italian Securities
Monte Titoli
Rec/Del agent: CITIITMX
Segregated account: 88102
Broker code: 88102
X-TRM code: 2989
(In order to facilitate pre matching, please quote our account
number 1258279 at Citi Milan in field 97A::SAFE// of the
Subsequence E1 Settlement Parties.)
Place of settlement: MOTIITMM
Luxembourg Depository
receipts:
Euroclear Bank
Norwegian Securities:
Oslo Clearing ASA
Rec/Del agent: ESSENOKX
Place of settlement: VPSNNOKK
Portuguese Securities
Interbolsa
Rec/Del Agent: PARBFRPPXXX
Beneficiary account at BNP: 62757J
Beneficiary account at Interbolsa: 801
____________________________________________________________________________________
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10
Place of settlement: IBLSPTPP
Spanish Securities
Iberclear
Rec/Del agent: PARBESMXXX
Place of settlement: IBRCESMMSCL
The instruction should contain the Registration name from which
the securities are delivered or in which name the securities are
received as specified in the split-report (see 1.13).
Swiss Securities:
SegaInterSettle
Rec/Del agent: SCOM NL100386
Place of settlement: INSECHZZ
Swedish Securities:
Euroclear Sweden AB
Place of settlement: VPCSSESS
United Kingdom Securities:
Euroclear UK & Ireland
Rec/Del agent: CRST ECCP
Place of settlement: CRSTGB22
US Securities:
Euroclear Bank
____________________________________________________________________________________
Version: 02012015
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