Overview on settlement processing - Eurex Clearing

<strong>Overview</strong> on settlement processing
Settlement timing (CET) on respective settlement locations
08:30
16:30
17:456 20:30 22:00 01:30 02:30 07:10 09:206 10:00 10:301 19:00 21:00 00:306 07:00 11:00 13:15 15:00 17:00 17:456 13:30 14:305 14:00
12:50 14:55 15:30 16:00 16:45 17:152 18:00 18:05 18:30 19:00
6
Clearstream Banking Frankfurt
(CBF)
STD
4
RT–
STD
Clearstream Banking Luxembourg
(CBL ICSD – internal)
Euroclear (EOC ICSD – internal)
Set 1 Set 2
Euroclear (UK & Ireland)
SIX SIS
Eurex Repo GC Pooling
Eurex Repo Euro Market
Xetra ® CCP
Eurex Bonds
Eurex Exchange exercise/assignments
Eurex Exchange allocations/notifications
Eurex Exchange GBP-products only
Irish Stock Exchange (ISE) Dublin
Eurex Exchange allocations/notifications/
exercise/assignments in CHF-products
Settlement timing home markets (CET)
Xetra ® International Markets (XIM) only
Austria – Österreichische Kontrollbank (OeKB)
Belgium – Euroclear Belgium
Denmark – VP Securities
Finland – Euroclear Finland
France – Euroclear France
Ireland – Euroclear UK & Ireland
Italy – Monte Titoli
The Netherlands – Euroclear Nederland
Norway – Verdipapircentralen
Portugal – Interbolsa
Spain – Iberclear
Sweden – Euroclear Sweden
Switzerland – SIX SIS
United Kingdom – Euroclear UK & Ireland
Cont–SDS 1
C1F1–3
Cont–SDS 2
SDS 1
C2F1–2
SDS 2 Cont–SDS 3 FoP only
FI only
FI & EQ*
FI & EQ
FI & EQ
FI only
FI only FI & EQ FI only
FI only FI & EQ FI only
FI only FI only
RTS RTS
Overnight Repo Front-Leg
Mandatory settlement period Optional settlement period End of day processing
Real time processing RTS optional
CBON, NBON NBON
CBON, NBON NBON
3
All UK securities (GBP, EUR, USD) against payment (AP)
RTS Treasury only
Irish equities & government debts against payment Irish government debts
EQ
FI & EQ
FI & EQ
FI & EQ
FI & EQ
FI & EQ FI & EQ
CBON, NBON, NEXS*
CBON, NBON
NBON, NEXS
NBON
*CBON: German collective safe custody
bonds
NEXS
CBON, NBON, NEXS
NEXS NEXS NBON:Non collective safe custody
NBON,NEXS NEXS bonds
NEXS: Non collective safe custody
equities & ETFs
EQ
FI & EQ
EQ
Mandatory settlement period (until 21:30)
Selected
securities AP
(GBP, EUR)
1 GC Pooling: Fail to deliver is subject to EUR 2,000 service surcharge + GCPION plus 50 bp p.a. for “intraday transaction default”.
2 Subject to penalties according to clearing conditions for failed GC Pooling settlements.
3 USD GC Pooling related securities settlements are only performed between 11:00 and 17:00.
4 Subject to penalties according to clearing conditions for delayed settlement of “Euro-Bund auctions”.
5 Subject to penalties according to clearing conditions for delayed settlements.
Pending instructions (except GC Pooling) are cancelled and subject to settlement netting for next business date.
6 Gross delivery management (GDM) deadline.
EUR 15:35 / CHF, GBP, USD on SD-1 13:55
15:45
EUR, DKK 11:10
Equities 12:25
15:45
GBP, EUR, USD equities 14:25
16:15
15:45
NOK 11:20
16:15
SCLV 14:501 EUR, SEK equities 13:502 / EUR, SEK equities 14:503 CHF 14:15
CREST eligible securities GBP, EUR, USD 14:25
* FI: Fixed income
EQ: Equities
1 SCLV = listed equities, corporate bonds, matadors and warrants
2 Depository counterparty at Skandinaviska Enskilda Bank (SEB)
3 Domestic counterparty outside SEB
For XIM trade date netting is applied and Eurex Clearing instructs at the end of the trading day for the settlement date. Eurex Clearing considers late delivery in case
settlement was not performed until 14:30 on contractual settlement date.
Home market settlement times are the ones of CBL as settlement agent of Eurex Clearing and may differ depending on the individual settlement agents used by the client.
All depository settlement times are as of September 2012 and subject to change. If not otherwise stated, times are for EUR settlement. Cross border deadlines may differ.

Most relevant settlement times*
Equities
Gross delivery management deadlines: 09:20 and 12:50 for
settlement date (SD) and 17:45 for SD+1. Cancellation of
failed settlements: ca. 14:30 on SD.
Eurex Repo – GC Pooling
Settlement for trades agreed before SD has to take place until
SDS1 and is late after 10:30. Settlement for trades agreed
before SD is failed after 17:15. Settlement for ON front legs
of trades agreed on SD are late after 0.5 hour and failed
after 17:15.
Eurex Repo – Euro Market
Settlement for trades agreed before SD is failed after 14:30.
Cancellation of failed settlements: ca. 14:30. On SD Settlement
for ON front legs of trades agreed on SD are late after:
(I)CSD vs. (I)CSD
From CBF
From CBL
From EOC
To CBF
13:30
13:00
13:00
To CBL
13:00
14:45
13:00
To EOC
13:00
13:00
15:30
Eurex Bonds
Settlement for trades agreed before SD are late if not settled
in CBF’s standard settlement cycle (STD). Cancellation of
failed settlements: ca. 14:30 on SD.
Securities settlements failure – overview
General contractual penalties are defined in chapter I part 1
of Eurex Clearing’s clearing conditions and comprise:
• 0.025 percent of failed value, but not less than EUR 2,500
per day, if failed value exceeds EUR 100 million, contractual
penalty are calculated based on the effective overnight
interest rate applicable to the relevant clearing currency,
but not less than EUR 25,000 per day.
Equity specifics
• For equities a buy-in and cash settlement model is applied.
Shares falling under ESMA rules foresee an accelerated
buy-in process after 4 days and cash settlement after
* Please note: All times are CET.
Contacts
Helpdesk
Securities Clearing*
Derivatives Clearing**
Risk Hotline
Telephone
+49-69-211-11940
+49-69-211-11250
+49-69-211-12452
Fax
+49-69-211-14334
+49-69-211-14334
+49-69-211-18440
*Delivery management and cash management
** Post-trade management for derivatives and collateral management
E-mail
clearing@eurexclearing.com
clearing@eurexclearing.com
risk@eurexclearing.com
8 days. Fines are charged for late deliveries over dividend
days (35.8 percent on net dividend) and over corporate
actions. In case of failed settlement in rights (e.g.subscription
rights) Eurex Clearing will disclose the counterparties.
Eurex Repo specifics
• For any Eurex Repo front leg transactions fail Eurex
Clearing is entitled, whether or not requested by
the Clearing Member, to set present business day as
advanced repurchase date of the term leg to offset
obligations and settle the repo rate amount only.
• For any Eurex Repo term leg transactions fail Eurex
Clearing is entitled, whether or not requested by
the Clearing Member, to launch a buy-in as from the
fifth day following the delivery date of the term leg.
• For a GC Pooling intraday default resulting from failure
to comply with obligations at SDS1, Eurex Clearing
may charge EUR 2,000 for each defaulting transaction.
• Eurex Clearing may also invoice any interim financing costs
incurred, up to the value of the GC Pooling Overnight
Index (GCPION) plus 50 basis points p.a., in relation
to the value of the underlying GC Pooling transaction or
the due cash amount respectively.
Eurex Exchange specifics
Fines for fails arising from delivery fails out of notifications/
allocations are bond type specific:
• German government bonds: 0.04 percent fines on volume
not settled in SDS1 or 0.40 percent fines on volume
not settled in SDS2 on the contractual settlement day
else 0.40 percent fines on volume per calendar day.
Additional charge of interest of delay (1 percent + ECB
main refinancing rate on outstanding amount).
• Other bonds (except CHF-denominated bonds):
0.40 percent fines on volume not settled on the contractual
settlement day per calendar day and interest of delay
(1 percent + ECB main refinancing rate on outstanding
amount).
• CHF-denominated bonds: 0.85 percent fines on
nominal value and interest of delay (1 percent + SNB
main refinancing rate on outstanding amount).
Helpdesk
Clearing Business Relations
Clearing Data Control
Technical Support
Telephone
+44-20-78 62-7218
+49-69-211-12453
+49-69-211-11200
Order Number: C1E-014-0213
Neither Eurex Clearing, nor its servants nor agents, is responsible for any errors or omissions contained in this publication which is published
for information only and shall not constitute an investment advice. Any information herein is not intended for solicitation purposes but only
for the use of general information. Eurex Clearing offers services directly to its members and its markets cleared. Those wishing to use such
services should consider both their legal and regulatory position in the relevant jurisdiction and the risks associated.
Fax
+44-20-78 62-9218
+49-69-211-14220
+49-69-211-11201
E-mail
clearingrelations@eurexclearing.com
clearingdata@eurexclearing.com
eurex-help@eurexclearing.com