Cyprus - Clearstream

Cyprus 

Key features 

Key services offered Remarks 

Settlement free of and against payment Yes Free of payment only for over-the-counter (OTC) trades 

Eligible settlement currency: Euro (EUR) 

Settlement with Bridge counterparties No 

Lending and borrowing Yes For bonds only 

Allegement Yes 

Proxy voting Yes 

Type of link CSD or settlement method 

• Direct account operated by Citibank 

International plc, Athens a 

a. Citibank International plc, Athens is hereinafter referred to as Citibank, Athens. 

General information 

CBL 1 -eligible security types (only CDCR eligible securities) 

Depository 

• The Central Depository and Central Registry (CDCR) is the Cypriot 

CSD. 

• Government bonds (in dematerialised form only); 

• Corporate bonds; 

• Equities2 : 

- Ordinary shares (registered and bearer); 

- Preference shares with or without voting rights (registered and bearer); 

- Rights; 

• Warrants. 

CITIBANK INTERNATIONAL PLC, ATHENS Depository Code: 15 

Global Transaction Services 

Ground Floor 

54 Syggrou Avenue 

11742 Athens 

Greece 

1. Clearstream Banking, Luxembourg is hereinafter referred to as CBL. 

2. For dual-listed Cypriot equities, the CBL default place of safekeeping is the Greek CSD. Please refer to the Creation Link Guide - 

Greece for further details. 

Clearstream Banking, Luxembourg 11 July 2012 

Creation Link Guide Cyprus - 1

Creation Link Guide 

Cash correspondent details 

Currency: Euro (EUR) via CCB Euro (EUR) via TARGET2 

CCB name: Deutsche Bank AG, Frankfurt Banque centrale du Luxembourg 

CBL account: 9382250 LU84 9990 0012 8904 200E 

SWIFT address: DEUTDEFFXXX TRGTXEPMXXX 

Pre-matching and settlement services 

Pre-matching service 

The table below summarises CBL’s pre-matching service for external settlement instructions, as well 

as the pre-matching method and start time in the market. For details of CBL’s pre-matching services, 

see “Pre-matching services for external settlement instructions” in the Introduction. 

Scope Service offered Method employed Start (local time) 

All securities Immediate release flag available Manual via telephone or fax 

(“best effort” basis) 

Connectivity medium Instruction format 

CreationOnline Tick the box to enable the “Immediate Release” option 

Creation via SWIFT and CreationDirect Field :22F::STCO/CEDE/IREL 

Local pre-matching, which is market practice, starts, subject to counterparty availability, on receipt of 

instructions and continues until settlement date (SD). 

Domestic allegement matching service 

On receipt of instructions 

As a complement to the pre-matching services offered for this market and where no pre-matching 

instruction has been sent to the market, CBL accepts allegements via its depository from domestic 

market counterparties. It will then use these allegement messages to search for the best matching 

customer instruction. 

If no matching customer instruction is found, the allegement is reported to the customer provided that 

its Clearstream Banking account number is present. 

For details of CBL’s domestic allegement service, see “Domestic allegement matching service” in the 

Introduction. 

11 July 2012 Clearstream Banking, Luxembourg 

Cyprus - 2 Creation Link Guide

Settlement times 


The deadlines shown below are valid provided that the customer’s instructions are complete, accurate 

and eligible for straight-through processing (STP) in CBL and in the local market. Customers must also 

ensure that any necessary provision is available. If any of these criteria are not met, CBL cannot 

guarantee timely settlement. 

Note: All times are CET. 

Instruction 

CBL-eligible securities 

Receipts 

Deliveries 

For dual-listed Cypriot equities for settlement in Cyprus, the Immediate Release flag must be set on 

all settlement instructions, in order to allow provisioning early on SD-1. 

When it is a business holiday in Greece, instructions will be released to the market only on the next 

business day. If there is insufficient provision in Cyprus at the CBL account with Citibank, Athens, 

positions may need to be realigned from Greece to Cyprus. This usually takes 2 or 3 business days and, 

consequently, settlement in Cyprus may be delayed. 

Procedures for domestic counterparties 

All securities listed on the CSE and eligible in Clearstream Banking 

Linkage of trading codes (OASIS codes) with accounts in CSD 

When the customer/end-investor has an execution agreement with a local broker who is a direct 

member of CSE (that is, no remote or international broker-dealer is involved), the customer is 

requested to advise the local broker that the linkage between OASIS code (trading code in CSE) and the 

CSD account into which the trade settles is not applicable to trades that settle on CBL’s account at the 

CSD. 

Allowed countervalue difference 

Provisioning Deadline for Expected settlement results 

start end 

receipt of valid 

instruction from to value 

AP=Against payment FOP=Free of payment SD=Settlement date 

FOPa 11:00 SD-1 10:55 SD 10:55 SD 09:30 SD 18:00 SD 

AP 11:00 SD-1 10:55 SD 10:55 SD 09:30 SD 18:00 SD SD 

FOPa 11:00 SD-1 10:55 SD 10:55 SD 09:30 SD 18:00 SD 

AP 11:00 SD-1 10:55 SD 10:55 SD 09:30 SD 18:00 SD SD 

a. Only OTC trades can be made free of payment. 

Receipt in CBL / 

Delivery from CBL 

Procedure for the domestic counterparty Deadline 

Citibank, Athens operates the following segregated account for 

Clearstream Banking Luxembourg at the CSD: 

SAT a Code: 2004765061-6 

SAT Account: CY06980067-7 

Operator code (Citibank, Athens): 5000000002 

a. SAT is the Dematerialised Securities System and also the clearing system for Cyprus. 

Market deadline 

A maximum difference in countervalue of EUR 18.00 is allowed for matching and settlement of against 

payment transactions with domestic counterparties. 




Specific settlement rules / settlement restrictions 

Equities 

1. Settlement of Stock Exchange (SE) trades 

The equities market has a beneficial ownership structure and registration, which is part of the 

settlement process, that occurs simultaneously with settlement in SAT on T+3. 

Following the implementation of unbundling of clearing and settlement in the Cypriot market, 

processing in the CSD on behalf of CBL customers takes place as follows: 

- On T+3 Client Settlement1: transfer of securities from/to the intermediary's principal account 

to/from CBL's account at CSD; 

- After T+3 OTC Rectification Trade (used if Client Settlement failed): transfer of securities 

from/to the intermediary's proprietary account to/from CBL's account at the CSD. 

2. Settlement of OTC trades (off exchange) 

OTC transactions are allowed free of or against payment. 

For the settlement deadlines on OTC trades in CBL, please refer to “Settlement times” on page 3. 

Late instructions should be cancelled and re-instructed by the customer with a new SD. 

However, matched trades can only be cancelled if both parties send cancellation instructions. 

In order to benefit from straight-through processing, customers must complete fields as follows 

to specify the type of OTC transaction that will apply: 

OTC transaction Creation via SWIFT and CreationDirect CreationOnline 

Type of Settlement Transaction field / Additional Indicators field 

Normal trade :22F::SETR//TRAD (Sequence B) Trade Settlement 

Re-registration :22F::SETR//TRAD (Sequence B) Trade Settlement 

:22F::REGT//YREG (Sequence E) Additional Indicators: 

Type: Registration Indicator 

Code: Register 

OTC rectification trade :22F::SETR//TRAD 

:22F::STCO/HCSD/RCTF 

Rectification 

Place of Trade field / Additional Places field 

All OTC transactions :94B::TRAD//OTCO/OTC Additional Places: 

Type: Place of Trade 

Code: OTC Trade 

Narrative: OTC 

Fees and charges2 The following fees and charges are applied by CSE in the settlement process to OTC trades: 

• Equities - normal OTC trade for equities listed in the main market: 3.5 bps per side and for 

equities listed in the other markets 8.5 bps. Minimum EUR 20.00 (plus EUR 1.00 for against 

payment transactions, per side); 

• Fixed income - normal OTC trades: 1.5 bps per side with minimum EUR 20.00 (plus EUR 1.00 for 

against payment transactions, per side) 

• Re-registration: EUR 5.00. 

1. The cycle of T+3 is mandatory in CSE for Client Settlement instructions; no other cycle is accepted by the CSE for these instructions. 

Customers can however instruct Client Settlement on any date including SD. For CBL deadlines please refer to Settlement times 

2. These fees are given as an indication only. 




In addition, 0.15% sales tax is imposed by the CSE on normal OTC trades. For free of payment normal 

OTC trades, the tax on sale is calculated on the amount that derives from the closing price of the 

securities on trade date multiplied by the quantity of the securities. 

From settlement date 9 July 2012, transfers of securities from Cyprus to Greece are subject to EUR 5 or 

0.1% of the transferable amount if the value of the transferred securities exceeds EUR 5,000. Please 

refer to the Market Profile (Cyprus). 

All charges incurred by CBL in the trading and settlement processes will be passed on to the relevant 

customer on an “upon receipt” basis. 

Dual-listed Cypriot equities 

Customer instructions on dual-listed Cypriot equities will be settled in CBL according to the Greek 

settlement rules as detailed in the Creation Link Guide (Greece). 

Customers must inform their counterparty accordingly and ensure that this is in accordance with the 

trades agreed in the market. 

The default settlement setup will not prevent customers from trading and settling their transactions in 

Cyprus except during business holidays in the Greek and/or Cypriot markets, in which cases the 

instructions will only be released to the market on the next business day. 

Currently only the following issues are affected: 

• CC 018724855 ISIN CY0000100111 - SHS BANK OF CYPRUS PUBLIC COMPANY LTD 

• CC 026989256 ISIN CY0000200119 - SHS MARFIN POPULAR BANK PUBLIC CO LTD 

Realignment between Cyprus and Greece 

For equities listed on both the Greek and the Cypriot Stock Exchanges, customers have the right to 

move securities from one CSD to the other. The transfer is performed by CBL’s local depository based 

on the settlement instructions through the CSD system of the country in which the shares are currently 

held. At the end of the day, the holding CSD releases all requests for the transfer of shares to the 

receiving CSD. The transfer usually takes two or three business days. 

To transfer shares from the Greek CSD directly to the Cypriot CSD, customers should send deliver 

free instructions with details as follows: 

Connectivity 

medium 

Counterparty - 

Delivering Agent 

CreationOnline CITIGRAAXXX 

Creation via SWIFT and 

CreationDirect 

Settlement 

Processing 

Narrative 

Transfer due to 

dual listing 

:95P::DEAG//CITIGRAA :70E::SPRO//Transfer 

due to dual listing 

Receive free instructions should also be sent, with the following details: 

Connectivity 

medium 


Receiving Agent 




a. Clearstream Banking’s account number in Citibank, Athens. 

Settlement 

Processing 

Narrative 


dual listing 

:95P::REAG//CITIGRAA :70E::SPRO//Transfer 


Settlement Party - 

Place of Settlement 

- HCSDGRAAXXX 

- :95P::PSET//HCSDGRAA 

Safekeeping 

Account a 



986312 XCYSCY2NXXX 

:97A::SAFE//986312 :95P::PSET//XCYSCY2N 




To transfer shares from the Cypriot CSD directly to the Greek CSD, customers should send deliver 

free instructions with details as follows: 

Connectivity 

medium 

Management of failed instructions 

Stock exchange instructions that are not settled by 14:30 - 14:45 on SD (T+3) local time are no longer 

valid in the market and, if not cancelled by the customer, will be cancelled by CBL 30 days after the 

requested SD. 

Other unmatched instructions with domestic counterparties are cancelled 30 calendar days after the 

requested SD. 

However, CBL reserves the right to cancel receipt instructions with domestic counterparties that have 

not settled on the fifth business day after the expected settlement date (SD+5) and have not been 

reconfirmed by the customer. 

New issues settlement 


Delivering Agent 




Not applicable in the Cypriot market. 

Settlement 

Processing 

Narrative 


dual listing 

:95P::DEAG//CITIGRAA :70E::SPRO//Transfer 


Receive free instructions should also be sent, with the following details: 

Connectivity 

medium 


Receiving Agent 




a. Clearstream Banking’s account number in Citibank, Athens. 

Settlement 

Processing 

Narrative 


dual listing 

:95P::REAG//CITIGRAA :70E::SPRO//Transfer 




- XCYSCY2NXXX 

- :95P::PSET//XCYSCY2N 

Safekeeping 

Account a 



986312 HCSDGRAAXXX 

:97A::SAFE//986312 :95P::PSET//HCSDGRAA 



Custody services 

Income collection 

Debt securities 

Equities 

Corporate actions 

Mandatory events 

Security proceeds are credited on an “upon receipt” basis. 

Sale and purchase of rights 


Sale and purchase of rights are not applicable to corporate actions in the Cypriot market. Customers 

can only trade rights via settlement instructions. 

Proxy Voting procedures 

Proxy voting services are available in CBL for this market. 

The nominee concept is not recognised under Cypriot law and so securities deposited with Citibank, 

Athens are registered in Clearstream Banking’s name. Customers that want to exercise voting rights 

can do so only via proxy voting through Clearstream Banking. 

For details about the proxy voting services offered by CBL, please refer to the CBL Customer Handbook 

and, for the market specific practices, please refer to the Market Profile. 

Entitlement compensation rules 

Service offered Remarks 

Notification to customers Standard reporting. No specific deviations from standard 

Payment of proceeds Interests on bonds will be credited in EUR to the 

customer's account upon receipt of funds with 

value collection date, based on the positions 

recorded at market record date. 

Please refer to the Entitlement Compensation Rules Guide. 

reporting provided by CBL apply to the 

Cypriot market. 





Payment of proceeds Market record date = Ex-date +2 business days. 

Dividend payments are credited to the customer’s 

account upon receipt of funds, with value actual 

payment date. 

Ownership is transferred on settlement 

date. 





Instruction to CBL Customers can instruct CBL to carry out options 

foreseen in the terms and conditions of the 

underlying security type. 

In addition, CBL informs customers on an “as and 

if received” basis of unscheduled securities 

events occurring on account holdings, such as 

rights offers, reinvestment options, exchange 

offers, purchase offers etc. 

Ownership is transferred on settlement 

date. 




Other services 

Bridge settlement 

Cypriot securities are not eligible for settlement through the Bridge with Euroclear Bank. 

Securities lending and borrowing 

All Cypriot government debt securities eligible in CBL qualify for CBL’s securities lending and 

borrowing programme. 

Equities are not eligible for CBL’s securities lending and borrowing programme. 

Disclosure requirements 

Please refer to the Clearstream Banking Guide to Disclosure Requirements, which is an appendix to the 

Creation Market Guide. 

Holding restrictions 

Due to Cypriot restrictions, customers are not allowed to hold Cypriot financial instruments in 

Clearstream Banking for underlying beneficial owners that are Cypriot residents or legal entities that 

are incorporated in Cyprus. 

For details of other local holding restrictions, please refer to the Market Profile (Cyprus). 

Tax services 

For non-residents, tax, duty and capital gains tax are not charged in Cyprus. However, for interest 

income payments, the Special Contribution for Defence (SDC) applies at a rate of 10%. 



Instruction specifications 

CreationOnline 

Receive Free a 

Receive Against Payment 

M Trade Date M Trade Date 

O Deal Price O Deal Price 

M Place of Settlement BIC M Place of Settlement BIC 

Party XCYSCY2NXXX Party XCYSCY2NXXX 

M Delivering Agent b BIC c 

M Delivering Agent b BIC c 

Party counterparty’s BIC Party counterparty’s BIC 

Cd Seller b BIC Cd Seller b BIC 

Party ordering party’s BIC Party ordering party’s BIC 

Ce Account ordering party’s account Ce Account ordering party’s account 

C f 

Additional Indicators: 

Type: 

Code 

C f Additional Places: 

Type 

Code 

Narrative 

Registration Indicator g 

Register g 

Place of Trade 

OTC Trade 

OTC 

C f Additional Indicators: 

Type: 


a. Allowed for OTC transactions only. 

b. If no BIC exists for the Delivering/Receiving Agent or for the Seller/Buyer, you can use the Name and Address option instead in each case. 

If the appropriate BIC does exist but you do not provide it, STP cannot be guaranteed and you run the risk of incurring eventual charges. 

c. For settlement with a counterparty outside Citibank, this must be the BIC of the counterparty. For settlement with a counterparty within 

Citibank, this must be the BIC of Citibank, Athens, CITIGRAA. 

d. Mandatory when delivering/receiving agent is Clearstream Banking’s depository Citibank, Athens. 

e. Mandatory for securities transfers between accounts of different customers at Citibank, Athens. 

f. Mandatory for OTC trades; otherwise, not applicable. 

g. Please refer to “Specific settlement rules / settlement restrictions” on page 4. 


Creation Link Guide Cyprus - 9 

Code 


Type 

Code 

Narrative 

Deliver Free a Deliver Against Payment 


Register g 


OTC Trade 

OTC 

M Trade Date M Trade Date 

O Deal Price O Deal Price 

M Place of Settlement BIC M Place of Settlement BIC 

Party XCYSCY2NXXX Party XCYSCY2NXXX 

M Receiving Agent b BIC c M Receiving Agent b BIC c 

Party counterparty's BIC c Party counterparty's BIC c 

Cd Buyer b BIC Cd Buyer b BIC 

Party beneficiary’s BIC Party beneficiary’s BIC 

Ce Account beneficiary’s account Ce Account beneficiary’s account 


Type: 

Code 


Type 

Code 

Narrative 


Register g 


OTC Trade 

OTC 


Type: 

Code 


Type 

Code 

Narrative 


Register g 


OTC Trade 

OTC


Creation via SWIFT and CreationDirect 

MT540 Receive Free a 

Seq MT541 Receive Against Payment 

Cb :94B: :TRAD //OTCO/OTC B Cb :94B: :TRAD //OTCO/OTC 

M :98a: :TRAD //Trade date/time M :98a: :TRAD //Trade date/time 

O :90a: :DEAL //Deal price O :90a: :DEAL //Deal price 

O :70E: :SPRO c 

O :70E: :SPRO c 

C :22F: :REGT //YREG c E C :22F: :REGT //YREG c 

M :95P: :PSET //XCYSCY2N(XXX) E1 M :95P: :PSET //XCYSCY2N(XXX) 

M :95P: :DEAG //Counterparty’s BIC d 

M :95P: :DEAG //Counterparty’s BIC d 

Ce :95P: :SELL //Ordering party’s BIC, if different from DEAG d Ce :95P: :SELL //Ordering party’s BIC, if different from DEAG d 

Cf :97A: :SAFE //Ordering party’s account Cf :97A: :SAFE //Ordering party’s account 

MT542 Deliver Free a MT543 Deliver Against Payment 

C b :94B: :TRAD //OTCO/OTC B C b :94B: :TRAD //OTCO/OTC 

M :98a: :TRAD //Trade date/time M :98a: :TRAD //Trade date/time 

O :90a: :DEAL //Deal price O :90a: :DEAL //Deal price 

O :70E: :SPRO c O :70E: :SPRO c 

C :22F: :REGT //YREG c E C :22F: :REGT //YREG c 

M :95P: :PSET //XCYSCY2N(XXX) E1 M :95P: :PSET //XCYSCY2N(XXX) 

M :95P: :REAG //Counterparty’s BIC d M :95P: :REAG //Counterparty’s BIC d 

C e :95P: :BUYR //Beneficiary’s BIC, if different from REAG d C e :95P: :BUYR //Beneficiary’s BIC, if different from REAG d 

C f :97A: :SAFE //Beneficiary’s account C f :97A: :SAFE //Beneficiary’s account 

a. Allowed for OTC transactions only. 

b. Mandatory for OTC trades; otherwise, not applicable. 

c. Please refer to “Specific settlement rules / settlement restrictions” on page 4. 

d. If no BIC exists for the Delivering/Receiving Agent or for the Seller/Buyer, you can use the Name and Address option instead in each case. 

If the appropriate BIC does exist but you do not provide it, STP cannot be guaranteed and you run the risk of incurring eventual charges. 

e. Mandatory when delivering/receiving agent is Clearstream Banking’s agent Citibank, Athens. 

f. Mandatory for securities transfers between accounts of different customers at Citibank, Athens. 



List of domestic counterparties 


Note: This is an indicative list, valid at November 2009. For up-to-date information, please consult the 

SWIFT website at www.swift.com 

Counterparty name BIC address 

ARTION SECURITIES ARSIGRA1 

AXIA VENTURES GROUP LTD AXVCCY21 

BANK OF CYPRUS PUBLIC COMPANY LIMITED (NICOSIA) BCYPCY2N 

BETA SECURITIES S.A. BETEGRA1 

CYPRUS POPULAR BANK LTD, THE LIKICY2N 

EFG EUROBANK SECURITIES S.A. EFESGRA1 

EUROCORP SECURITIES S.A. ABXEGRA1XXX 

EUROXX SECURITIES SA EUSSGRA1XXX 

HELLENIC BANK LTD (NICOSIA) HEBACY2NXXX 

HSBC PANTELAKIS SECURITIES S.A. MDPSGRA1XXX 

INVESTMENT BANK OF GREECE SA (SECS) IBOGGRAA 

NATIONAL P AND K SECURITIES CO SA NASOGRA1 

PIREAUS A.E.P.E.Y. SIGSGRA1 

PROTON BANK S.A. PRTNGRAA 

SHARELINK SECURITIES AND FINANCIAL SERVICES LTD SSFVCY21 

SOLIDUS SECURITIES AEPEY SOSXGRA1 




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Cyprus - Clearstream

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