SWX Swiss Exchange SIS Eurobonds Clearing via Links to Euroclear and Cedel

Transcription

1 SWX Swiss Exchange SIS Eurobonds Clearing via Links to Euroclear and Author(s): Christie David (SWX) Date: Martin Trüb, Lorand Frank (SIS) Classification: Reference: Keywords: Clearing, Settlement, Links, Distribution: Member banks Euroclear, Approval: Antoinette Hunziker-Ebneter Filename: F:\Eurobonds\M-SPR-CLL-9531E.doc Table of Contents 1. Introduction Overall Principles Applying to Clearing of SWX Trades Clearing & Settlement Message Flows In-house Settlement Cross-border Settlement Trade Routing Testing Applying for a Routing BP Id for Eurobonds Clearing via Euroclear/...9 Appendix A. Application Form for Eurobonds Routing BP Id...10 Appendix B. Power of Attorney Templates...12 B.1. Euroclear...12 B Appendix C. Mapping of SWX fields to Routed Settlement Instructions & S.W.I.F.T. Status Messages...16 C.1. Euroclear...16 C *SVÂMRXIVREPÂYWIÂSRP]

2 SWX Swiss Exchange SIS Page 1 Introduction Introduction As part of the introduction of the Eurobond market at the SWX Swiss Exchange, the need to provide members with the possibility of clearing their trades via safe custody accounts at Euroclear and as well as SIS was recognised early on. The implementation of the necessary automated links between SIS and Euroclear and is now in final testing and the service wnet live on This brief document explains at a high level how the links work, what needs to be set up to use them, and includes a form to apply for the service. Members that currently use Secom for settlement and clearing of Eurobonds are not obliged to use Euroclear or. A delivery free of payment mechanism for transferring holdings into Secom is available via a SIS transfer account with bank specially provided for this purpose. The basic straight through processing approach in the Swiss market remains unchanged. The overall principles that apply are also unchanged. See Sections 2 and 3. The document has the following structure: This introduction Chapter 2 covers the overall principles applying to the clearing of SWX trades Chapter 3 covers the various clearing & settlement message flows which take place in the cases of in-house settlement, cross-border settlement and trade routing Chapter 4 briefly outlines important testing issues Finally, Chapter 5 covers the way to apply for a Routing BP Id for Eurobonds Clearing via Euroclear/. The appendices cover the following: Appendix A contains the Application Form for a new or changed Eurobonds Routing BP Id Appendix B contains Templates for the Powers of Attorney needed for Euroclear and Appendix C gives the mapping of SWX fields to the settlement instructions routed to Euroclear and, and S.W.I.F.T. status messages. Abbreviations abbreviation BP Id Cedcom CSD Euclid ICSD Secom meaning business partner identification code the name used for participants in the Secom system s communication network (alternative to S.W.I.F.T. for order entry and report generation) Central Securities Depository Euroclear s communication network (alternative to S.W.I.F.T. for order entry and report generation) International Central Securities Depository for the purposes of this document Euroclear and are commonly entitled ICSD SIS Communications System the central computer system used by SIS

3 SWX Swiss Exchange SIS Page 2 Overall Principles Applying to Clearing of SWX Trades Overall Principles Applying to Clearing of SWX Trades Locked-in trades The overriding business assumption in the SWX market is that trades are binding. Members have no means to cancel trades once they have been generated, except by means of a trade reversal transaction (which is in effect a trade with reversed sign). SWX can cancel trades sent to SIS, but this is only intended for erroneous messages caused by system faults. Where Euroclear or is involved in the settlement of a trade, it is not always possible to block the amendment or cancellation of an SWX trade. In these situations, Euroclear and are required to inform SWX when trades are not settled. Member banks need to sign a Power of Attorney giving SWX (via SIS) the right to originate transactions on their behalf, and permitting exception reporting of material amendments to trades and settlement cancellations. See Appendix B for the relevant Power of Attorney templates for Euroclear and. Calculation of accrued interest and its inclusion in the settlement amount In the case of bond trades, SWX is responsible for calculating the appropriate amount of accrued interest, and for including it in the settlement amount before transmission for clearing. The relevant central securities depository (CSD) is responsible for crediting coupon payments to the beneficial owners of the securities at the appropriate time. Use of SWX Trade_Id to refer to trades generated by SWX The SWX Trade_Id is the preferred means to refer to all SWX-generated trades and is unique across all SWX members and securities. Bank internal references for the originating "orders", where supplied, are also available in the settlement record sent to Secom. When SIS routes an instruction to Euroclear or, the SWX Trade_Id is used as the Transaction Reference Number (S.W.I.F.T. field 20), so that the member concerned can reconcile the settlement instruction with the original SWX trade. In addition, the SWX Trade_Id and the buyer or seller bank internal reference the original order are also passed on in S.W.I.F.T. field 72. See Appendix C for details of the mappings between SWX fields and the various S.W.I.F.T. messages sent to Euroclear and. SWX rules for automated clearing and settlement In the majority of cases, trades which are generated by SWX (either on-market or off-exchange) are automatically cleared and settled (delivery versus payment). The following general rules apply: Trades are only forwarded for automatic clearing if they are for SIS-clearable securities in supported clearing currencies. Non-SIS-clearable securities are cleared according to procedures defined in the SWX Rules & Regulations. Generally, trades within the same member organisation are not automatically cleared SWX maintains a list of pairs of member organisations for which trades should not automatically be cleared ("Clearing Prevention Groups"). A trade is cleared automatically unless the pair of parties to the trade is in this list. Use of this feature for suppressing clearing is only intended for exceptional cases. Settlement details are calculated only for automatically cleared trades. In the case of on-market trades, the security reference data maintained by SWX determines whether or not trades for a particular security are automatically cleared. Note that for trades generated by

4 SWX Swiss Exchange SIS Page 3 Overall Principles Applying to Clearing of SWX Trades matching, members cannot select, on an individual order-by-order basis, which trades are automatically cleared. For off-exchange trades, members may control which trades are automatically cleared by means of attributes associated with each individual trade. An off-exchange trade is not automatically cleared in the following circumstances: The counterparties indicate that they wish to clear and settle the trade themselves. The counterparties explicitly enter a date upon which they wish to clear and settle the trade. This applies even if the date coincides with the value that the Exchange would have allocated. The trade date (entered by a member) is not a valid SWX business day (in the case, for example, of an off-exchange trade on a Sunday). Furthermore, reported trades (these are trades between an SWX member and a non-swx member) are not automatically cleared. Settlement cycle Currently settlement takes place in the rule three business days after the trade for SWX-generated settlement requests. This is driven by reference data held in the SWX database at the level of an individual security, by the holiday calendars for SIS 1, and by the holiday calendars for the settlement currency. Supported securities Trades are only forwarded to Secom for clearing and settlement if they are for SIS-clearable securities. Supported clearing currencies The currently supported clearing currencies are CHF, USD, and EUR. The clearing currency is generally the same as the trading currency for shares and derivatives. For bonds, the clearing currency is generally the same as the nominal currency. In certain exceptional cases, a different clearing currency is used (for example, dual currency bonds): in these cases, an SWX-defined exchange rate ( Change Fix is used) to convert the calculated settlement amount into the required currency. The SWX reference data clearly defines all the various currencies involved for each security. Supported Central Securities Depositories links for routing SWX always sends clearing messages to Secom when automatic clearing is required. Generally speaking, all securities traded on SWX are clearable by SIS for safe custody accounts in the Secom system. SIS also provides a number of automated links so that member banks can choose to hold certain classes of security in a safe custody account with another Central Securities Depository (CSD). The currently supported links for routing are as follows: For Eurobonds only, to Euroclear. For Eurobonds only, to. Further such links are planned (for instance, links to Crest and DBC for the clearing of Swiss securities). The routing of clearing instructions to another Central Securities Depository (CSD) is determined by reference data maintained by both SWX and SIS. This is covered further in Chapter 3. 1 SIS is open on all weekdays, excepting 1 January and 25 December. Euroclear and have the same opening days

5 SWX Swiss Exchange SIS Page 4 Clearing & Settlement Message Flows Clearing & Settlement Message Flows Introduction This section outlines the clearing- and settlement-related message flows in the following cases: Both counterparties have their safe custody accounts with SIS: this is termed in-house settlement The message flows used for in-house settlement form the basic framework for clearing and settlement of SWX trades. One counterparty has his safe custody account with SIS and the other with Euroclear or : this is termed cross-border settlement In this situation, the member with safe custody account with SIS receives the same status intimations Secom as for in-house settlement, whereas the other member receives only the relevant messages Euroclear or. Both counterparties have their safe custody accounts with Euroclear or : this is termed trade routing It is possible to route trades to either Euroclear or. In these situations, the members concerned receive no status intimations Secom. Under certain circumstances, an SWX remote member may not have any safe custody accounts in SIS. Nevertheless, SIS still performs trade routing on his behalf. Here, SWX collects the routing fees the member concerned on SIS s behalf. BP Ids determine which routing is applied Secom determines whether in-house settlement, cross-border settlement or trade routing is required the BP Ids supplied by SWX with the trade. The BP Id used by SWX for a given member organisation is determined by the class of security being cleared. This is represented in the SWX reference data is by means of a clearing organisation associated with each security 2. For each clearing organisation, SWX maintains a separate BP Id per member organisation. The currently defined classes of security (which broadly correspond to market segments ) are as follows. Each member may have the same, or different BP Ids for the two market segments. SWX will use the same BP Id for a given member organisation for all securities unless told otherwise: Securities traded in the SWX Main Market Here, SIS is the home CSD and Clearing_Organisation_Code = SGA Securities traded in the SWX Eurobond Market Here, Euroclear and are the home CSD's and Clearing_Organisation_Code = EBD. 2 The required information is accessible via the SWX Trading System MAPI using field Clearing_Organisation_Code in table SECURITY_CLEARING_PARAM. Note that SECURITY_CLEARING_PARAM is a disc-only table meaning that access is relatively slow. In addition, the table has an Effective_From_Date and Vers_No as key attributes: this means that the key can t easily be populated because these attributes are not necessarily known. The suggested approach is as follows: Read the data for one security whenever necessary using the TS_GetRows function with index count equal to 1. In the function callback, filter on the newest Effective_From_Date (less than or equal to Current_Business_Date) and highest Vers_No, and store the result in a small in-memory table for reuse throughout the business day Check the stored results whenever the business day changes (subscribe to updates on the table SYSTEM_PARAMETERS) Whenever inserts or update occur on the table SECURITY_CLEARING_PARAM (which can accomplished by subscribing using the TS_Select function), repeat the first step.

6 SWX Swiss Exchange SIS Page 5 Clearing & Settlement Message Flows Categories of Secom BP Id In Secom, there are two main categories of BP Id: In-house BP Id This is the normal SIS participant account in the Secom system Routing BP Id In the case of a Routing BP Id, the settlement instructions stored provide the necessary routing information for getting to the required CSD and safe custody account with that CSD. Each Routing BP Id has a default routing, which may be overridden for a specific settlement currency. Currently, it only makes sense to use a Routing BP Id for Eurobonds. The reason for this is that neither nor Euroclear currently supports the automatic clearing of SWX Main Market locked-in trades. As further CSD links become available, the situation will become more complex. Members will be informed of such new developments well in advance. See Chapter 5 for details of how to apply for a new Routing BP Id for clearing trades closed in the SWX Eurobond Market. Cancellation of SWX-originated Settlement Instructions As noted in Chapter 2, SWX trades are binding and members have no means to cancel trades once they have been generated, except by means of a trade reversal transaction. SWX can cancel and resend trades sent to SIS, but this is only intended for erroneous messages caused by system faults or incorrect accrued interest calculations. In the case that settlement instructions have been routed to another CSD, the cancellation and correction is automatically routed to the external CSD by SIS too. No additional intervention should be required the member. Transferring Eurobond holdings between Secom and Euroclear/ Facilities are also provided to enable Secom participants to transfer Eurobond holdings to and Euroclear/ accounts. Currently (December 98) these transfers take place via a UBS account at using DFP/RFP transactions. At the same time as the new trade routing and cross-border facilities are introduced by SIS, the UBS account will be replaced by a SIS account also at. Details of the precise instructions required will be communicated by SIS in due course. 3.1 In-house Settlement Essentially the in-house settlement process for SWX-generated trades takes place in the following steps: Generation of trade and "pre-matched" settlement request (trade day) The first stage in the process is the generation of a trade in SWX. This results in SWX sending a settlement instruction to Secom. Secom in turn then forwards a pair of "pre-matched" settlement orders to the counterparties involved. Members may adjust certain details of the settlement requests before settlement. The cash settlement systems are not involved in this part of the process. Settlement (settlement day) On the settlement day, Secom exchanges clearing messages with the relevant cash settlement system, and informs the involved parties of completion of the delivery versus payment. The way that the money side of the operation is performed depends on the settlement currency 3. Basically, the following steps take place as one single transaction: Secom checks the balance of security held and reserves the quantity to be settled. It then attempts the related funds transfer. 3 Details of this are outside the scope of this document: contact SIS for more information

7 SWX Swiss Exchange SIS Page 6 Clearing & Settlement Message Flows Upon successful funds transfer, the security quantity is transferred by Secom and the members are informed of the settlement and clearing via a status intimation. At the end of the settlement day, further messages are received concerning the totality of transactions for the day, depending on the cash settlement system involved. 3.2 Cross-border Settlement The way that cross-border settlement takes place is essentially that two back-to-back transactions are organised by SIS: 1. For the member with safe custody account in Secom, the trade is between himself and a special omnibus account in Secom representing the other CSD 2. For the member with safe custody account at the other CSD, the trade is between a special SIS omnibus account at the other CSD and himself. Note that the counterparty can always be read the SWX data for the trade concerned, even if this information is not always clear the Secom status intimations or other CSD messages. SIS is responsible for organising the flows of securities and money between the omnibus accounts involved, and for ensuring that the instructions arrive at the other CSD and any involved correspondent banks in time for settlement on the required date: For on holding basis safe custody accounts, SIS reserves the required securities and money in Secom the time the settlement instruction is transmitted to the other CSD until the transaction has completed. The timing of the messages depends on the level of real time support provided by the other CSD: if it is possible to send a pre-advice, then this is sent as soon as possible. The definitive settlement instruction is, however, not sent until close to settlement, so as not to block the Secom participant s account unduly long. For on credit basis safe custody accounts, the instruction is sent directly to the other CSD without blocking. If settlement cannot be completed on the settlement day, then the transaction is queued and retried on the following days until it succeeds. In the case of cross-border settlement, the message flows for the member with safe custody account in Secom are the same as for in-house settlement. The other member receives the normal settlement messages the other CSD. Clearing of the cash side of the transaction always takes place via the normal cash settlement system for the CSD where the safe custody account is based: For Secom, via SIS or SIS s correspondent (note that cash settlement for cross-border transactions is not currently possible via SIC/euroSIC) For, via bank For Euroclear, via Morgan Guaranty Trust Company of New York.

8 SWX Swiss Exchange SIS Page 7 Clearing & Settlement Message Flows Trade Routing In the case of trade routing, the members concerned receive the normal settlement messages their respective CSD s: If both counterparties are at the same external CSD (Euroclear or ), then Secom simply routes the required DVP and RVP transactions to Euroclear and/or as required In this case, the messages are sent directly on the trade date. If one counterparty is with and the other with Euroclear, then Secom simply routes the required Bridge DVP and RVP transactions to Euroclear and/or as required In this case also, the messages are sent directly on the trade date. If the counterparties are in two different CSD's not themselves connected by a Bridge, then SIS essentially carries out two back-to-back transactions, and organises the flows of securities and money between the special SIS omnibus accounts at the two external CSD's involved as necessary Here, the same considerations about settlement instruction timing apply as noted in Section 3.2. This case does not arise at present. Note that the counterparty can always be read the SWX data for the trade concerned, even if this is not always clear the messages sent by the other CSD's involved.

9 SWX Swiss Exchange SIS Page 8 Testing Testing Neither Euroclear nor has a permanent test environment. This means that it is impossible for SWX and SIS to offer members a fully integrated testing solution. Routing BP Ids will nevertheless also be opened in the Member Test environment and will cause the various types of routing (trade routing and cross-border settlement) to take place. However, the settlement instructions destined for Euroclear and will not be sent further. Members wishing, for test purposes, to confirm that the correct transactions have been generated and that the correct contents would have been routed, can ask for the individual messages for a particular day to be sent to them. Please contact SIS to arrange this: full details are given in the Realtime Eurobonds Phase II, published in January 1999.

10 SWX Swiss Exchange SIS Page 9 Applying for a Routing BP Id for Eurobonds Clearing via Euroclear/ Applying for a Routing BP Id for Eurobonds Clearing via Euroclear/ This chapter covers the approach needed to apply for the new trade routing and cross-border settlement services for Eurobonds. See Appendix A for the application form. The existing clearing instructions via Secom will be retained in the absence of further instructions the member: only members wishing to open a new Routing BP Id need to send in an application form. In order to fill out the form, it is necessary to have sent the necessary Power of Attorney agreements to Euroclear or, covering the required safe custody accounts at those organisations (see Appendix B). Copies of these Power of Attorney agreements will need to be attached to the form. In addition, it is necessary to know the SWX code and main In-house BP Id for your member organisation. The main choice is as follows: To use the existing main In-house BP Id To use a Routing BP Id In this latter case, it is also necessary to specify to which external account at which CSD the routed settlement instructions should be sent. Special instructions can be specified for particular currencies that override the default instructions. Please do not forget to enter (top left) whether the form is for a new Routing BP Id, for a change to an existing set up, or for a deletion (in this case the main In-house BP Id will be used for Eurobonds settlement) Also, please do not forget to specify the effective start dates.

11 SWX Swiss Exchange Page 10 M-SPR-CLL-8B25/E Application Form for Eurobonds Routing BP Id Appendix A. Application Form for Eurobonds Routing BP Id See the next page for the application form for applying for a new/changed Eurobonds Routing BP Id. The form should be sent, complete with all necessary copies of Power of Attorney agreements, to: SWX Swiss Exchange Key Account Management Members (Attn: Paola D Ambrogio) Postfach Selnaustr. 30 CH-8021 Zürich Fax: who will take the necessary steps to set up the required reference data in the SWX and SIS systems. Please allow at least two weeks for processing. The form will be returned to the member organisation at the normal correspondence address with all relevant fields filled out, as a confirmation. If you do not know your current SWX Member Organisation code or main SIS In-house BP Id, please contact Key Account Management Members at SWX.

12 mri[ mglerki 7;< mhipixmsr 7-7 /I]Â%GGSYRXÂ1EREKIQIRXÂ1IQFIVW :MWYQ (EXYQ Application for a Secom Routing BP Id for SWX-traded Eurobonds Member Organisation: SWX Code: Contact Person & Telephone: enter name Main In-house BP Id: (if any) We wish to clear Eurobonds traded on the SWX Swiss Exchange as follows (choose one): m via our main In-house BP Id as used for the SWX Main Market (see above) m via a Routing BP Id: Default routing (select only one option): m to our Euroclear account: m to our account: insert number if known enter account number enter account number q please open a new account æ copy of Power of Attorney attached required for a new or a changed account æ copy of Power of Attorney attached required for a new or a changed account Also, we need the following (more than one choice possible): q Special routing for USD to our account with : æ copy of Power of Attorney attached specify Euroclear or enter account number only where necessary q Special routing for EUR to our account with : specify Euroclear or enter account number only where necessary æ copy of Power of Attorney attached The change should take effect the following dates (at least two weeks notice should be given): Production environment: enter start date (default: as soon as possible) Member Test environment: enter start date (default: as soon as possible) We understand that routing and S.W.I.F.T. fees incurred will be charged by SIS to the member(s) holding their securities outside Secom. We also authorise SWX to collect these fees on behalf of SIS where direct charging is not (yet) possible. We confirm that the attached Power of Attorney agreements (if any) have been accepted by Euroclear and/or. Name and title of authorised signatory Authorised signature Name and title of authorised signatory Authorised signature Place Date

13 SWX Swiss Exchange Page 12 M-SPR-CLL-8B25/E Power of Attorney Templates Appendix B. Power of Attorney Templates B.1. Euroclear A template for the required Power of Attorney agreement for Euroclear is given on the next page. Such a Power of Attorney must be filled out and sent to Euroclear either covering all Euroclear accounts which will be used for cross-border settlement and trade routing via SIS, or specifying which individual Euroclear account(s) may be used. A copy of the signed Power of Attorney (as sent to Euroclear) should be attached to the Application Form requesting the setting up of trade routing for Eurobonds (see Appendix A). Note that material changes in the status of the Power of Attorney should also be communicated to SWX and SIS as soon as they are known (for example a change in an account number), so that the necessary reference data changes can be made on time. Please also note the following text that forms part of the Operating Procedures of Euroclear: Authorized disclosure (see Section 3.4): Participants are reminded that Morgan Guaranty Brussels may be required to confirm certain information to the Swiss Stock Exchange ( SWX ) concerning certain instructions (cancellation instructions of Participants, unsettled instructions after the due settlement date) resulting trading on SWX and instructed by SWX on behalf of Participants. Participants authorise Morgan Guaranty Brussels to disclose all such information (including their name, the SWX and the Euroclear reference) which SWX may require relating to trades executed on SWX. The form should be sent to: Client Service Administration Euroclear Operations Center Morgan Guaranty Trust Company Bd Emile Jacqmain 151 B-1210 Brussels

14 RG 213 Power of Attorney S.W.I.F.T. Access From (Company name & address) To Please complete this form and send it to Morgan Guaranty Trust Company of New York Euroclear Operations Centre Boulevard E. Jacqmain 151 B-1210 Brussels Belgium Attention: Client Service Administration Please be advised that we have granted to: Name: 7-77)+%-28)67)880)%+ Address: &EWPIVWXV ',3PXIR Bank Identifier Code (BIC) - 27)',>><<< (the Agent ) full power and authority to transmit securities transaction instructions and cancellations by S.W.I.F.T. for: q all Securities Clearance Accounts and related Cash Accounts, and any other accounts that may be opened time to time by us, or q our Securities Clearance Account (number), and the associated Cash Account, maintained on your books in connection with your role as Operator of the Euroclear System. You are hereby authorized to accept any and all instructions, send reports to, and provide any and all validation reports related thereto to the Agent for the above account(s). All S.W.I.F.T. instructions received the Agent will be processed in accordance with the Terms and Conditions Governing Use of Euroclear, the Supplementary Terms and Conditions Governing the Lending and Borrowing of Securities through Euroclear (if applicable), the Operating Procedures of the Euroclear System ( Operating Procedures ) and the General Conditions Governing Extensions of Credit to Participants in the Euroclear System ( General Conditions ) (if applicable). You may rely upon the accuracy of any data received the Agent without any further inquiry or examination. We acknowledge that we will be fully responsible, and will indemnify Morgan Guaranty, for all liability which may arise as a result of any instruction given by the Agent for the above account(s). Any revocation of this authorization will take effect on the Business Day (as defined in the Operating Procedures) following that upon which you receive written notice of revocation by us. We understand and hereby agree that any instruction received by you prior to the effectiveness of any such revocation will be processed in accordance with the Operating Procedures. This authorization is governed by and construed in accordance with the laws of Belgium. Name and title of authorized signatory Authorized signature Name and title of authorized signatory Authorized signature Place Date RG213-07/97

15 SWX Swiss Exchange Page 14 M-SPR-CLL-8B25/E Power of Attorney Templates B.2. A template for the required Power of Attorney agreement for is given on the next page. Such a Power of Attorney must be filled out and sent to for every account that will be used for cross-border settlement and trade routing via SIS. A copy of the signed Power of Attorney (as sent to ) should be attached to the Application Form requesting the setting up of trade routing for Eurobonds (see Appendix A). Note that material changes in the status of the Power of Attorney should also be communicated to SWX and SIS as soon as they are known (for example a change in an account number), so that the necessary reference data changes can be made on time. The form should be sent to: bank Credit Department Attn: Daphne Graham 67 Bd Grande-Duchesse Charlotte L-1331 Luxembourg

16 [Letterhead of the bank Customer] POWER OF ATTORNEY This power of attorney is granted on [insert date], [year]. [Insert name of bank customer], whose registered office is at [insert address] (the "Customer") hereby appoints SIS SEGAINTERSETTLE AG ( SIS ) acting through its duly authorised officers and as S.W.I.F.T. agent using the BIC address "INSECHZZXXX", to be its attorneys for the following purposes: 1. to approve, transmit, and amend any settlement instruction on behalf of the Customer relating to a security transaction on SWX Swiss Exchange for the following account(s) of the Customer at bank: [insert account details] ("the Account(s)"); 2. to receive bank information on the status of the instructions transmitted by the attorney related to but not limited to its cancellation, amendment or settlement provisioning failure. The Customer agrees that it shall be fully liable to bank for any and all obligations created on its behalf pursuant to the authority or purported authority of this power of attorney and undertakes to ratify whatever the attorneys cause to be done under the authority or purported authority of this power of attorney. In addition the Customer agrees that it has no right to cancel or amend the settlement instruction sent by the attorney and that any attempt to do so will be reported to the attorney. This power of attorney shall remain valid until notice of revocation or amendment is received the Customer by bank by registered letter/tested telex/authenticated swift message. A copy of such revocation or amendment shall be sent by the Customer to SIS and to SWX Swiss Exchange. Any such revocation or amendment shall take effect on the second business day in Luxembourg after receipt of the notice by bank or such other later date specified in the notice accordingly. This power of attorney is governed by and shall be construed in accordance with the laws of the Grand-Duchy of Luxembourg. In witness whereof this deed has been executed by the Customer and is intended to be and is hereby delivered on the date first above written. Executed as a deed by [Name of Customer] Signature of director Signature of director or The Common Seal of [Name of Customer] Signature of director Signature of director

17 SWX Swiss Exchange SIS Page 16 Mapping of SWX fields to Routed Settlement Instructions & S.W.I.F.T. Status Messages Appendix C. Mapping of SWX fields to Routed Settlement Instructions & S.W.I.F.T. Status Messages C.1. Euroclear SWX MT Settlement Request SWX Exchange System to Secom field name S.W.I.F.T. format RVP Order routed by Secom to Euroclear DVP Order routed by Secom to Euroclear MT 53x Euroclear SWX field example value field remarks field remarks field field MT 573 Euroclear 20 Transaction Reference Number 16x Trade_Id 00012A SWX Trade Id 20 SWX Trade Id (left empty) 21 (left empty) 12 Sub-message Type 3n 120 (MT ) 77E Proprietary Message 23 Further Identification 16x DVP (SWX acts as seller ) 30 Settlement Date YYMMDD Settlement_Date Settlement Date 30 Settlement Date P Date and Place of Trade YYMMDD /EXCH/3X (date part of) <trade_creation> Date_Time MARKET.external_ market_code /EXCH/SWX 31P Date and Place of Trade 31P Date and Place of Trade (not available) 72 (only trade date 35A Quantity of Securities 3a15n SECURITY_TYPE. secom_instrument _type_code SHS200, 35A Quantity of Securities 35A Quantity of Securities 35A 35A Trade_Size 35B Identification of Security ISINb12x ISIN ISIN EU B Identification of Security 35B Identification of Security 35B 35B

18 SWX Swiss Exchange SIS Page 17 Mapping of SWX fields to Routed Settlement Instructions & S.W.I.F.T. Status Messages SWX MT Settlement Request SWX Exchange System to Secom field name S.W.I.F.T. format RVP Order routed by Secom to Euroclear DVP Order routed by Secom to Euroclear MT 53x Euroclear SWX field example value field remarks field remarks field field MT 573 Euroclear 87C Receiver of Security 2a6n <buying_trading> External_ Member_Id 33T Deal Price 3a15n <trading> Currency_Code Trade_Price 32B Settlement Amount 3a15n <settlement> Currency_Code Settlement_ Amount 79 Narrative /BREF/16x /SREF/16x <buyer> & <seller> Bank_Internal_ Reference BU C Safe custody account of buyer at Euroclear/ PCT99,275 ("PCT" when traded in percent) 87a Counterparty information SIS s Euroclear/ account (where SIS is counterparty) or Buyer s BIC or Name and Address 83C or 87a as relevant (only Euroclear/ account number 33T Deal Price 33T Deal Price (not available) EUR49672,65 32B Settlement Amount 32B Settlement Amount 32B 32B /SREF/ /BREF/ (optional buyer and seller references) 72 /MGTCBEBEECL (internal instruction) or /CEDELULL (Bridge instruction) followed by SWX Trade_Id: //SWX/00012A followed by buyer reference (if any): //BREF/ /MGTCBEBEECL (internal instruction) or /CEDELULL (Bridge instruction) followed by SWX Trade_Id: //SWX/00012A followed by seller reference (if any): //SREF/ D (only Euroclear/ account number Euroclear is currently investigating the possibility of returning the SWX Trade_Id and buyer/seller reference via field 72

19 SWX Swiss Exchange SIS Page 18 Mapping of SWX fields to Routed Settlement Instructions & S.W.I.F.T. Status Messages SWX MT Settlement Request SWX Exchange System to Secom field name S.W.I.F.T. format RVP Order routed by Secom to Euroclear DVP Order routed by Secom to Euroclear MT 53x Euroclear SWX field example value field remarks field remarks field field MT 573 Euroclear 26H SIS Order Id 2a6n/7n External_Trade_Id CH108931/145 (identifies order between SWX and SIS) 82B Instructing Party 2a6n <seller>external_ Member_Id SE (seller) 87a Counterparty information SIS s Euroclear/ account (where SIS is counterparty) or Seller s BIC or Name and Address 83C Safe custody account of seller at Euroclear/ 87D or 83C as relevant (only Euroclear/ account number 26L Control Status 1n 2 (always value for Release) 85a SIS s original client in A or D format (crossborder settlement) 88a SIS s original client in A or D format (crossborder settlement) (not available) 83C (only Euroclear/ account number (not available)

20 SWX Swiss Exchange SIS Page 19 Mapping of SWX fields to Routed Settlement Instructions & S.W.I.F.T. Status Messages C.2. SWX MT Settlement Request SWX Exchange System to Secom field name S.W.I.F.T. format RVP Order routed by Secom to DVP Order routed by Secom to MT 53x SWX field example value field remarks field remarks returned in field MT 573 returned in field 20 Transaction Reference Number 16x Trade_Id 00012A SWX Trade Id 20 SWX Trade Id /CEDEL/41/SWXnnnn nnnn is derived tag 26H in the MT message 21 /CEDEL/51/SWXnnnn nnnn is derived tag 26H in the MT message SWXnnnn/ 41 or SWXnnnn/ 51 as applicable 12 Sub-message Type 3n 120 (MT ) 77E Proprietary Message 23 Further Identification 16x DVP (SWX acts as seller ) 30 Settlement Date YYMMDD Settlement_Date Settlement Date 30 Settlement Date P Date and Place of Trade YYMMDD /EXCH/3X (date part of) <trade_creation> Date_Time MARKET.external_ market_code /EXCH/SWX 31P Date and Place of Trade 31P Date and Place of Trade (not available) SWXnnnn/ 41 or SWXnnnn/ 51 as applicable 72 (only trade date 35A Quantity of Securities 3a15n SECURITY_TYPE. secom_instrument _type_code SHS200, 35A Quantity of Securities 35A Quantity of Securities 35A 35A Trade_Size 35B Identification of Security ISINb12x ISIN ISIN EU B Identification of Security 35B Identification of Security 35B 35B

21 SWX Swiss Exchange SIS Page 20 Mapping of SWX fields to Routed Settlement Instructions & S.W.I.F.T. Status Messages SWX MT Settlement Request SWX Exchange System to Secom field name S.W.I.F.T. format RVP Order routed by Secom to DVP Order routed by Secom to MT 53x SWX field example value field remarks field remarks returned in field MT 573 returned in field 87C Receiver of Security 2a6n <buying_trading> External_ Member_Id 33T Deal Price 3a15n <trading> Currency_Code Trade_Price 32B Settlement Amount 3a15n <settlement> Currency_Code Settlement_ Amount 79 Narrative /BREF/16x /SREF/16x <buyer> & <seller> Bank_Internal_ Reference BU C Safe custody account of buyer at Euroclear/ PCT99,275 ("PCT" when traded in percent) 87a Counterparty information SIS s Euroclear/ account (where SIS is counterparty) or Buyer s BIC or Name and Address 83C or 87D as relevant (only Euroclear/ account number 33T Deal Price 33T Deal Price (not available) EUR49672,65 32B Settlement Amount 32B Settlement Amount 32B 32B /SREF/ /BREF/ (optional buyer and seller references) 26H SIS Order Id 2a6n/7n External_Trade_Id CH108931/145 (identifies order between SWX and SIS) 72 SWX Trade_Id: /O/SWX/00012A followed by buyer reference (if any): //BREF/ SWX Trade_Id: /O/SWX/00012A followed by seller reference (if any): //SREF/ (SWX Trade_Id and buyer/ seller reference are 87D (only Euroclear/ account number (SWX Trade_Id and buyer/ seller reference are

22 SWX Swiss Exchange SIS Page 21 Mapping of SWX fields to Routed Settlement Instructions & S.W.I.F.T. Status Messages SWX MT Settlement Request SWX Exchange System to Secom field name S.W.I.F.T. format RVP Order routed by Secom to DVP Order routed by Secom to MT 53x SWX field example value field remarks field remarks returned in field MT 573 returned in field 82B Instructing Party 2a6n <seller>external_ Member_Id SE (seller) 87a Counterparty information SIS s Euroclear/ account (where SIS is counterparty) or Seller s BIC or Name and Address 83C Safe custody account of seller at Euroclear/ 87D or 83C as relevant (only Euroclear/ account number 26L Control Status 1n 2 (always value for Release) 85a SIS s client in A or D format (cross-border settlement) 88a SIS s client in A or D format (cross-border settlement) (not available) 83C (only Euroclear/ account number (not available)