Market Link Guide Netherlands

Transcription

1 arket Link Guide Netherlands The neclearstream service level provides customers with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between CBF, CBL and LuxC. CBL and LuxC are using CBF as single gateway into T2S markets, allowing seamless transfer between C and IC counterparties. This arket Link Guide represents Clearstream s efforts to streamline our custody network and improve our asset servicing and collateral management services in the new T2S environment. The service description is valid for CBF, CBL and LuxC customers, unless otherwise highlighted in the documentation. Key features C link as defined under CR * Yes Type of link For CBF customers For CBL customers For LuxC customers Direct link to Euroclear Netherlands Relayed link via Clearstream Banking AG, Frankfurt (All T2S eligible assets) to Euroclear Netherlands (All T2S eligible assets) Direct operated link via BP2S to Euroclear Netherlands (All non T2S-eligible assets, Selected Investment Funds) Relayed link via CBF to Euroclear Netherlands * C Regulation (EU) No 909/2014 art. 2 (29) C (as CBF s depository) Custodian (as CBL s depository) Custodian (as LuxC s depository) Asset Service Provider for CBF, CBL and LuxC a Name FATCA GIIN Country of incorporation Euroclear Nederland N1V1GJ E.276 The Netherlands Clearstream Banking AG, Frankfurt N1V1GJ E.276 Germany Clearstream Banking N1V1GJ E.276 Germany AG, Frankfurt BP2S, Paris 1G159I E.250 France Account operator in CBL a. BP2S continues to be CBL s depository for all T2S-non eligible securities.

2 perational arrangements For CBF customers Yes/No For CBL customers Yes/No For LuxC customers Yes/No Remarks Settlement in T2S Settlement free of payment Settlement against payment Settlement penalty fees Partial settlement Bridge settlement Hold and Release Yes Yes Yes Yes Yes Yes Yes Yes Yes (EUR only) No No No Yes Yes Yes No Yes No Yes Yes Yes Eligible settlement currencies (between CBF and CBL counterparties only): AUD, CAD, CHF a, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, XN, NK, NZD, PLN, RUB, SEK, SGD, TRY, U and ZAR. Allegements Yes Yes Yes Transaction Linking Bilateral Cancellation Registered securities Transaction anagement ulti arket Securities Yes Yes Yes Yes Yes Yes No No No Yes Yes Yes No Limited No Limited to transfers to and from T2S ut Cs Lending and borrowing Yes Yes Yes Debt securities only Proxy voting Yes Yes Yes

3 For CBF customers Yes/No For CBL customers Yes/No For LuxC customers Yes/No Remarks Investment Funds Liquidity Hub Connect Sale and purchase of rights No No No No No No No No No C-eligible investment funds only Repo services Yes Yes Yes arket restrictions No No No FTT No No No iscellaneous No No No a. Settlement in CHF is possible only for non-swiss securities and not against SIX SIS as counterparty in CBF.

4 General information - Netherlands CBF, CBL and LuxC-eligible security types Equities and investment funds Domestic bonds (including government bonds); Short-term notes: T-bills; Domestic and foreign commercial paper (including Dutch Treasury Certificates); Domestic and foreign certificates of deposit (including Nederlandsche Bank Certificates); edium-term notes; Foreign bonds; Stripped government bonds; Warrants. Note: Some selected T2S eligible Investment funds will settle via BP2S (depository 2N) in ENL and are not eligible in CBF and LuxC.

5 Depository Depository CBF CBL C All T2S eligible assets EURCLEAR NEDERLAND Damrak 70 P Box NL-1000 Amsterdam All T2S eligible assets CLEARSTREA BANKING AG ergenthalerallee 61 D Eschborn Germany All non-t2s eligible assets, selected investment funds EURCLEAR NEDERLAND Damrak 70 P Box NL-1000 Amsterdam Account operator BNP PARIBAS SECURITIES SERVICES, PARIS (BP2S) Les Grands oulins de Pantin 9 rue du Débarcadère Pantin France Physical deliveries: BNP PARIBAS SECURITIES SERVICES ASTERDA Attn: Jan Bras Herengraacht 595 NL-1017 CE Amsterdam The Netherlands LuxC All T2S eligible assets: CLEARSTREA BANKING AG ergenthalerallee 61 D Eschborn Germany

6 Physical securities For physical deliveries, please specify in any covering information that securities are for Deposit into Clearstream s account. The Euroclear Nederland deposit form is not required for deposits that are not ESESeligible made to BNP Paribas Securities Services. Physical deliveries for ESES-eligible bonds must be made to: BNP PARIBAS SECURITIES SERVICES ASTERDA Attn: Jan Bras Herengraacht 595 NL-1017 CE Amsterdam The Netherlands Customers that wish to credit Dutch physical securities to their Clearstream Banking S.A. (CBL) account must send: The physical securities, A cover letter with their 5-digit CBL account number, A completed Euroclear Nederland Deposit Form and A receive free instruction as specified in the relevant settlement instruction specifications. Upon receipt of the physical securities, and provided that the physical package is in negotiable form, BNP Paribas Securities Services (BP2S) will start the dematerialisation process with the agent. When this process is completed, the securities are delivered to Euroclear Netherlands for further credit in book-entry form to the CBL account. Non-ESES physical securities eligible in CBL Securities to be received in CBL must first be submitted to the depository bank at the following address: BNP Paribas Securities Services 489 Avenue Louise B-1050 Brussels Belgium Customers must ensure that a shipment advice accompanies each delivery and that the securities are of good delivery. The shipment advice must provide both: A full description of the securities delivered that includes related ISINs, related denominations and attached coupons; and The name and CBL account number of the beneficiary. Physical deliveries for non-eses-eligible bonds must be made to: KASBANK Attn: Euroclear Nederland Spuistraat 172 NL-1012 VT Amsterdam The Netherlands

7 ESES physical securities Customers must ensure that a shipment advice accompanies each delivery and that the securities are of good delivery. The shipment advice must provide both: A full description of the securities delivered that includes related ISINs, related denominations and attached coupons; and The name and CBL account number of the beneficiary. Important notes: BP2S reserves the right to return the physical package to, and at the expense of, the delivering customer if the physical package is not in negotiable form. The book-entry securities will not be credited to the CBL account if the receive free instruction is not received. When delivering physical securities to Euroclear Nederland for the account operated by BP2S customers must use a Deposit Form (see Euroclear Nederland deposit form). CBF Cash correspondent details Currency: CCB name: CBF account: Euro (EUR) via TARGET2 Bundesbank RTGS account of a direct TARGET2 participant CBL Cash correspondent details Currency: CCB name: CBL account: SWIFT address: Euro (EUR) via TARGET2 Banque centrale du Luxembourg See TARGET2 payment instructions TRGTXEPXXX LuxC Cash correspondent details Currency: CCB name: LuxC account: Euro (EUR) via TARGET2 Banque centrale du Luxembourg RTGS account of a direct TARGET2 participant

8 Settlement times - Netherlands The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL/CBF/LuxC and in the local market. Customers must also ensure that any necessary provision is available. If one or more of these criteria are not met, CBL/CBF/LuxC cannot guarantee timely settlement. Important Note: As part of CBL/CBF/LuxC s internal compliance procedures, all incoming customer instructions will be automatically scanned before entering transaction processing. Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the Customer via their chosen media channel(s), until either being manually released for processing or rejected. In order to ensure that instructions being investigated do not miss the applicable deadlines, Customers are advised to input instructions at least 15 minutes before the associated deadline. Settlement times for all T2S eligible securities Instruction Expected settlement Provisioning Deadline for receipt results of valid instruction start end from to value AP=Against payment in EUR, FP=Free of payment =Settlement date Receipts FP AP 18:05 a -1 18:05 a -1 17:55 b 15:55 b 17:55 15:55 22:00 c -1 22:00 c -1 18:00 18:00 Deliveries FP AP 18:05 a -1 18:05 a -1 17:55 b 15:55 b 17:55 15:55 22:00 c -1 22:00 c -1 18:00 18:00 a. Start of provision time for CBF and LuxC is 20:00-1 (Start of Night-time Settlement (NTS)) for CBF and LuxC) b. Instructions received from CBF and LuxC customers after 15:55 (DvP) and 17:55 (FoP) are settled on a best effort basis only. c. For CBF and LuxC customers, first results from NTS cycle can be expected around 22:20-1.

9 CBL - Against payment in all other currencies with CBF counterparties Instruction Expected settlement Provisioning Deadline for receipt of results valid instruction start end from to value AP=Against payment in EUR, FP=Free of payment =Settlement date Receipts AP 18: :10 17:10 17:00 18:00 Deliveries AP 18: :10 17:10 17:00 18:00 CBF - Against payment in all other currencies Instruction Expected settlement Provisioning Deadline for receipt of results valid instruction start end from to value AP=Against payment in EUR, FP=Free of payment =Settlement date Receipts AP 20: :10 17:30 a 17:00 18:00 Deliveries AP 20: :10 17:30 a 17:00 18:00 a Determined by reservation CDLR (Instruction is on hold) in T2S. CBF and CBL customers can enter into against payment transactions with counterparties in CBF for settlement in EUR or in the foreign currencies AUD, CAD, CHF, CNY, CZK, DKK, GBP, HKD, HUF, JPY, XN, NK, NZD, PLN, RUB, SEK, SGD, TRY, U and ZAR.

10 Settlement times for all non-t2s and non-eses eligible securities via BP2S (selected investment gunds) Instruction Expected settlement Provisioning Deadline for receipt results of valid instruction start end from to value AP=Against payment FP=Free of payment =Settlement date Receipts FP AP 17: : :45 15:45 17:45 15:45 22: : :00 a 18:00 a Deliveries FP AP 17: : :45 15:45 17:45 15:45 22: : :00 a 18:00 a a. Settlement confirmations received from BP2S during the day will be applied upon receipt.

11 Settlement services - Netherlands 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. The hold and release feature available in T2S will be used by CBL, CBF and LuxC for the pre-matching of settlement instructions in T2S. Service offered ethod employed Start (local time) All securities CBF and LuxC The T2S hold/release process allows for a released transaction to be set back to hold as long as it has not settled. Instructions that were sent on Hold can be released via a corresponding T540 T543 NEW. The status of a CBF/LuxC instruction can be changed via a modification (T530) until its final settlement. In parallel to the instruction hold flag set by the CBF/LuxC customers ( Party hold ), T2S provides hold information from the counterparty ( counterparty hold ) itself. Hence, the following values can be reported to CBF/LuxC customers: Automated through T2S n receipt of instructions CH for C hold PREA for Party hold RRCY for Counterparty hold CBL CBL releases pre-matching instructions (PREA) only outside the provisioning period to CBF for matching purposes only. As soon as the start of the provisioning period is reached and provided the provisioning of cash and securities is successful, the settlement instruction (NEW) will be released to CBF for further processing and settlement in T2S. nce the instruction is release to CBF, it cannot be set back on hold again. Automated through T2S n receipt of instructions atching service

12 atching is mandatory for all transactions settling in T2S. In addition to the mandatory matching criteria in T2S the following fields may, if present, be matching criteria. Additional matching field The following additional matching fields are initially not mandatory but, when one of the counterparties provides a value for them in its instruction, matching values must be provided by the other counterparty. pt-out indicator; CU/EX indicator ptional matching field The following optional matching fields must match when provided by both counterparties: Common reference; Client of delivering/receiving C participant; Securities account of the delivering/receiving C participant. Note: Clearstream recommends to agree on the usage of a common reference (:20C::C) and the T2S Security Account number (SAC) with the counterparty in Euroclear Netherlands. Both fields are optional matching criteria in T2S and avoid crossmatching if it is populated in the Settlement instructions of both parties.

13 Allegements All securities CBF CBL Receipt domestic instructions are automatically generated if the passive matching flag is set on the receiving main account or sub-account. In addition the generation follows the rules below: For domestic transactions, if the delivering party is an ICP or DCP customer and the recipient is a passive matching participant (ICP/DCP), CBF generates the receipt instruction based on the delivery instruction sent to CBF (ICP) or based on the copy of the DCP instruction (sese.023) received from T2S. For cross-border transactions where the deliverer is a foreign C customer and the recipient is a CBF customer (ICP/DCP), the receipt instruction is generated based on the allegement received from T2S. Allegements are not generated for Already matched instructions. CBL may receive counterparty instructions alleged on its account at CBF and will report them to customers provided that the customer s CBL account is present in the allegement and the allegement subscription is in place on the customer account. LuxC If a settlement instruction does not match after the first matching attempt, the counterparty is informed through an allegement message after a predefined period of time (T2S standard service). Identification of Cs in T2S In T2S all Cs will be identified by their BIC11. CBL, CBF and LuxC customers are required to use the following BIC11 as Place of Settlement for domestic instructions: C Euroclear Netherlands via T2S BIC11 NECINL2AXXX

14 Identification of the counterparty in T2S In T2S, the C participants are identified exclusively by the combination of their home C (i.e. PSET DAKVDEFFXXX) and their BIC11. CBF CBL Counterparty identification (counterparty C account) or alternatively SICVFRPPXXX (BIC11 of the counterparty C) a The counterparty C BIC is used by CBF to address the C where the counterparty is set up as T2S Party. This counterparty's C is reflected in CASCADE with a counterparty C account. The counterparty C BIC has to be used in cross-border instructions with T2S In- Cs. If a CBL customer uses a BIC8 to identify the Receiving/Delivering Agent, CBL shall be entitled to modify the BIC8 provided and the settlement instructions will be then processed by default with a BIC11 by adding the default XXX suffix to comply with T2S settlement rules. Accordingly, such customers remain liable for any settlement fails that the use of the BIC8 may cause and the customers furthermore agree to indemnify CBL against losses, liabilities, damages, penalties, expenses and all other costs on any kind suffered by CBL as a result of the customer not complying with the above requirement. T2S SAC NECIDAKVDEFFNL1000L10 DAKV LuxC Home C BIC11 and the T2S Party BIC11 of the C participant SAC of the C participant a. BIC11 of other T2S IN-Cs possible if the technical configuration in T2S is available.

15 Procedures for domestic counterparties Procedure for the domestic counterparty Deadline Receipt in CBF/Delivery from CBF CBF Deliver to/receive from: BIC DAKVDEFFXXX (T2S SAC number NECIDAKVDEFFNL1000L10)a In favour of/by order of: CBF Customer BIC11 and account number of the Clearstream customer 17:55 Receipt in CBL/Delivery from CBL CBL Deliver to/receive from: BIC DAKVDEFFXXX (CBF T2S SAC S NECIDAKVDEFFNL1000L10 at ENL) (CBL T2S SAC number DAKV at CBF)a In favour of/by order of: CBL BIC11 (CEDELULLXXX) and BIC11 or account number of the Clearstream customer 17:55 Receipt in LuxC/Delivery from LuxC LuxC Deliver to/receive from: BIC DAKVDEFFXXX (T2S SAC number NECIDAKVDEFFNL1000L10)a (LuxC T2S SAC number DAKV at CBF) In favour of/by order of: LuxC Customer BIC11 a. The securities account number (SAC) is an optional matching criteria in T2S. 17:55

16 Partial settlement In T2S partial settlement for eligible instructions is allowed at the last night-time settlement cycle in sequence X ; and within the real-time settlement period: At 08:00 CET,10:00 CET, 12:00 CET, 14:00 CET and 14:15 CET. 15 minutes prior to the DvP cut-off time (between 15:45 CET and 16:00 CET). Within these windows all transactions that are pending due to lack of securities or cash and hold a positive partial settlement indicator are included in the partial settlement processing. Whether partial settlement will be applied or not depends on the partial settlement indicator set within the instruction or on the customer account setup. A settlement Instruction will settle partially if both Counterparties instruct with the Field 22F PARQ. Partial settlement applies only when full settlement is not possible due to lack of securities or cash. T2S will perform partial settlement according to the available position after analysing the partial settlement indicator in the instruction. The settlement instructions are submitted to a full settlement attempt before being submitted to a partial settlement attempt. Partial settlement is applicable to domestic and cross-border instructions and is not allowed for PFoD instructions. Also, Partial settlement is not applied if instructions are linked to any other settlement instruction with link type Before, After, With or via pool reference. Partial settlement is not applied if the transaction undergoes a process where a Co Hold is used. The unsettled remaining part of a partially settled settlement instruction can be cancelled. Partial Settlement CBF CBL LuxC CBF customers can define within the instruction whether partial settlement is to be applied or not by setting a partial settlement indicator. In addition, they can set a flag on account level (CBF 7-digit account number) that defines the default value to be set to those instructions where the partial settlement indicator is not filled. The flag is maintained within CBF s static account database and defines which partial settlement indicator is to be assigned to an instruction as default value (NPAR, PART).The flag applies to delivery and receipt instructions. Customers delivery and receipt instructions will continue to be provisioned for the full quantity and/or cash value before being released for settlement. Consequently, customer s delivery and receipt instructions may only settle partially if their counterparty is short of securities or cash and the instructions are received by T2S within the times set above. When CBL customers access T2S via CBF, the default set up will be Partial Settlement. Customers that do not wish their transactions to settle partially must provide the No Partial Settlement flag (NPAR) in their instruction. LuxC customers can define within the instruction whether partial settlement is to be applied or not by setting a partial settlement indicator.

17 Allowed countervalue difference The following T2S cash tolerances will apply to instructions (against payment instructions in EUR only): EUR 2 for transactions with an amount equal to or less than EUR 100,000; and EUR 25 for transactions with an amount greater than EUR 100,000. In the event of a discrepancy within the limits, in principle the cash amount of the delivering party will prevail. Bridge settlement CBL customers can settle Euroclear Netherlands T2S- eligible securities via the Bridge. This service is not available for CBF and LuxC customers. Back-to-back processing (Transaction Linking) Back-to-back processing is available for transactions in French T2S eligible securities. Cancellation Unmatched instructions can be cancelled unilaterally, at any time, by the party who placed the instruction or until cancelled by T2S. atched instructions must be cancelled bilaterally by both counterparties. Recycling rules Unmatched instructions will be recycled for 20 business days (starting from the initial settlement date), after which they will be cancelled. Unmatched cancellation requests will be recycled for 20 business days (starting from the date of receipt). atched instructions will have no cancellation limit and will be recycled until a business rule is violated (for example, security reaches maturity). New issues settlement Customers interested in the service for new issues of CBF government bonds should contact Clearstream Banking Customer Service or their Relationship fficer.

18 Custody services - Netherlands Income collection The record date for equities is ex-date +2 business days. Service offered Remarks Notification to customers Standard reporting. Payment of proceeds Income payments are credited with same day value to the customer's account at the start of real-time processing of the income payment date. No specific deviations from standard reporting provided by CBL apply to the Dutch market. Corporate actions Service offered Remarks Notification to customers Standard reporting. Instruction to CBL CBL collects and processes customer instructions for voluntary events, such as subscription offer, choice dividend, reinvestment option, exchange offer, purchase offer, merger with instruction etc. n voluntary and mandatory events, CBL informs customers, on an as and if received basis, of unscheduled securities events occurring on account holdings. The most common voluntary event on the Dutch market is the choice dividend. Proxy Voting procedures Proxy voting services (including electronic proxy voting and access card request services, for physical attendance at meetings) are available in CBL for this market. For details on the proxy voting services offered by CBL, please refer to the CBL Customer Handbook and, for the market specific practices, please refer to the arket Profile - Netherlands. Entitlement compensation rules Please refer to the Entitlement Compensation Rules - Netherlands. Transaction management Please refer to Transaction anagement Rules - Netherlands. ther services - Netherlands

19 Securities lending and borrowing Equities and warrants are not eligible for CBL s securities lending and borrowing programme. All Dutch debt securities eligible in CBL qualify for CBL s securities lending and borrowing programme. ulti-arket securities service ESES introduces the C of Reference concept for the ESES markets; Belgium, France and the Netherlands. Each security can only be deposited in one of the three Cs on the ESES platform at the designated C of Reference. This is applicable to both Group securities, that is Belgian, Dutch and French securities, and to Foreign securities. For further information, please refer to the ulti-arket Securities Guide. Disclosure requirements Please refer to the Disclosure Requirements - Netherlands. Holding restrictions No specific holding restrictions apply other than the ones defined at market level. Tax services Please refer to the Netherlands tax area.

20 Instruction specifications - Xact via SWIFT and Xact File Transfer Netherlands (CBL only) In the following tables, =andatory; =ptional; C=Conditional; Seq=SWIFT essage (sub)sequence. T540 Receive Free :20C: :C //common reference a A1 :98a: :TRAD //Trade date/time B :22F: :TTC //CCPN or XCPN b :22F: :STC //NPAR c E :22F: :STC //NC c :95P: :PSET //NECINL2AXXX E1 :95P: :DEAG //Counterparty s BIC8 or BIC 11 d :97A: :SAFE a //Counterparty's account in T2S :95P: :SELL a //rdering party s BIC 8 or BIC11, if different from DEAG b or :95Q: :SELL a //rdering party s name, if different from DEAG or :95R: :SELL a //rdering party s proprietary code, if different from DEAG :97A: :SAFE //rdering party s account :95a: :BUYR e //Beneficiary Seq

21 T541 Receive Against Payment :20C: :C //common reference a A1 :98a: :TRAD //Trade date/time B :22F: :TTC //CCPN or XCPN b :22F: :STC //NPAR c E :22F: :STC //NC c :95P: :PSET //NECINL2AXXX E1 :95P: :DEAG //Counterparty s BIC8 or BIC 11 d :97A: :SAFE a //Counterparty's account in T2S :95P: :SELL a //rdering party s BIC 8 or BIC11, if different from DEAG b or :95Q: :SELL a //rdering party s name, if different from DEAG or :95R: :SELL a //rdering party s proprietary code, if different from DEAG :97A: :SAFE //rdering party s account :95a: :BUYR e //Beneficiary Seq

22 T542 Deliver Free :20C: :C //common reference a A1 :98a: :TRAD //Trade date/time B :22F: :TTC //CCPN or XCPN b :22F: :STC //NPAR c E :22F: :STC //NC c :95P: :PSET //NECINL2AXXX E1 :95P: :REAG //Counterparty s BIC8 or BIC 11 d :97A: :SAFE a //Counterparty's account in T2S :95P: :BUYR a //Beneficiary s BIC 8 or BIC11, if different from DEAG b or :95Q: :BUYR a //Beneficiary s name, if different from DEAG or :95R: :BUYR a //Beneficiary s proprietary code, if different from DEAG :97A: :SAFE //Beneficiary s account :95a: :SELL e //rdering party Seq

23 T543 Deliver Against Payment :20C: :C //common reference a A1 :98a: :TRAD //Trade date/time B :22F: :TTC //CCPN or XCPN b :22F: :STC //NPAR c E :22F: :STC //NC c :95P: :PSET //NECINL2AXXX E1 :95P: :REAG //Counterparty s BIC8 or BIC 11 d :97A: :SAFE a //Counterparty's account in T2S :95P: :BUYR a //Beneficiary s BIC 8 or BIC11, if different from DEAG b or :95Q: :BUYR a //Beneficiary s name, if different from DEAG or :95R: :BUYR a //Beneficiary s proprietary code, if different from DEAG :97A: :SAFE //Beneficiary s account :95a: :SELL e //rdering party a. ptional matching fields. b. Additional matching fields. c. nly provide in order to prevent partial settlement. Euroclear Nederland only accepts indicators CEX/PARQ and CEX/PARC when instructing in IS d. If a customer uses a BIC8, Clearstream Banking shall be entitled to modify the BIC8 by adding the default XXX suffix to comply with T2S settlement rules. Accordingly, such customers remain liable for any settlement fails that the use of the BIC8 may cause. e. This optional matching field will be forwarded as received. T2S will only match if provided with format BIC or proprietary. If a customer uses a BIC8, Clearstream Banking will add the default XXX suffix to comply with T2S settlement rules. If not present, Clearstream will default the customer s matching BIC for the instructing account (refer to Announcement A16033). Seq

24 Physical transactions T540 Receive Free :98a: :TRAD //trade date and time B Seq :70E: :SPR //Full name and address of ordering party (if different from Seller) + Beneficiary s account (if applicable) :95P: :PSET //NECINL2A(XXX) E1 :95R: :DEAG /EGSP/ :95Q: :SELL //Full name and address of supplier of securities

25 Instruction specifications - Creationnline Netherlands (CBL only) In the following tables, =andatory; =ptional; C=Conditional. Receive Free Common Reference Client reference a Partial Settlement b Partial allowed (default in T2S) Partial not allowed Trade Date Deal Price Place of Settlement BIC Party NECINL2AXXX - Euroclear Netherlands Delivering Agent BIC Party counterparty s BIC Account a counterparty's account in T2S Seller BIC Party ordering party's BIC or Seller a Name and Address Party ordering party s Name or Seller a Data source scheme Party ordering party's proprietary code Account ordering party s account ther Parties Additional Indicators Additional Indicators Type: Buyer c Format: BIC, Name and Address or Data source scheme Type: Trade Transactioin Condition Indicator Code: Ex Coupon or Cum Coupon d Type: Settlement Transaction Condition Indicator Code: No Automatic arket Claim d

26 Receive against payment Common Reference Client reference a Partial Settlement b Partial allowed (default in T2S) Partial not allowed Trade Date Deal Price Place of Settlement BIC Party NECINL2AXXX - Euroclear Netherlands Delivering Agent BIC Party counterparty s BIC Account a counterparty's account in T2S Seller BIC Party ordering party's BIC or Seller a Name and Address Party ordering party s Name or Seller a Data source scheme Party ordering party's proprietary code Account ordering party s account ther Parties Additional Indicators Additional Indicators Type: Buyer c Format: BIC, Name and Address or Data source scheme Type: Trade Transactioin Condition Indicator Code: Ex Coupon or Cum Coupon d Type: Settlement Transaction Condition Indicator Code: No Automatic arket Claim d

27 Deliver Free Common Reference Client reference a Partial Settlement b Partial allowed (default in T2S) Partial not allowed Trade Date Deal Price Place of Settlement BIC Party NECINL2AXXX - Euroclear Netherlands Receiving Agent BIC Party counterparty s BIC Account a counterparty's account in T2S Buyer BIC Party beneficiary's BIC or Buyer a Name and Address Party beneficiary's Name or Buyer a Data source scheme Party beneficiary's proprietary code Account beneficiary's account ther Parties Additional Indicators Additional Indicators Type: Seller c Format: BIC, Name and Address or Data source scheme Type: Trade Transactioin Condition Indicator Code: Ex Coupon or Cum Coupon d Type: Settlement Transaction Condition Indicator Code: No Automatic arket Claim d

28 Deliver against payment Common Reference Client reference a Partial Settlement b Partial allowed (default in T2S) Partial not allowed Trade Date Deal Price Place of Settlement BIC Party NECINL2AXXX - Euroclear Netherlands Receiving Agent BIC Party counterparty s BIC Account a counterparty's account in T2S Buyer BIC Party beneficiary's BIC or Buyer a Name and Address Party beneficiary's Name or Buyer a Data source scheme Party beneficiary's proprietary code Account beneficiary's account ther Parties Additional Indicators Type: Seller c Format: BIC, Name and Address or Data source scheme Type: Trade Transactioin Condition Indicator Code: Ex Coupon or Cum Coupon d Additional Indicators a. ptional matching fields. Type: Settlement Transaction Condition Indicator Code: No Automatic arket Claim d b. nly provide in order to prevent partial settlement. Euroclear Nederland only accepts indicators CEX/PARQ and CEX/PARC when instructing in IS c. This optional matching field will be forwarded as received. T2S will only match if provided with format BIC or proprietary. If not present, Clearstream will default the customer s matching BIC for the instructing account (refer to Announcement A16033) d. Additional matching fields.

29 Physical transactions Receive Free Trade Date/Time trade date and time Place of Settlement BIC Party NECINL2AXXX - Euroclear Netherlands Delivery Agent Euronext - BE, FR, NL Party Seller Name and Address Party Settlement Processing Narrative Full name and address of supplier of securities Full name and address of ordering party (if different from Seller) + Beneficiary s account (if applicable)

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31 Instruction specifications - Xact Web Portal Netherlands (CBF and CBL) In the following tables, =andatory; =ptional; C=Conditional. Receive Free Common ID Client reference a Trade date Deal price Trade transaction cond. XCPN - Ex Coupon or CCPN - Cum Coupon d Sett. transaction cond. NC -No Automatic arket Claim d Partial Settlement b Delivering settlement parties PART - Partial allowed (default in T2S) NPAR - Partial not allowed Depository Format BIC Depository Identifier NECINL2AXXX Party 1 Format BIC Party 1 Identifier counterparty s BIC Party 1 Safekeeping account a counterparty's account in T2S Party 2 Format BIC Party 2 Identifier ordering party's BIC or Party 2 Format a Name Party 2 Identifier ordering party s Name or Party 2 Format a Proprietary Party 2 Issuer Party 2 Identifier ordering party's proprietary (DSS) code ordering party's proprietary value Party 2 Safekeeping account ordering party s account Receiving settlement parties Depository Format BIC Depository Identifier BIC of receiving settlement party depository Party 1 Format BIC Party 1 Identifier Party 1 Safekeeping account DAKVDEFFXXX (T2S SAC number) NECIDAKVDEFFNL1000L10 a Party 2 Format Buyer s format: BIC Name or Proprietary Party 2 Issuer Party 2 Identifier If Format is Proprietary Buyer s proprietary (DSS) code Buyer s BIC or Name or Proprietary value

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33 Receive against payment Common ID Client reference a Trade date Deal price Trade transaction cond. XCPN - Ex Coupon or CCPN - Cum Coupon d Sett. transaction cond. NC -No Automatic arket Claim d Partial Settlement b Delivering settlement parties PART - Partial allowed (default in T2S) NPAR - Partial not allowed Depository Format BIC Depository Identifier NECINL2AXXX Party 1 Format BIC Party 1 Identifier Party 1 Safekeeping account a counterparty s BIC counterparty's account in T2S Party 2 Format BIC Party 2 Identifier ordering party's BIC or Party 2 Format a Name Party 2 Identifier ordering party s Name or Party 2 Format a Proprietary Party 2 Issuer Party 2 Identifier Party 2 Safekeeping account Receiving settlement parties ordering party's proprietary (DSS) code ordering party's proprietary value ordering party s account Depository Format BIC Depository Identifier BIC of receiving settlement party depository Party 1 Format BIC Party 1 Identifier Party 1 Safekeeping account DAKVDEFFXXX (T2S SAC number) NECIDAKVDEFFNL1000L10 a Party 2 Format Buyer s format: BIC Name or Proprietary Party 2 Issuer Party 2 Identifier If Format is Proprietary Buyer s proprietary (DSS) code Buyer s BIC or Name or Proprietary value

34 Deliver Free Common ID Client reference a Trade date Deal price Trade transaction cond. XCPN - Ex Coupon or CCPN - Cum Coupon d Sett. transaction cond. NC -No Automatic arket Claim d Partial Settlement b Receiving settlement parties PART - Partial allowed (default in T2S) NPAR - Partial not allowed Depository Format BIC Depository Identifier NECINL2AXXX Party 1 Format BIC Party 1 Identifier Party 1 Safekeeping account a counterparty s BIC counterparty's account in T2S Party 2 Format BIC Party 2 Identifier ordering party's BIC or Party 2 Format a Name Party 2 Identifier ordering party s Name or Party 2 Format a Proprietary Party 2 Issuer Party 2 Identifier Party 2 Safekeeping account Delivering settlement parties ordering party's proprietary (DSS) code ordering party's proprietary value ordering party s account Depository Format BIC Depository Identifier BIC of delivering settlement party depository Party 1 Format BIC Party 1 Identifier Party 1 Safekeeping account DAKVDEFFXXX (T2S SAC number) NECIDAKVDEFFNL1000L10 a Party 2 Format Buyer s format: BIC Name or Proprietary Party 2 Issuer Party 2 Identifier If Format is Proprietary Buyer s proprietary (DSS) code Buyer s BIC or Name or Proprietary value

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36 Deliver against payment Common ID Client reference a Trade date Deal price Trade transaction cond. XCPN - Ex Coupon or CCPN - Cum Coupon d Sett. transaction cond. NC -No Automatic arket Claim d Partial Settlement b Receiving settlement parties PART - Partial allowed (default in T2S) NPAR - Partial not allowed Depository Format BIC Depository Identifier NECINL2AXXX Party 1 Format BIC Party 1 Identifier counterparty s BIC Party 1 Safekeeping account a counterparty's account in T2S Party 2 Format BIC Party 2 Identifier ordering party's BIC or Party 2 Format a Name Party 2 Identifier ordering party s Name or Party 2 Format a Proprietary Party 2 Issuer Party 2 Identifier ordering party's proprietary (DSS) code ordering party's proprietary value Party 2 Safekeeping account ordering party s account Delivering settlement parties Depository Format BIC Depository Identifier BIC of delivering settlement party depository Party 1 Format BIC Party 1 Identifier Party 1 Safekeeping account DAKVDEFFXXX (T2S SAC number) NECIDAKVDEFFNL1000L10 a Party 2 Format Buyer s format: BIC Name or Proprietary Party 2 Issuer If Format is Proprietary Buyer s proprietary (DSS) code Party 2 Identifier Buyer s BIC or Name or Proprietary value a. ptional matching fields. b. nly provide in order to prevent partial settlement. Euroclear Nederland only accepts indicators CEX/PARQ and CEX/PARC when instructing in IS c. This optional matching field will be forwarded as received. T2S will only match if provided with

37 format BIC or proprietary. If not present, Clearstream will default the customer s matching BIC for the instructing account (refer to Announcement A16033) d. Additional matching fields. Physical transactions Receive Free Trade date Deal price Settlement instruction processing additional details Delivering settlement parties Full name and address of ordering party (if different from Party 2) + Beneficiary s account (if applicable) Depository Format BIC Depository Identifier NECINL2AXXX Party 1 Format Proprietary Party 1 Issuer Party 1 Identifier Party 1 Safekeeping account EGSP (Proprietary (DSS) code) Proprietary value of ESES Party 2 Format Name Party 2 Identifier ordering party s Name

38 Instruction specifications CASCADE Netherlands (CBF only) In the following tables =andatory; Seq=SWIFT essage (sub)sequence. CASCADE - Deliver (KVEE/WE) Deliver free Last-Kto Gut-Kto T2S PARTY BIC of CBF participant (alternative 4-digit account master or 7-digit account) NECINL2AXXX (alternative a ) Schlusstag Trade Date Referenz-Nr. Common Trade Reference b Partial Settl Indicator PART or NPAR c pt-out Empty(default) or J d Ex-trd CCPN or XCPN d or Empfaenger-P1 - BIC Empfaenger-P1 - SAC Empfaenger-P2 - BIC Euroclear Nederlands participant T2S Party BIC11 Euroclear Nederlands participant T2S Securities Account (SAC) BIC11 of final beneficiary Empfaenger-P2 - DSS Party 2 DSS (EGSP) Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2-BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S.

39 Delivery against Payment (DvP), Delivery with Payment (DwP) and Payment Free of Delivery (PFoD DELI e ) Last-Kto Gut-Kto T2S PARTY BIC of CBF participant (alternative 4-digit account master or 7-digit account) NECINL2AXXX (alternative a ) Schlusstag Trade Date Referenz-Nr. Common Trade Reference b Partial Settl Indicator PART or NPAR c pt-out Empty(default) or J d Ex-trd CCPN or XCPN d Gegenwert Cash amount (in EUR) f or Empfaenger-P1 - BIC Empfaenger-P1 - SAC Empfaenger-P2 - BIC Euroclear Nederlands participant T2S Party BIC11 Euroclear Nederlands participant T2S Securities Account (SAC) BIC11 of final beneficiary Empfaenger-P2 - DSS Party 2 DSS (EGSP) Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2-BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S. a This account number can also be used for the delivery/receipt of German securities to/from local market participants b ptional atching field c nly provide in order to prevent Partial Settlement d Additional atching field e The cash receiving party instructs a securities delivery (PFoD DELI) with the securities nominal amount zero f For a Delivery with Payment (DwP) instruction, the cash amount is entered with a negative (- sign) prefix.

40 CASCADE - Receipt (KVEE/I) Receive Free Gut-Kto Last-Kto T2S PARTY BIC of CBF participant (alternative 4-digit account master or 7-digit account) NECINL2AXXX (alternative a ) Schlusstag Trade Date Referenz-Nr. Common Trade Reference b Partial Settl Indicator PART or NPAR c pt-out Empty(default) or J d Ex-trd CCPN or XCPN d Lieferer-P1 - BIC Euroclear Nederlands participant T2S Party BIC11 Lieferer-P1 - SAC Euroclear Nederlands participant T2S Securities Account (SAC) Lieferer-P2 - BIC BIC11 of final beneficiary or Lieferer-P2 - DSS Party 2 DSS (EGSP) Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2- BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S.

41 Receive against payment (RvP), Receive with Payment (DwP) and Payment Free of Delivery (PFoD RECE e ) Gut-Kto Last-Kto T2S PARTY BIC of CBF participant (alternative 4-digit account master or 7-digit account) NECINL2AXXX (alternative a ) Schlusstag Trade Date Referenz-Nr. Common Trade Reference b Partial Settl Indicator PART or NPAR c pt-out Empty(default) or J d Ex-trd CCPN or XCPN d Gegenwert Cash amount (in EUR) f Lieferer-P1 - BIC Euroclear Nederlands participant T2S Party BIC11 Lieferer-P1 - SAC Euroclear Nederlands participant T2S Securities Account (SAC) Lieferer-P2 - BIC BIC11 of final beneficiary or Lieferer-P2 - DSS Party 2 DSS (EGSP) Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2- BIC11 and P2- SAC and will be forwarded as matching relevant information to T2S. a This account number can also be used for the delivery/receipt of German securities to/from local market participants b ptional atching field c nly provide in order to prevent Partial Settlement d Additional atching field e The cash delivering party instructs a securities delivery (PFoD RECE) with the securities nominal amount zero f For a Receive with Payment (RwP) instruction, the cash amount is entered with a negative (- sign) prefix.

42 Instruction specifications CASCADE PC- Netherlands (CBF only) Deliver Free Debit account Credit account T2S PARTY BIC of CBF participant (alternative 4-digit account master or 7-digit account) NECINL2AXXX (alternative a ) Trade Date Trade Date Ref.no. Common Trade Reference b Partial Settlement Indicator PART or NPAR c pt-out Empty(default) or Y d Ex-trade CCPN or XCPN d Buyer-P1 - BIC Euroclear Nederlands participant T2S Party BIC11 Buyer-P1 - SAC Euroclear Nederlands participant T2S Securities Account (SAC) Buyer-P2 - BIC BIC11 of final beneficiary or Buyer-P2 DSS Party 2 DSS (EGSP) Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2- BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S.

43 Delivery against Payment (DvP), Delivery with Payment (DwP) and Payment Free of Delivery (PFoD DELI e ) Debit account Credit account T2S PARTY BIC of CBF participant (alternative 4-digit account master or 7-digit account) NECINL2AXXX (alternative a ) Trade Date Trade Date Ref.no. Common Trade Reference b Partial Settlement Indicator PART or NPAR c pt-out Empty(default) or Y c Ex-trade CCPN or XCPN c Countervalue Cash amount (in EUR) f Buyer-P1 - BIC Euroclear Nederlands participant T2S Party BIC11 Buyer-P1 - SAC Euroclear Nederlands participant T2S Securities Account (SAC) Buyer-P2 - BIC BIC11 of final beneficiary or Buyer-P2 DSS Party 2 DSS (EGSP) Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2- BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S. a This account number can also be used for the delivery/receipt of German securities to/from local market participants b ptional atching field c nly provide in order to prevent Partial Settlement d Additional atching field e The cash receiving party instructs a securities delivery (PFoD DELI) with the securities nominal amount zero f For a Delivery with Payment (DwP) instruction, the cash amount is entered with a negative (- sign) prefix.

44 Receive Free Credit account Debit account T2S PARTY BIC of CBF participant (alternative 4-digit account master or 7-digit account) NECINL2AXXX (alternative a ) Trade Date Trade Date Ref.no. Common Trade Reference b Partial Settlement Indicator PART or NPAR c pt-out Empty(default) or Y d Ex-trade CCPN or XCPN d Seller-P1 - BIC Euroclear Nederlands participant T2S Party BIC11 Seller-P1 - SAC Euroclear Nederlands participant T2S Securities Account (SAC) Seller-P2 - BIC BIC11 of final beneficiary or Seller-P2 DSS Party 2 DSS (EGSP) Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2- BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S.

45 Receive against Payment (RvP), Receive with Payment (RwP) and Payment Free of Delivery (PFoD RECE e ) Credit account Debit account T2S PARTY BIC of CBF participant (alternative 4-digit account master or 7-digit account) NECINL2AXXX (alternative a ) Trade Date Trade Date Ref.no. Common Trade Reference b Partial Settlement Indicator PART or NPAR c pt-out Empty(default) or Y d Ex-trade CCPN or XCPN d Countervalue Cash amount (in EUR) f Seller-P1 - BIC Euroclear Nederlands participant T2S Party BIC11 Seller-P1 - SAC Euroclear Nederlands participant T2S Securities Account (SAC) Seller-P2 - BIC BIC11 of final beneficiary or Seller-P2 DSS Party 2 DSS (EGSP) Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2- BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S. a This account number can also be used for the delivery/receipt of German securities to/from local market participants b ptional atching field c nly provide in order to prevent Partial Settlement d Additional atching field e The cash delivering party instructs a securities delivery (PFoD RECE) with the securities nominal amount zero f For a Receive with Payment (RwP) instruction, the cash amount is entered with a negative (- sign) prefix.

46 Instruction specifications SWIFT in IS15022 format (ICP mode) Netherlands (CBF only) Note: The SWIFT formats below are those that are recommended by CBF. rdering parties and beneficiaries can also be specified in other combinations but the counterparty information must contain a BIC11. SWIFT in IS format (ICP mode) Note: The SWIFT formats below are those that are recommended by CBF. rdering parties and beneficiaries can also be specified in other combinations but the counterparty information must contain a BIC11. T542 Deliver Free :20C: :C //common reference a A1 :98A: :TRAD //Trade date B :22F: :TTC //CCPN or XCPN b :22F: :STC //PART or NPAR c :22F: :STC //NC b :97A: :SAFE //4-digit account master or 7-digit account in CASCADE C :95P: :PSET //DAKVDEFFXXX E1 :95P: :REAG //NECINL2AXXX E1 :97A: :SAFE // d E1 :95P: :BUYR //Euroclear Nederlands participant T2S Party BIC11 E1 Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2-BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S. Seq

47 T543 Delivery against Payment (DvP), Delivery with Payment (DwP) and Payment Free of Delivery (PFoD DELI e ) :20C: :C //common reference a A1 :98A: :TRAD //Trade date B :22F: :TTC //CCPN or XCPN b :22F: :STC //PART or NPAR c :22F: :STC //NC b : :19A: :SETT //Currency, cash equivalent (in EUR) f C :97A: :SAFE //4-digit account master or 7-digit account in CASCADE C :95P: :PSET //DAKVDEFFXXX E1 :95P: :REAG //NECINL2AXXX E1 :97A: :SAFE // d E1 :95P: :BUYR //Euroclear Nederlands participant T2S Party BIC11 E1 Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2-BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S. a ptional atching field b Additional atching field c nly provide in order to prevent Partial Settlement d This account number can also be used for the delivery/receipt of German securities to/from local market participants e The cash receiving party instructs a securities delivery (PFoD DELI) with the securities nominal amount zero f For a Delivery with Payment (DwP) instruction, the cash amount is entered with a negative (- sign) prefix. Seq

48 T540 Receive Free :20C: :C //common reference a A1 :98A: :TRAD //Trade date B :22F: :TTC //CCPN or XCPN b :22F: :STC //PART or NPAR c :22F: :STC //NC b :97A: :SAFE //4-digit account master or 7-digit account in CASCADE C :95P: :PSET //DAKVDEFFXXX E1 :95P: :DEAG //NECINL2AXXX E1 :97A: :SAFE // d E1 :95P: :SELL //Euroclear Nederlands participant T2S Party BIC11 E1 Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2- BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S. Seq

49 T541 Receive against Payment (RvP), Receive with Payment (RwP) and Payment Free of Delivery (PFoD RECE e ) :20C: :C //common reference a A1 :98A: :TRAD //Trade date B :22F: :TTC //CCPN or XCPN b :22F: :STC //PART or NPAR c :22F: :STC //NC b : :19A: :SETT //Currency, cash equivalent (in EUR) f C :97A: :SAFE //4-digit account master or 7-digit account in CASCADE C :95P: :PSET //DAKVDEFFXXX E1 :95P: :DEAG //NECINL2AXXX E1 :97A: :SAFE // f E1 :95P: :SELL //Euroclear Nederlands participant T2S Party BIC11 E1 Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2- BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S. a ptional atching field b Additional atching field c nly provide in order to prevent Partial Settlement d This account number can also be used for the delivery/receipt of German securities to/from local market participants e The cash delivering party instructs a securities delivery (PFoD RECE) with the securities nominal amount zero f For a Receive with Payment (RwP) instruction, the cash amount is entered with a negative (- sign) prefix. Seq

50 Instruction specifications SWIFT in IS20022 format (DCP mode) Netherlands (CBF only) SWIFT in IS format (DCP mode) sese.023 (Securities Settlement Transaction Instruction) DELI with FREE Common trade reference - <Cmonld> C a Trade date - <TradDt> Trade Date Cum/Ex indicator - <TradTxCond/Cd> CCPN or XCPN b pt-out Iso indicator - <SttlmTxCond/Cd> Partial Settlement indicator - <PrtlSttlmInd> Receiving depository BIC - <Dpstry/Id/AnyBIC> Debit account - <QtyAndAcctDtlsSfkpgAcct> Receiving P1 - <AnyBIC> NC b CEX/PARQ or CEX/PARC c NECINL2AXXX 4-digit account master or 7-digit account in CASCADE Euroclear Nederlands participant T2S Party BIC11 Receiving P2 <AnyBIC> BIC11 of final beneficiary or BUYER P2 DSS <Prtryld><Issr>DSS</Issr> Party 2 DSS (EGSP) Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2-BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S.