Clearstream Banking has informed its customers that it will strengthen its existing domestic connection with Cyprus from 5 August 2024 with a direct participant account in the Cyprus CSD, on the Cyprus Stock Exchange.
Citibank Europe PLC Greece Branch will continue to be the operator of this direct account.
This direct participant status will ensure better protection of customer assets and enable future service upgrades.
Clearstream Banking will move all settled securities positions from the current SAT account maintained by Citibank Europe PLC Greece Branch to its own omnibus account at the close of business on Friday 2 August 2024.
All outstanding instructions, including matched instructions that have not been settled, at the close of business on Friday 2 August 2024 will be automatically canceled by Clearstream Banking. Customers will be notified of any canceled instructions via MT548. Customers and their respective counterparties must retrain after successful completion of the migration on Monday 5 August 2024 with the new account details.
For transactions with a settlement date of up to 2 August 2024, customers should send their instructions as soon as possible and ensure that they are complete, accurate and suitable for direct processing (STP) in Clearstream Banking and the local market. Customers should also ensure that any necessary provision for instructions is available and that their counterparty’s instructions are in place.