Clearstream Strengthens Domestic Link to Cyprus Stock Exchange

Clearstream Banking has announced significant enhancements to its operational capabilities with the Cyprus Stock Exchange, aimed at bolstering client asset protection and improving service efficiency. Effective from August 5, 2024, Clearstream will establish a direct participant account at the Cyprus Stock Exchange, operated in collaboration with Citibank Europe PLC Greece Branch.

This strategic upgrade marks a milestone in Clearstream's commitment to enhancing its service offerings in Cyprus. The direct participant status will streamline settlement processes and provide clients with direct access to the Cyprus Central Securities Depository (CSD), thereby minimizing counterparty risks and ensuring more efficient post-trade operations.

As part of the transition plan, Clearstream will transfer all settled securities positions from its existing account at Citibank Europe PLC Greece Branch to its newly established omnibus account by the close of business on August 2, 2024. To facilitate a smooth transition, all pending instructions, including matched transactions that have not settled by the deadline, will be automatically canceled. Clearstream will promptly notify affected clients through MT548 messages, providing detailed instructions for reconfirmation and settlement post-migration on August 5, 2024.

Clients are advised to submit their instructions well in advance of the migration date, ensuring completeness, accuracy, and eligibility for straight-through processing (STP) within Clearstream and the local market. This proactive approach aims to minimize disruptions and facilitate uninterrupted service delivery during the migration period.