Central Securities Depository Regulation

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1 Central Securities Depository Regulation Alignment of T+2 Settlement Period

2 Central Securities Depository Regulation Alignment of T+2 Settlement Period The European Commission has proposed new legislation to govern Central Security Depositories (CSDs). The purpose of this legislation is to align settlement periods across European Economic Area (EEA) countries as a key step to reducing settlement risk, facilitating settlement of cross-border transactions and driving efficiency in the trade capture, allocation and confirmation process. Key Points The Central Securities Depository Regulation (CSDR) will likely come into force during Q2 / Q The legislation requires the alignment of settlement periods across EEA countries (plus Switzerland) to T+2. This change relates to transactions in transferable securities executed on trading venues, i.e. Regulated Markets (RM), Multilateral Trading Facilities (MTFs) and Organised Trading Facilities (OTFs) While implementation would be required by 1st Jan 2015 the timing of the change to T+2 settlement is being announced on a country basis by the respective trading venues (1) Timeline March 2014 CSDR compromise text published June 2014 (est) CSDR entry into force October 2014 T+2 adoption for most (2) EEA markets + Switzerland 1 January 2015 T+2 regulation applies Frequently asked questions 1. What is happening? EEA countries (plus Switzerland) will be required under the CSDR proposed legislation to move to T+2 settlement by 1 st January 2015 The timing of the change is being led by the trading venues and CSDs in each of the EEA countries (plus Switzerland) 2. When? Most EEA countries (plus Switzerland) have announced a 6 th October 2014 switch-over to T+2. This means trades will settle as follows: (1) With the exception of Greece, where the settlement period is written into National Law (2) Three EEA countries already use T+2, we are still awaiting notification from several other EEA countries 1

3 Trade date Thursday 2 nd October Friday 3 rd October Monday 6 th October Tuesday 7 th October Settlement date Tuesday 7 th October Wednesday 8 th October Wednesday 8 th October Thursday 9 th October The following adoption announcements are as at 22nd April 2014: Already T+2: Bulgaria Germany (Eq) Slovenia 6th October 2014: Austria Belgium Croatia Czech Republic Denmark Estonia Finland France Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Norway Portugal Poland Slovakia Sweden Switzerland UK ~ Q4 2015: Spain As at the writing of this document, we are still awaiting notification of timing from the remaining EEA countries: Unconfirmed: Cyprus Germany (Fixed Inc) Iceland Liechtenstein Romania 3. What is in scope? 3.1. Markets T+2 applies to transactions executed on trading venues, i.e. Regulated Markets (RM), Multilateral Trading Facilities (MTFs) and Organised Trading Facilities (OTFs) within the EEA plus Switzerland Instrument/Transaction Types T+2 applies to transferable securities, such as; Shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares; Bonds or other forms of securitised debt, including depositary receipts in respect of such securities; any other securities giving the right to acquire or sell any such transferable securities or giving rise to a cash settlement determined by reference to transferable securities, currencies, interest rates or yields, commodities or other indices or measures; 4. What is out of scope? 4.1. Securities OTC Transactions Although not explicitly required by the regulation, Deutsche Bank will ensure uniformity in its settlement of Cash OTC transactions and OTC derivatives transactions, where the underlying is an in scope instrument. To this end, the settlement cycle, with clients, for these instruments will match those traded on trading venues. 2

4 4.2. IPOs and New Issuances The regulation does not apply to the first transaction where transferable securities are subject to initial recording in book-entry form Securities Lending and Repo Whilst off-exchange securities lending, repo and reverse repo agreements are not specifically within the scope of the regulation, please see Section 6 below on how CSDR is likely to impact these transactions. 5. What about clients based outside of the EEA? The regulation applies to all transactions in transferable securities executed on EEA (and Swiss) trading venues irrespective of the location of the client. 6. What does T+2 mean from a practical perspective? In order to facilitate T+2 settlement, allocations, confirmations and affirmation should be completed early in the trade lifecycle, using standardized industry tools, messaging or protocols. Clients should consider the use of electronic affirmation to increase efficiency. The release of accurate settlement instructions to custodians, prime brokers or outsourcing providers should be provided to settlement agents as soon as possible post affirmation, to allow for prompt pre-matching in line with the likely advancement of settlement deadlines. All parties should be adequately positioned to process exceptional settlement volume on Wednesday 8th October Off-exchange securities lending, repo and reverse repo agreements, whilst not specifically within the scope of the regulation, are expected to move to a T+1 settlement cycle to support funding and liquidity needs. For dividends and all other types of distributions, the relationship between ex date and record date will be reduced by one business day. Therefore ex date will now be one business date prior to the record date. For all other types of corporate actions Deutsche Bank will liaise with the Issuer community to ensure they are aware of the change. Should an Issuer be thinking of announcing a corporate event in October 2014 they will need to consider the T+2 settlement cycle within their timetable. 7. Does CSDR impact settlements in any other way? CSD Regulation will have implications beyond T+2 settlement. Full details will be available when ESMA publish its final technical standards. However, in the interim there are two impacts of particular note. 1. Daily fines for failing transactions 2. Mandatory buy-in within SD+4. Both 1 and 2 will support the expected harmonization goals of CSDR, and will replace the settlement discipline aspects of the existing Short Selling Regulation (November 2012) currently applied to European on-exchange CCP cleared transactions. Deutsche Bank will continue to keep its clients informed on the implementation of this regulation as more information becomes available. If you would like to know more, please contact your local salesperson for further information. 3

5 General Marketing Material Disclaimer This document is intended for discussion purposes only and does not create any legally binding obligations on the part of Deutsche Bank AG and/or its affiliates ( DB ). Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the final documentation relating to the transaction and not the summary contained herein. DB is not acting as your financial adviser or in any other fiduciary capacity with respect to this proposed transaction. The transaction(s) or products(s) mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. For general information regarding the nature and risks of the proposed transaction and types of financial instruments please go to You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with DB, you do so in reliance on your own judgment. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. This material was prepared by a Sales or Trading function within DB, and was not produced, reviewed or edited by the Research Department. Any opinions expressed herein may differ from the opinions expressed by other DB departments including the Research Department. Sales and Trading functions are subject to additional potential conflicts of interest which the Research Department does not face. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission. DB SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF. DB is authorised under German Banking Law (competent authority: BaFin - Federal Financial Supervising Authority) and by the Prudential Regulation Authority. It is subject to limited regulation by the Prudential Regulation Authority and Financial Conduct Authority. 4

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