1 SIX Swiss Exchange FaQ s SCOPE & BACKGROUND SB1. What is the go-live date? The additional ISIN s made available by Liquidnet is expect to commence from April 2011 SB2. What does the flow look like? Who are my contacts? SIX Swiss Exchange: Nadine Burgis Member ServicesTel: +41 (0) LCH.CLEARNET LTD.Clearnet, Ian Mackenzie Tel: SB3. Which securities are included? The service includes a range of Dutch, French, German, Swiss & UK securities. SB4. Where will the trades settle? Local settlement will apply. Settlement details are contained within this paper.
2 SETTLEMENT S1. Are LCH.Clearnet Ltd using a settlement agent? Yes, for all non Swiss settlements. S2. Do settlement agents need to sign new Power of Attorney agreements? PoA will be required for all Swiss settlements in SIS. However, for non Swiss settlements, members or their settlement agents will be required to match against LCH.Clearnet Ltd in the relevant CSD. S3. Which settlement accounts will LCH.Clearnet Ltd be using? All settlement information is contained within this paper. Members should be aware that for all non Swiss settlements their Settlement Agents will be required to instruct and match against LCH.Clearnet Ltd. For Swiss settlements in SIS: LCH.Clearnet Ltd will instruct under PoA. BPID GB Safe Custody Account Cash Account S4. What time will settlement instructions be sent? Gross settlement instructions will be sent intra-day, net settlements will be sent at EOD at approx 21:30. Members should be aware that LCH.Clearnet Ltd makes best efforts to produce the subsequent reports, but they could be subject to delay. S5. Will cross venue settlement netting be available? No, at the request of The SIX Swiss Exchange. RECEIVING DATA FROM LCH.Clearnet Ltd R1. How will GCM s receive details of the trades done by their NCM s? There are several ways this data can be accessed. 1. LCH.Clearnet Ltd produces reports on its member reporting website which are updated every 30 minutes and show the accumulation of trades that day, per clearing member These reports have existed for some time and are detailed in the document Member Report 2. LCH.Clearnet Ltd also offers an optional trade confirmation service. This will be on a gross trade basis and via Swift or FIX protocols. Details can be found on the LCH.Clearnet Ltd website. R2. Can anyone other than Clearing Members access the member reports? No.
3 FEES & CHARGES F1. What are the charges for receiving the trade confirmations? If the clearing member requests the service, LCH.Clearnet Ltd will not charge, however we will pass through the SWIFT message charges. This can be paid by LCH.Clearnet Ltd and billed directly to the member, or probably more likely, reverse billed (as the member s message rate at SWIFT will inevitably be lower). F2. What clearing fees will be charged by LCH.Clearnet Ltd? Additional volumes will be cumulative with all existing volumes cleared through the EquityClear Service. With increased volumes members can reduce their unit cost. Please use the following link to review the EquityClear fee schedule. F3. Will LCH.Clearnet Ltd require members to increase their Default Fund contribution? No. F4. Will LCH.Clearnet Ltd pass through associated settlement fees? Yes. MARGINING & TREASURY M1. How will margining be carried out? Margin rates per stock will be determined by LCH.Clearnet Ltd s risk department and then will be margined using ERA, so margining of SIX securities will operate in the same way as for all EquityClear business. All securities within the ERA algorithm have complete correlation. M2. How are margin calls instructed and what currencies can be paid? If a member is uncovered following an intra-day margin run, they will be contacted by Treasury Operations by phone and advised of the additional amount that they will be required to pay. Before 2:30pm UK time, members can elect to cover ITD margin calls in EUR, GBP or USD. After 2:30pm the only acceptable currency is USD. Debit instructions are then sent to the member s PPS bank and the margin call must be confirmed by that bank within 1 hour. The member should check Banking REP00033 for written confirmation of the amount taken. This report is generally updated within 45 minutes of a margin call being processed. Overnight calls are sent to the member s PPS bank during the night and must be confirmed by the bank by 9:00am. Members should review their LCH.Clearnet Ltd Banking reports (see Banking Reports Reference pack) to ensure that they fund their accounts correctly. M3. What interest is paid on cash margin and Collateral charges? On cash, we pay London Deposit Rate (calculated daily by Treasury Control) for collateral, we charge an accommodation fee of 10 bps for the utilised collateral balance. The charge is applied in the currency of the liability covered.
4 DOCUMENTATION D1. Will I require a new static data form or can I use existing set-up? EquityClear members can continue with existing relationships, but additional information will be required for any new business. D2. How will I provide information to LCH.Clearnet Ltd for opting into this service? EquityClear members should contact LCH.Clearnet Ltd & the Exchange to confirm their interest in this service. The Exchange will issue a static data form (CSSI) to you for completion. D3. Will I need to fill in a form for testing? If you require testing, a form will be sent to you. This needs to be completed and returned. D4. Will there be a new NCM/GCM/LCH.Clearnet Ltd agreement? No, if already in place, it will be covered by existing relationships. D5. Will LCH.Clearnet Ltd require any other documentation? Existing EquityClear members will be required to complete a service extension document. Those wishing to use LCH.Clearnet Ltd as a new member will be required to complete the new membership pack and associated documents. TESTING T1. Does LCH.Clearnet Ltd provide or indeed mandate member testing? LCH.Clearnet Ltd offers its members the opportunity to test. This is entirely optional and is up to members whether they wish to utilise this. T2. Will member testing involve LCH.Clearnet Ltd s settlement agent? No, testing is envisaged to demonstrate to clearing members that trades will be received by EquityClear from the Exchange and the relevant reports produced, thus enabling members to have sufficient information to facilitate settlement instructions in the relevant CSD s. OPERATIONAL OP1. How will splits/partials be handled? LCH.Clearnet Ltd will cancel and replace the original instruction to achieve partial settlement, which members will be required to match. OP2. Can I make a partial to LCH.Clearnet Ltd? For the UK & Irish settlements members should follow the standard EUI process. OP3. How will buy-ins be handled? Original transaction is not cancelled. LCH.Clearnet Ltd will input a new transaction against the liable party to include the relevant securities, costs etc, which will then be used to settle the outstanding transaction.
5 LCH.Clearnet Ltd will also operate its own buying in rules, whereby LCH.Clearnet Ltd initiate buy-in on ISD + 30, if still outstanding after ISD + 60, then, the Cash Settlement Procedure will be initiated. OP4. Is netting available, is it mandatory and how does it work? LCH.Clearnet Ltd mandates netting where a settlement agent is used, and trade date netting (TDN) is offered. At end of day, once the gross trade reconciliation with SIX Swiss Exchange has completed, the day s gross trades flagged for netting will be netted and instructed to the relevant CSD. OP5. Will buyer elections be supported? Yes For UK & Irish securities members will use existing infrastructures and service offered by EUI. TECHNOLOGY / FILE CONTENT TF1. What trade source/ MIC will be used? For Swiss blue chips, real time trade confirmations and member reports the trade source ID will be XVTX For all other business the trade source ID will be XSWX TF2. Is the TradeSrcRef in EREP0006 equal to the Exchange reference? Yes TF3. What values will we receive in TradeType field? All SIX trades will be of type TRAD TF4. Will we be notified of Cancellations? Contras get a reference in EREP0006, however cancellations are not included. TF5. What trade source information can I expect to see within EREP0006? The report includes all applicable trade sources. It will also include BATS Chi-X Europe, Equiduct, IOB, PLUS Markets & Getco. It does not include LSE Sets business. TF6. Where can I obtain my netted transactions/positions? The net settlements are generated at end of day are listed in Member Report EREP0005 Netting Net Trades for Settlement. This report also contains net settlements where necessary for BATS Chi-X Europe, Equiduct, IOB, PLUS Markets & Getco. It does not include LSE Sets business. TF7. Will the settlement instruction reference appear on the MT518 message? No, there s no settlement information on the MT518 trade confirmation. The Trade Source reference will appear in the COMM field. TF8. Will LCH.Clearnet Ltd provide the settlement Instruction reference? LCH.Clearnet Ltd will provide its settlement instructions in reports EREP0005. On the instructions from LCH.Clearnet Ltd it s the SEME reference On the message back from CSDs, it s the RELA reference.
7 TF10. Settlement instructions: Instruction Type Destination Euroclear UK & Ireland Instruction Confirmation Receipt versus payment MT541 MT545 Deliver versus payment MT543 MT547 Receive stock only MT540 MT544 Deliver stock only MT542 MT546 Receive cash only MT210 MT910 Pay cash only MT202 MT900 Deliver with Payment Receive with payment MT542 (stock) + MT202 (cash) MT540 (stock) + MT210 (cash) MT546 (stock) + MT900 (cash) MT544 (stock) + MT910 (cash) Null settlement Not instructed N/A LCH.Clearnet Ltd would like to confirm its netted settlement instructions that occur as a result of SIX trading platform activity. It should be noted that Trade date netting is applied. All instructions for Swiss business will be instructed under PoA. All instructions for non Swiss business should be matched in the appropriate CSD and where stock and cash are moving in opposite directions normal DVP & RVP instructions will apply. However: For all Strange/Other nets, whereby: Movement of stock & zero cash Movement of cash & zero stock Stock & cash same direction All stock movements will be instructed as Free of Payment movements All cash movements will be processed via Inter-bank payments, whereby a single payment or receipt will be made per line of stock, per day. LCH.Clearnet Ltd Banking and settlement details are highlighted below
8 Appendix 1 Settlement Instructions for SIX Swiss Exchange business United Kingdom - Euroclear UK & Ireland Securities Account: CSD account ARMAY Safe Keeping Switzerland SegaIntersettle Securities Account CSD account GB Safe Keeping Further settlement information is available within this paper Payment Instructions EUR Bank Name: Citibank Place: London Account Number: IBAN: GB05CITI Bank SWIFT BIC code: CITIGB2L GBP Bank Name: Citi Bank Place: London UK Account number: IBAN: GB80CITI Bank SWIFT BIC code: CITIGB2L CHF Bank Name: Swiss National Bank Place: Switzerland Account number: CHF IBAN: CH CHF Bank SWIFT BIC code: SNBZCHZZ
9 CSD Codes for member reporting Appendix 2 CSD Code EUBE XCVM EUFR EUNE OEKO MOTI APKE VPSN DAKV VPDK CRES CRST SCLV VPCS ECLR SCOM CSD DESCRIPTION Indirect / Eclr BE Indirect / Interbolsa PT Indirect / Eclr FR Indirect / Eclr NL Indirect / OEKO AT Indirect / Monte Titoli IT Indirect / NCSD FI Indirect / VPS NO Indirect / Clearstream DE Indirect / VPS DK Indirect / Crest Direst / Crest Indirect / SCLV ES Indirect / NCSD SE Direct / Eclr Bank Direct / SIS The settlement CSD code for UK & Irish settlements for any trading platform where LCH.Clearnet Ltd does not use direct input will be CRES as per our reports. This is where LCH.Clearnet Ltd perform netting and send a net settlement instruction to our settlement agent into Crest/EUI for the member or its agent to match. The settlement CSD code for UK & Irish settlements for any trading platform where direct input is used will be and is CRST, whereby gross trades are sent to Crest/EUI to perform netting. LCH.Clearnet Ltd does not report LSE business. This information is available directly from Crest/EUI.
10 LCH.Clearnet Ltd Cash Accounts MARKET CASH ACCOUNT NUMBER Sweden Portugal France Germany SAFEKEEPING ACCOUNT NAME CASH CORRESPO NDENT N.A., London N.A., London N.A., London N.A., London Citibank International Plc, Lisbon Citibank International plc, London branch Citigroup Global Markets Deutschland AG & Co. KGaA CASH CORRESPO NDENT SWIFT-BIC IBAN NUMBER CITISESX SE CITISESX SE CITISESX SE CITISESX SE CITIPTPX PT CITIGB2L CITIDEFF DE Netherlands Citi London CITIGB2L Belgium Italy Austria UK & Ireland Spain TBC Citibank International plc, London branch N.A., Milan N.A., Milan N.A., London N.A., London Citi N.A. New York Citibank N.A. Madrid CITIGB2L CITIITMX CITIITMX CITIGB2L CITIGB2L CITIUS33 CITIES2X IT19B IT92Z GB80CITI GB05CITI GB05CITI Account not yet open
11 LCH.Clearnet Ltd Settlement accounts MMARKET A/C Number A A/C Name Settlement Agent BIC CSD A/C number number Sweden LCH.CLEARNET LTD Citibank International Plc, Sweden CITISESX CIT Portugal LCH.CLEARNET LTD Citibank International Plc, Lisbon CITIPTPX 528 France LCH.CLEARNET LTD Germany LCH.CLEARNET LTD Netherlands LCH.CLEARNET LTD Belgium LCH.CLEARNET LTD Italy LCH.CLEARNET LTD Citibank International plc, London branch Citigroup Global Markets Deutschland AG & Co. KGaA Citibank International plc, The Netherlands Citibank International plc, London branch N.A., Milan CITTGB2L 4048 CITIDEFF 7256 CITTGB2L 4048 CITTGB2L 4048 CITIITMX 2489 **Austria LCH.CLEARNET LTD N.A., Milan CITIATWX UK & Ireland LCH.CLEARNET LTD N.A., London CITIGB2L ARMAY Denmark LCH.CLEARNET LTD Nordea Denmark NDEADKKK Finland LCH.CLEARNET LTD Nordea Bank Finland NDEAFIHH Norway LCH.CLEARNET LTD Nordea Bank Norge ASA NDEANOKK Spain TBC LCH.CLEARNET LTD Citibank N.A. Madrid CITIES2X Account not yet open *Please note for Austria instructions for Securities Transactions should be sent to CITIATWX. Trade updates and settlement/cancellation confirmations will be sent from CITIITMX
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