Clearstream Will Use RBI's New Ops Center for Hungarian Transactions

Clearstream has appointed Raiffeisen Bank International AG (RBI) as its new agent to operate the direct account of Clearstream with Hungary's CSD, KELER.
By Jake Safane(2147484770)
Clearstream has appointed Raiffeisen Bank International AG (RBI) as its new agent to operate the direct account of Clearstream with Hungary’s CSD, KELER.

Beginning March 30, 2015, all Hungarian transaction from Clearstream’s clients will be executed through RBI’s new custody model, whereby the bank has its Group Securities Services (GSS) Operations Center in Vienna with direct links to other CSDs in Central and Eastern Europe (CEE), including KELER.

ING in Hungary will remain as Clearstream’s cash correspondent bank for Hungarian currency.

As a result of the change, Clearstream’s customers will have extended deadlines for securities settlement and cash instructions. Cash deadlines will extend 105 minutes to Value Date (VD) 16:00 Central European Time (CET), while settlement deadlines for free of payment (FOP) trades will be 15 minutes longer at Settlement Date (SD) 17:40 CET, and for against payment (AP) trades settlement deadlines will be extended by 90 minutes to SD 15:45 CET.

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