KAS-Web Crossborder Instruction Guideat KAS BANK. Disclaimer: Although the information in this...

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KAS-Web Crossborder Instruction Guide

Transcript of KAS-Web Crossborder Instruction Guideat KAS BANK. Disclaimer: Although the information in this...

KAS-Web

Crossborder Instruction Guide

KCIG – version January 2019 3

Introduction

Welcome to the KAS-Web Crossborder Instruction Guide (KCIG). This Guide will replace

the Crossborder Form which is currently used for instructions from one market to another.

In order to continue to guarantee an efficient settlement process, KAS BANK has decided

to change the procedure of instructing this type of transfer. KAS BANK believes that the

current manual process is error-sensitive and should therefore be updated.

The table of contents provides an overview of the most common Crossborder transfers. (If

an example is missing please contact your service manager.) The overview is followed by

a user manual with specific details how to complete your Crossborder instructions correctly.

Moving forward we will continue to inform you about developments in relation to KCIG,

either with an update of this Instruction Guide or via our regular Service Updates.

If you require further assistance or more information, please contact your Service Manager

at KAS BANK.

Disclaimer: Although the information in this information guide has been put together with the utmost care and, in KAS BANK's opinion, accurately presents the state of affairs at the time of publication, KAS BANK cannot guarantee that this information is and/or will remain accurate and complete. KAS BANK therefore accepts no liability for damage or loss resulting from the use of, reliance on or actions or omissions in response to the information in this information guide.

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Table of Contents User Manual .................................................................................................................. 7

General Example .......................................................................................................... 7

Euroclear (ESES) Market Specifics ................................................................................. 11

Asia .............................................................................................................................. 13

HK → CBL ................................................................................................................... 13

Austria ......................................................................................................................... 14

OEKB → CBF ............................................................................................................... 14

OEKB → ESES NL......................................................................................................... 15

Canada ......................................................................................................................... 16

CA → CBL ...................................................................................................................... 16

CA → DTC (Only applicable for the Canadian side of the Crossborder) ................................ 17

CA → EOC .................................................................................................................. 19

Clearstream Banking Frankfurt (Germany) .................................................................. 20

CBF → AT ................................................................................................................... 20

CBF → CBL ................................................................................................................. 21

CBF → CBL (LU1250154413) ......................................................................................... 22

CBF → DTC ................................................................................................................. 23

CBF → DK ................................................................................................................... 24

CBF → EOC ................................................................................................................. 25

CBF → ESES BE/FR/NL (domestic/foreign, home market CBF, DL) ..................................... 26

CBF → ESES FR (foreign, home market CBF, RL) ............................................................. 27

CBF → FI .................................................................................................................... 28

CBF → IT .................................................................................................................... 29

CBF → SIS .................................................................................................................. 30

Clearstream Banking Luxembourg ............................................................................... 31

CBL → CBF ................................................................................................................. 31

CBL → CREST .............................................................................................................. 32

CBL → DTC ................................................................................................................. 33

CBL → EOC ................................................................................................................. 34

CBL → ESES BE/FR/NL ................................................................................................. 35

CBL → HK ................................................................................................................... 36

CBL → IT .................................................................................................................... 37

CBL → SIS .................................................................................................................. 38

Euroclear markets (Domestic ISIN) ............................................................................. 39

ESES BE/FR/NL → AT ................................................................................................... 39

ESES BE/FR/NL → CBF ................................................................................................. 40

ESES BE/FR/NL → CBL (INTRA CSD) .............................................................................. 41

ESES BE/FR/NL → CBL (CROSS CSD) ............................................................................. 42

ESES BE/FR/NL → CREST ............................................................................................. 43

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ESES BE/FR/NL → EOC ................................................................................................. 44

ESES BE/FR/NL → IT .................................................................................................... 45

ESES BE/FR/NL → SIS .................................................................................................. 46

Euroclear markets (Foreign ISIN) ................................................................................ 47

ESES BE/FR/NL → AT ................................................................................................... 47

ESES BE/FR/NL → CBF ................................................................................................. 48

ESES BE/FR/NL → CBL ................................................................................................. 49

ESES BE/FR/NL → CREST ............................................................................................. 50

ESES BE/FR/NL → EOC (other isin) ................................................................................ 52

ESES BE/FR/NL → EOC (DE isin) .................................................................................... 53

ESES BE/FR/NL → IT .................................................................................................... 54

ESES BE/FR/NL → SIS .................................................................................................. 55

Euroclear Bank ............................................................................................................. 56

EOC → CBF ................................................................................................................. 56

EOC → CBL ................................................................................................................. 57

EOC → DTC (Equity and other) ...................................................................................... 58

EOC → FEDWIRE (Treasury Bonds) ................................................................................ 59

EOC → CREST ............................................................................................................. 60

EOC → ESES ............................................................................................................... 61

EOC → FI .................................................................................................................... 62

EOC → IT ................................................................................................................... 63

EOC → SIS ................................................................................................................. 64

Italy (T2S) ................................................................................................................... 65

BCI → CBF .................................................................................................................. 66

BCI → EOC ................................................................................................................. 67

BCI → CREST .............................................................................................................. 68

BCI → ESES BE/FR/NL .................................................................................................. 70

BCI → SIS .................................................................................................................. 71

Nordics ........................................................................................................................ 72

DK → CBF ................................................................................................................... 72

DK → SE .................................................................................................................... 73

FI → CBF .................................................................................................................... 74

FI → EOC .................................................................................................................... 75

FI → SE ...................................................................................................................... 76

SE → CBL ................................................................................................................... 77

SE → DK .................................................................................................................... 78

SE → EOC ................................................................................................................... 79

SE → FI ...................................................................................................................... 80

SE → VPS NO .............................................................................................................. 81

VPS NO → CREST ........................................................................................................ 82

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VPS NO → SE .............................................................................................................. 84

Portugal ....................................................................................................................... 85

PT → CBL ................................................................................................................... 85

PT → EOC (bond) ......................................................................................................... 86

PT → EOC (share) ........................................................................................................ 87

Switzerland .................................................................................................................. 88

SIS → CBF .................................................................................................................. 88

SIS → CBL .................................................................................................................. 89

SIS → CREST .............................................................................................................. 90

SIS → DTC ................................................................................................................. 91

SIS → EOC ................................................................................................................. 92

SIS → ESES BE/FR/NL .................................................................................................. 93

SIS → IT .................................................................................................................... 94

United Kingdom ........................................................................................................... 95

Stamp ........................................................................................................................ 95

CREST → CBL .............................................................................................................. 97

CREST → DTC ........................................................................................................... 100

CREST → ESES .......................................................................................................... 101

CREST → EOC ........................................................................................................... 103

CREST → IT .............................................................................................................. 105

CREST → SIS ............................................................................................................ 106

CREST → VPS NO (ISIN CA9506771042) ...................................................................... 107

CREST → VPS NO (ISIN GB0000663038) ...................................................................... 108

United States of America ........................................................................................... 109

DTC → CBF ............................................................................................................... 109

DTC → Canada (Only applicable for the US side of the Crossborder) ................................ 110

DTC → CBL ............................................................................................................... 112

DTC → CREST ........................................................................................................... 113

DTC → EOC (Equity and other) .................................................................................... 114

Fedwire via BONY → EOC (Treasury Bonds) .................................................................. 115

Fedwire via JP Morgan Chase → EOC (Treasury Bonds) .................................................. 116

DTC → SIS ............................................................................................................... 117

KCIG – version January 2019 7

User Manual

Whereas in the past KAS BANK’s Crossborder form needed to be completed manually, from now on

KAS-Web will be used for this type of transfer. As shares are delivered from one market and received

in another, it is mandatory to instruct both sides of the transfer. So this means a Delivery Free of

Payment (DFP) and a Receive Free of Payment (RFP).

This chapter briefly describes how to work with the KCIG by means of a general example (transfer

from Clearstream Banking Frankfurt to Euroclear Bank) demonstrating which fields are mandatory in

the delivering/receiving side.

At the end of this chapter some additional specific information regarding the Euroclear markets (ESES

BE/FR/NL) is described. Please take a careful look before instructing transfers on these markets.

General Example

This general example of a Crossborder instruction via KAS-Web describes a transfer from Clearstream

Banking Frankfurt (CBF) to Euroclear Bank (EOC) by means of a Delivery Free of Payment (DFP) and

a Receive Free of Payment (RFP). Please note that the following details are fictive and only used as

an example.

Clearstream Banking Frankfurt (CBF)

First go to chapter Clearstream Banking Frankfurt (Germany) > subsection CBF → EOC. In this

subsection you will only find the details of the counterparty. This means your SSI within Euroclear

Bank.

Please be advised that the fields (trade details), stated in the print screen below, are mandatory to

instruct one side (DFP) of the transfer. Please note that the following details are fictive and only used

as an example. This info is not described in the Guide because it differs per Crossborder.

KCIG – version January 2019 8

Trade details

The print screen below shows the counterparty details (SSI). These details are described, per

Crossborder transfer, in this instruction guide.

You need to verify the input via the “CHECK” button. This needs to be repeated till: “Check

Successful: Add / Modify Record” is shown. Please instruct via the “ADD” button.

After validating by another authorized KAS-Web user the instruction is sent to KAS BANK and ready

to process.

KCIG – version January 2019 9

CBF → EOC

Euroclear Bank (EOC)

First go to the chapter Euroclear Bank > subsection EOC → CBF. In this subsection you will only

find the details of the counterparty. This means your SSI within Clearstream Banking Frankfurt.

Please be advised that the fields (trade details), stated in the print screen below, are mandatory to

instruct the other side (RFP) of the transfer. Please note that the following details are fictive and

only used as an example. This info is not described in the Guide because it differs per Crossborder.

KCIG – version January 2019 10

Trade details

The print screen below shows the counterparty details (SSI). These details are described, per

Crossborder transfer, in this instruction guide.

You need to verify the input via the “CHECK” button. This needs to be repeated till: “Check

Successful: Add / Modify Record” is shown. Please instruct via the “ADD” button.

After validating by another KAS-Web user the instruction is sent to KAS BANK and ready to

process.

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EOC → CBF

If both sides are instructed, the transfer can be processed by KAS BANK. The references of these

instructions are visible in KAS-Web.

Euroclear (ESES) Market Specifics

In the Euroclear markets (Belgium, Netherlands and France) the SSI of the counterparty can be

different depending whether the ISIN code is issued by ESES (domestic) or not (foreign).

Every month ESES will publish an updated securities list. This list will be available on the KAS-Web

documentation so you are able to verify the issuer CSD and if the security is held via a direct link

(DL) or rationalized link (RL).

For transfers from ESES to CBL use the OneClearstream migration to ESES list. This list will be

available on KAS-Web documentation so you are able to determine if the security is migrated to

ESES (CROSS CSD) or not migrated (INTRA CSD).

KAS BANK can’t be held responsible for the content of this securities list and the

OneClearstream migration to ESES list!

Instruction differences

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In this instruction guide there is a clear distinction between the domestic and foreign ISIN code

examples. Please make sure that the correct chapter/subsection is chosen before instructing

In certain ESES subsections you will find multiple markets in the subject (e.g. ESES BE/FR/NL →

CBL). If the market NL is shown in a certain ESES subsection but BE is required. Please choose the

applicable format per market as shown below.

- Settlement Location (Domestic and Foreign)

- Settl. Location C’Party (only Domestic)

- Settl. Institute PSET (only Domestic)

In case of a Foreign ISIN code you only have to amend the Settlement location applicable per

market.

Domestic

Euroclear Belgium:

Euroclear France:

Euroclear Netherlands:

Foreign

KCIG – version January 2019 15

OEKB → ESES NL

Please note: Counterparty/Custodian details are variable. Please note: For BE and FR please amend the “Settl. Location C’Party” and “Settl. Institute PSET”.

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CA → DTC (Only applicable for the Canadian side of the Crossborder)

Please note: US account (213037) is variable.

Please note: Canadian DFP Example

KCIG – version January 2019 20

Clearstream Banking Frankfurt (Germany)

CBF → AT

Please note: Counterparty and Account Number are variable.

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CBF → ESES BE/FR/NL (domestic/foreign, home market CBF, DL)

Please note: Counterparty is variable. Please note: BIC Custodian for Belgium: CIKBBEBBXXX / France: SICVFRPPXXX.

Please note: For BE and FR please amend the “Settl. Location C’Party” and “Settl. Institute PSET”.

KCIG – version January 2019 35

CBL → ESES BE/FR/NL

Please note: Counterparty and Custodian are variable.

Please note: For BE and FR please amend the “Settl. Location C’Party” and “Settl. Institute PSET”.

KCIG – version January 2019 39

Euroclear markets (Domestic ISIN) Crossborder instructions with matching

ESES BE/FR/NL → AT

Please note: Custodian/Counterparty details are variable.

Please note: For BE and FR please amend the “Settlement Location”.

KCIG – version January 2019 40

ESES BE/FR/NL → CBF

Please note: Counterparty is variable. Please note: For BE and FR please amend the “Settlement Location”.

KCIG – version January 2019 41

ESES BE/FR/NL → CBL (INTRA CSD)

Please note: Counterparty is variable.

Please note: For BE and FR please amend the “Settlement Location”, “Settl. Location C’Party” and

“Settl. Institute PSET”.

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ESES BE/FR/NL → CBL (CROSS CSD)

Please note: Counterparty is variable. Please note: For BE and FR please amend the “Settlement Location”.

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ESES BE/FR/NL → CREST

Please note: Account number is variable. Please note: For BE and FR please amend the “Settlement Location”, “Settl. Location C’Party” and

“Settl. Institute PSET”.

Stamp

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ESES BE/FR/NL → EOC

Please note: Counterparty is variable.

Please note: For BE and FR please amend the “Settlement Location”, “Settl. Location C’Party” and

“Settl. Institute PSET”.

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ESES BE/FR/NL → SIS

Please note: Custodian/Counterparty details are variable.

Please note: For BE and FR please amend the “Settlement Location”, “Settl. Location C’Party” and

“Settl. Institute PSET”.

KCIG – version January 2019 47

Euroclear markets (Foreign ISIN) Crossborder instructions without matching

ESES BE/FR/NL → AT

Please note: Counterparty is variable.

Please note: For BE and FR please amend the settlement location.

KCIG – version January 2019 48

ESES BE/FR/NL → CBF

Please note: Counterparty/Custodian BIC is variable.

Please note: For BE and FR please amend the “Settlement Location”.

KCIG – version January 2019 49

ESES BE/FR/NL → CBL

Please note: Participant number is variable.

Please note: For BE and FR please amend the “Settlement Location”.

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ESES BE/FR/NL → CREST

Please note: For BE and FR please amend the “Settlement Location”.

Please note: German iShares will be transferred via Switzerland so an additional manual fee will

be charged.

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ESES BE/FR/NL → EOC (other isin)

Please note: Participant number is variable.

Please note: For BE and FR please amend the “Settlement Location”.

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ESES BE/FR/NL → EOC (DE isin)

Please note: Participant number is variable. Please note: For BE and NL please amend the “Settlement Location”.

KCIG – version January 2019 54

ESES BE/FR/NL → IT

Please note: Counterparty/Custodian details are variable. Please note: For BE and FR please amend the “Settlement Location”.

KCIG – version January 2019 55

ESES BE/FR/NL → SIS

Please note: Format is similar to the Domestic ISIN code → Always instruct “MATCH” Please note: For BE and FR please amend the “Settlement Location”, “Settl. Location C’Party” and

“Settl. Institute PSET”.

Stamp

KCIG – version January 2019 61

EOC → ESES

Please note: Custodian en Counterparty are variable. Please note: For BE and FR please amend the “Settl. Location C’Party” and “Settl. Institute PSET”.

Please note: Participant number is variable

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BCI → ESES BE/FR/NL

Please note: Counterparty is variable.

Please note: For BE and FR please amend the “Settl. Location C’Party” and “Settl. Institute PSET”.

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SIS → ESES BE/FR/NL

Please note: Counterparty is variable.

Please note: For BE and FR please amend the “Settl. Location C’Party” and “Settl. Institute PSET”.

KCIG – version January 2019 95

United Kingdom

Stamp: There is no change of beneficial owner so please flag the following stamp code.

British traded instruments

KCIG – version January 2019

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Irish traded instruments

Please note: If shares are being transferred out of CREST and eligible for Stamp you will be

charged for Stamp Duty (SD) or Stamp Duty Reserve Tax (SDRT) at 1.5 per cent.1

1 http://www.hmrc.gov.uk/manuals/stsmanual/STSM056040.htm

KCIG – version January 2019 110

DTC → Canada (Only applicable for the US side of the Crossborder)

Please note: Canadian account (080001410003) is variable.

Please note: US DFP example

KCIG – version January 2019 116

Fedwire via JP Morgan Chase → EOC (Treasury Bonds)

Please note: EOC account number 90023 is variable