Clearstream Delivers Key Service Improvements To Customers

Over the last weekend, Clearstream delivered a series of new service improvements from the Creation platform to the market. The improvements focus on increasing the timeliness and accuracy of settlement and custody processing which enables easier reconciliation processes and reduces operational costs and risks. These improvements come as a result of detailed dialogue with customers, and become effective immediately.

Settlement services:
The new ‘real-time reporting service’ offers customers using Creation via SWIFT the ability to subscribe for the receipt of key information such as settlement status and processing messages in real-time. The ‘continuous reporting service’ delivers reports up to four times an hour on a 24 hour basis across all of Clearstream’s connectivity channels (CreationOnline, CreationDirect and Creation via SWIFT). Both these services will increase processing efficiency and improve transaction management by enabling customers to react more quickly to the status of their transactions and to monitor their positions more effectively.

The ‘potential matching service’ enhances Clearstream’s existing matching service by reporting unmatched reason codes and potential matching candidates. The improved service will be delivered across all of Clearstream’s connectivity channels in standard ISO15022 format and will enable customers to manage and resolve unmatched trades more efficiently, thus maximising settlement efficiency.

The ‘standing payment instruction functionality’ on CreationOnline has been improved to offer customers the ability to save withdrawal of funds instructions as a template. This will make the subsequent input of repetitive instructions easier, quicker and more accurate.

Custody services:
Additionally, the new ‘uninstructed balances service’ for voluntary corporate actions and tax certification events provides customers with a detailed breakdown of event-eligible securities balances, the related instructed balance and the remaining uninstructed balance. Customers using CreationOnline and CreationDirect will immediately benefit from better exception handling support and quicker identification of missing corporate action or tax instructions. In addition and as a complement to the new Uninstructed Balances Service, Clearstream’s Corporate Actions Notification service will also benefit from enhanced securities balance updates.

Also included is the full implementation of the SWIFT 2005 standards and the Securities Market Practice Group (SMPG) recommendations across all of Clearstream’s connectivity channels (CreationOnline, CreationDirect and Creation via SWIFT).