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Clearstream Cash & Banking New Banking Services, Easing Clearstream Cash & Banking Newsletter New banking services, easing global market access In today’s world, financial possibilities are endless. In a single click, you can travel from your desk to halfway across the globe, buying and selling, and making investments in currencies one had never heard of 20 years ago. Click again and translate that exotic currency into another that you, your 16 customers and their customers can comprehend and settle. / It may all sound rather complicated As a meeting place for financial but at Clearstream our objective is institutions, fund managers and to find simple solutions to help our corporate treasurers, the platform customers, wherever they may want delivers that instant currency 0 2 to go. We endeavour to deliver the translation global investors require. ideal processes and the best possible solutions, including enhanced foreign This new partnership has led us to exchange services for currency review our current FX offering with the settlement and income processing. idea to leverage the synergies between the two companies. This could lead A financial world traveller needs to be to improved deadlines and pricing, able to translate currencies: much as full lifecycle reporting, the launch of we need a translator when visiting a new FX products, FX direct dealing foreign country, whose language we do and straight-through-processing. In not speak. Clearstream and its parent, addition, Clearstream already delivers Deutsche Börse, continue to strive for new automated and on-demand excellence in the areas of trade and solutions in foreign exchange services post-trade services. across the majority of its settlement and income currencies. As with FX, One company highlight of 2015 Clearstream continues to perfect its was bringing into its fold one of the other banking solutions to provide world’s best currency translators, the excellent level of service our 360T, the foreign exchange platform. customers have come to expect. Enhanced foreign exchange service Improvements to cash services Our newly enhanced FX service has How does our Automated FX Changes to eligible currencies resulted in increased flexibility for service work? − OMR as a new settlement currency our customers who are now free to Our Automatic foreign exchange via Standard Chartered Bank, Oman choose any two of our 38 FX-eligible service (Automatic FX) allows full as CCB currencies for settlement instructions: flexibility in automated currency − BRL becomes a settlement currency in the past, it was mandatory to use management for custody proceeds, (previously denomination only) Euro as one of the currencies. This interest charges and standard monthly − GEL moved to a settlement currency flexibility means, for instance, that fees. Automatic FX automatically in December 2015 (see next page). a customer who wishes to settle in converts cash from the currency of Singapore dollars but has US dollars the payment to a base currency. Cash correspondents can do so with a single FX exchange − Renminbi: Clearstream now offers instruction during the transaction You are able to nominate a specific five offshore RMB accounts in four process, instead of having a double base currency for each Automatic leading financial centres (new conversion via Euro. FX currency included in the service. accounts with BOC Frankfurt, ICBC For example, you can automatically Luxembourg and ICBC Singapore) We believe this service is particularly convert proceeds in non-Euro − Change in AED and BHD cash useful for customers outside the currencies (e.g. CZK, HUF) into Euro, correspondent banks. Eurozone who are looking to trade and at the same time convert proceeds with emerging markets. in Asian currencies into USD. Cash deadline improvements Our Automatic FX service gives you − HUF: VD 14:15 to 16:00 This enhancement aligns our greater control on how you convert − THB: VD-1 15:00 to FX Service for Security Settlement proceeds to the main currencies in VD 03:00 (winter time) Instructions with our Automatic FX which you actively manage or − GBP: VD 16:00 to 16:10. and Case-by-Case FX services. conduct business. 45 settlement currencies Argentine Peso ARS Malaysian Ringgit MYR* Australian Dollar AUD* Mexican Peso MXN* Bahraini Dinar BHD* New Zealand Dollar NZD* Botswana Pula BWP* Norwegian Krone NOK* Brazilian Real BRL*1 Omani Rial OMR* Bulgarian Lev BGN* Peruvian Sol PEN* Canadian Dollar CAD* Philippine Peso PHP Croatian Kuna HRK* Polish Zloty PLN* Czech Koruna CZK* Qatari Rial QAR* Danish Krone DKK* Romanian Leu RON* Euro EUR* Russian Ruble RUB* GB Pound Sterling GBP* Saudi Riyal SAR Georgian Lari GEL* Singapore Dollar SGD* Gold XAU South African Rand ZAR* Hong Kong Dollar HKD* Swedish Krona SEK* Hungarian Forint HUF* Swiss Franc CHF* * Currencies currently eligible for FX. Iceland Krona ISK Thai Baht THB* Please refer to the customer handbook Indonesian Rupiah IDR* Turkish Lira TRY* for detailed FX information on each Israeli Shekel ILS* UAE Dirham AED* currency: http://bit.ly/1JxoOTm Japanese Yen JPY* United States Dollar USD* Kazakhstan Tenge KZT* Uruguayo Peso UYU* 1 BRL: receipt AP instructions must be Korean Won KRW Yuan Renminbi CNY* performed using USD – no clean payment Kuwaiti Dinar KWD in BRL. IMF adds the Renminbi to SDR News in brief currency basket On 30 November 2015, the International Repatriation of PHP income Monetary Fund (IMF) announced plans proceeds to include the Renminbi (RMB) into the A new service for the Philippine Peso Special Drawing Rights (SDR) basket. (PHP) is now available that enables This significant step marks a major customers to repatriate their PHP economic milestone for China and we income proceeds directly from their anticipate will lead to an accelerated Clearstream account to their USD demand for Chinese assets. The account. weight of the currency within the SDR basket will be 10.92%. This service is particularly beneficial for customers who wish to simplify Clearstream has been offering SDR their cash management in PHP. as a denomination currency for many reserves of member countries, years and interested issuers are able providing extra credit and liquidity to issue SDR-denominated securities to the international market. SDRs New services for Xact Web Portal via Clearstream Banking. This is just are not a currency themselves but Our new web-based connectivity one part of our comprehensive range can be used to potentially claim the channel, Xact Web Portal undergoes of RMB-related services covering the equivalent value of the currencies a number of major transformations full spectrum of issuance, settlement, in the SDR basket. during 2016 as we add new services custody and cash management. to this state-of-the-art portal. As well There are currently four currencies as launching settlement and asset What is the SDR currency basket? included: the Euro, the Japanese Yen, servicing services this year, in July we Special Drawing Rights (SDR) are the British Pound and the US Dollar. will be implementing a comprehensive international reserve assets that The RMB will be added as a fifth package of cash instruction, query and supplement the official money currency from 1 October 2016. reporting functionalities. Negative interest rates Georgian Lari becomes Seamless access Recently, one hard-hitting change in the macro business environment eligible for settlement for customers has been the introduction of negative interest rates. While interest rates During our November release, we Our continuing effort to simplify have remained extremely low across enhanced eligibility of the Georgian use of our triparty services for Europe and the U.S. in recent years, Lira (GEL) to a settlement currency, corporate customers has led to a the move by the European Central thereby facilitating GEL-denominated small but significant change in funds Bank in June 2014 to lower the deposit Eurobond issuance through our transfer instructions. For SWIFT rate from zero to -0.1% (currently ICSD issuance hub. The Bank of messaging, corporate customers -0.3%) took us to new levels in the Georgia was selected as our cash instruct the transfer of funds using a interest rate cycle. correspondent bank (CCB) for GEL. MT101 message, while our financial customers need to use MT103. This This triggered a domino effect of rate This is a first step in our ongoing can lead to incorrect mapping and cuts across Europe with the Swedish efforts to develop our CIS/Caucasus subsequently the rejection of the and Swiss national banks choosing to region offering. January saw the instruction. follow suit (Denmark having already opening of our domestic link to made this move in 2012) in an effort Georgia, bringing the total number Clearstream has implemented a to protect their currencies and reduce of accessible links to 55. The product tool into their systems which will market liquidity and volatility. offering includes internal free of automatically transform corporate and against payment settlement in customer instructions (MT101) into As a result, Clearstream now applies all settlement eligible currencies, banking instructions (MT103) thus a daily negative credit interest rate including GEL. Further available avoiding this possible rejection. on the end-of-day long balances of services are external free of payment It also saves corporate customers these currencies. settlement, custody and reconciliation time and expense having to adapt as well as asset servicing. their systems. Denomination only currencies As well as the settlement currencies, Our current list of denomination only currencies we offer a comprehensive array of denomination only currencies bringing Belarusian Ruble BYR Moroccan Dirham MAD the total number of currencies eligible CFA Franc BCEAO XOF Namibia Dollar NAD in our ICSD to 99. CFA Franc BEAC XAF New Taiwan Dollar TWD Chilean Peso CLP Nicaraguan Cordoba Oro NIO What is the difference between Chilean Unidad de Fomento CLF Nigerian Naira NGN denomination only and Columbian Peso COP Serbian Dinar RSD settlement? Costa Rican Colon CRC Sri Lanka Rupee LKR The currency in which an instrument Dominican Peso DOP Tanzanian Shilling TZS is issued is referred to as the Egyptian Pound EGP Tunisian Dinar TND denomination currency.
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