OeKB CSD GmbH, the Austrian CSD, has published their new General Terms and Conditions which will apply as of 13 July 2020.
As part of the changes, OeKB CSD introduces a new default cancellation management:
Unmatched transactions will be cancelled on an automated basis at the end of the twentieth T2S Opening Day after having been validly received into T2S.
Matched transactions will be cancelled on an automated basis if the instruction status is not changed during 60 T2S Opening Days after the intended settlement day. So far, matched transactions were not included in the default cancellation process.
Impact on investors: Matched transactions on CSD/T2S level will be included in the default cancellation routine of the CSD. UCBA will apply the same regime for internalized transactions in their books. All matched trades will be cancelled from 5 October 2020 (60 T2S Opening Days after the introduction of the new regime) onwards if they meet the default cancellation criteria described above.