Demerger of CSD functions from OeKB

UniCredit Bank Austria AG
Summary: 
SSIs for the Austrian market will change as a result of the forthcoming separation of the CSD functions from OeKB.
Wed, 26/08/2015

 

As previously announced, the CSD functions in the Austrian market will be demerged from OeKB into a new legal entity after close of business on 11 September 2015. The new legal entity will be called OeKB CSD GmbH and will be  the full legal successor of OeKB. All contracts will stay in force and all securities account numbers will remain unchanged.

We would like to remind our clients of the following changes that will occur in connection with this separation:

  • The population of Place of Settlement (PSET) in Field 95P in SWIFT MT54x instructions will have to be changed from OEKOATWWXXX to OCSDATWWXXX. Instructions sent during the business day on 11 September 2015  will still have to be sent with the old PSET OEKOATWWXXX, while instructions sent after the start of business on 14 September 2015  will have to specify the new PSET OCSDATWWXXX.

Similarly, clients using option 95R for indicating the counterparty’s agent will have to change their way of instructing from

OLD (until close of business on 11 September 2015)         :95R::REAG/OEKO/2xxx00

to

NEW (after start of business on 14 September 2015)    :95R::REAG/OCSD/2xxx00   

UniCredit Bank Austria will additionally set up cross-references in its system, in order to make sure that instructions received with the old details after the demerger continue to be processed correctly, without manual intervention.

  • The members of OeKB CSD (i.e. the current members of OeKB) will have to open new cash accounts with OeKB CSD GmbH for the purposes of processing their transactions following the demerger - this however has no impact on the clients of UniCredit Bank Austria, as their currently assigned settlement cash accounts opened in our books will continue being used for settlement purposes following the demerger too.

Impact on investors:  Settlement instructions received after the start of business on 14 September 2015 will have to be populated with amended place of settlement and/or counterparty agent details, as applicable.

Related Newsflash: Outsourcing of CSD Function from OeKB