As the CSDR will be fully implemented in the Czech Republic from 1 February 2022, UniCredit Bank Czech Republic and Slovakia, a.s. (UCBCZ) is requesting the express indication from its clients whether they will be allowing the partial settlement during the processing of their settlement transfers at the local CSD (CDCP a.s.). Such express indication should be delivered to UCBCZ in the form of MT599 (BIC: BACXCZPP) specifying the respective entity for which the partial settlement would be allowed.
Such setup can be executed:
- for the overall entity’s securities accounts open in UCBCZ settlement system, or
- only for specifically listed and active securities accounts open for the respective entity in UCBCZ books
The primary values in the MT599 “Standing Instruction” would be either PART (partial settlement allowed) or NPAR (partial settlement restricted). Please note that the default value used by the local CSD for the processing of the OTC transactions will be NPAR. This same default setup will be equally entered into the UCBCZ settlement system over all active clients’ securities accounts.
Please be also advised that it will be always possible to override this default (NPAR) by sending the MT54X containing PART (in the Optional field 22F//:SETR/STCO/PART). Such instruction will be sent to the local CSD and will be partially settled, provided that both parties allow for PART.
Impact on Clients: Clients need to act by sending instruction to UCBCZ in relation to the CSDR partial settlement function.