Changements d'événement et impacts sur les instructions (document en anglais)

Theme 2 Event changes and impacts on instructions

• Modification of the default action

If modification of teh default action before the client instruction creation date, no impact on existing instructions but need of new notification to send to client with explanation in the free text.

If modification of the default action after client instruction creation date => modification just before the custodian deadline => case very rare

• Alternative closed (closed by the market)

Modified notification to send to clients .

Alternative closed should have a status “closed” => new field to add in UCA-FTB data-model. This status will be check to determine the availability of the alternative (for client instruction creation – individual & automatic)

• Alternative cancelled

For instructions already input : need to reverse instructions of the alternative cancelled

Sending of a modified notification to clients (free text : to explain to clients that instructions have been cancelled)

Comment: The reversal of specific client lifecycles can only done manually one by one. No partial reversal exist currently.

Theme 2 Position blocking in Secams for CA instructions

Two types of blocking are foreseen in Secams for CA instructions :

- the first one is aimed to block securities participating at the event

- the second one is aimed to block securities for the take no action (ie for client who want their securities to remain in their account for event with a default action different from take no action). This second blocking type should not block other process

Question : interpretation of this second type of blocking in LU ?

In case of partial instructions:

- If one alternative : total quantity = 75, instruction for 40 to participate and 35 to remain in account => specific blocking for 35

- If two alternative and 2 partial instructions : pbs : need to un-block manually in secams the specific blocking due the first instruction and the to pass the second instruction

In case of events without any deliver (cf optional dividend without rights) : specific blocking of the second type in order to avoid several instructions for the same clients. When to un-block ? At the closing of the event ? may be too late . At the accounting date ? may be if only one accounting date for the event.

Theme 4 : instruction for client with rights but no reference securities

This case is related to a client who would buy right on the market and would wish to participate in the event. In that case, no notification received for the client => instruction not based on the notification=> no composite key to transmit to the central platform. A priori, no problem, creation of a “composite key like” when receiveing

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