DEX 19 Overview...

DEX 19 Software Changes ***NOW LIVE IN THE SIMULATOR***

Euroclear are planning a new DEX (19) release in November 2010. This software release will enable a new service which will allow clients to settle electronically Regulation S Category ‘REG S’ securities, additionally Euroclear will not be required to register with the United States Securities and Exchange Commission (SEC).

However, these changes have not yet been agreed by the SEC so this will not be launched if no agreement is made.

Details of changes

Security Detail

Two new security fields have been introduced which allow clients to identify if a security is restricted or not under the applicable ‘REG S’ definitions:

• RESTRICTION TYPE
• NEXT RESTRICTION TYPE

Transaction Certification

A new field has been added at the transaction level:

• REG S CERTIFICATION

This new field applies to the following transaction types:

• Delivery – DEL
• Own Account Transfer – OAT
• Stock Loan – SLO
• Stock Deposit – STD
• Stock Withdrawal – STW

This allows the member to provide positive certification in respect of a transfer of a ‘REG S’ security when inputting the instruction.

 
Participant Details for Section 17A compliance

A new field has been added at Participant level.

• COUNTRY OF RESIDENCE

Message Changes

Message Type	Message Name	New Version	Obsolete Version	New Field
FSFQ	Security Full Details Request	12	10	N/A
FSFP	Security Full Details Response	12	10	RESTRICTION TYPE & NEXT RESTRICTION TYPE
GPAQ	User Participant Details Request	9	7	N/A
GPVQ	Participant View Request	9	7	N/A
GPAP	User Participant Details Response	9	7	COUNTRY OF RESIDENCE
QFCQ	File Changes Request	17	15	N/A
ADVN	Delivery Input	5	3	REG S CERTIFICATION
AATN	Own Account Transfer Input	5	3	REG S CERTIFICATION
ALNN	Stock Loan Input	3	-	REG S CERTIFICATION
ASDN	Stock Deposit Input	4	2	REG S CERTIFICATION
ASWN	Stock Withdrawal Input	4	2	REG S CERTIFICATION
ATXQ	Transaction Request	15	13	N/A
ATXP	Transaction Response	15	13	REG S CERTIFICATION

Subject to confirmation from Euroclear that these changes have been agreed by the SEC, we will have these implemented by end of Q3 2010.

Any questions please contact us. We will keep our website updated with any changes.