• DEX 19 Software Changes
• DEX 19.1 Software Changes
• Statistics
• New E-Mail Addresses

DEX 19 Software Changes

Euroclear are planning a new DEX release in November 2010. This software release will enable a new service which will allow clients to settle electronically Regulation S Category 3 ‘REG S’ securities; additionally Euroclear will not be required to register with the United States Securities and Exchange Commission (SEC).

Although this is not a major change, please note that the version numbers in the ‘Obsolete Version’ column in the table below will be removed from CREST, so any messages sent with these versions will be NAKd. As there are a number of messages with new versions being introduced and old versions being removed, the complete life cycle of a trade should be tested.

Although these changes have not yet been agreed by the SEC and confirmed by Euroclear, they have now been made in the Simulator and will be available for testing from 30th September.

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

Type	Message Name	New Version	Obsolete Version	New Field/s
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 Accont 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

DEX 19.1 Software Changes

In addition to the Regulation S securities settlement changes due to go live in November 2010, Euroclear have introduced some other DEX functionality and therefore version 19.1 of the DEX supersedes version 19.0. The changes have been implemented into the Simulator and are available to test.

Details of Changes

Euroclear have added new functionality relating to Bank of England Bills and Irish DBV classes. These changes are due to go LIVE along with the Regulation S Securities settlement changes in November 2010. All of the changes listed below are now LIVE within the Simulator. Please see below for full details:

Bank of England Bills - BEB

The Bank of England has asked Euroclear to create a new MMI instrument called ‘Bank of England Bills’ to support it in its open market operations. This bill will require the introduction of:

• a new Security Category and Instrument Type: BEB
• a new MSV category: E014
• two new DBV classes: BEB and TSB (TSB which includes both Treasury and Bank of England Bills)

Irish DBV classes

The current CREST system F10 (FTSE100) and F25 (FTSE250) security categories will no longer contain Irish stocks, whilst the new I10 and I25 categories will contain exclusively Irish stocks.

Two new Security Categories:

• I10 - Irish equivalent 100
• I25 - Irish equivalent 250

New MSV Values to reflect the above:

• M08 - Irish equivalent 100
• M09 - Irish equivalent 250
  
  

Therefore three new DBV classes will be added:

• C10 - combination of F10 and I10 securities
• C25 - combination of F25 and I25 securities
• C35 - combination of all of the above to reflect the FTSE350 UK and Irish securities

Statistics

In the six months to June 2010, we processed almost 6 million messages, a 34% increase vs the previous year. This resulted in almost 35 million responses generated.

New E-Mail Addresses

Safe Financials have now acquired and will begin to use sfl.co.uk as our new e-mail domain.

support@sfl.co.uk

or to contact an individual:

firstname.surname@sfl.co.uk

The old addresses will continue to work as before