Market practices in Germany

Germany
Name of National Central Bank Deutsche Bundesbank
Phone number of the CCBM unit + 49 69 23 88 24 70
Fax number of the CCBM unit + 49 69 23 88 24 97
email CCBM-Team@bundesbank.de
Counterparties’ contact for credit claim related issues Deutsche Bundesbank
Zentrale KEV, M 120 For letters: Postfach 11 12 32, 60047 Frankfurt For registered mail and parcels: Weserstraße 46, 60329 Frankfurt E-Mail: kev@bundesbank.de
Telephone: +49 69 23 88 14 70
Telefax: +49 69 23 88 14 60
Publications describing local legal and operational procedures General Terms and Conditions of the Deutsche Bundesbank (esp. par. V.)( at www.bundesbank.de)

Legal and Procedural Aspects
Procedural aspects governing a repurchase agreement with the NCB and legal documentation used (if applicable) n.a.
Procedural aspects governing a pledge towards the NCB and legal documentation used (if applicable) Deliveries of collateral (securities) to the Deutsche Bundesbank as HCB must be accompanied by a general declaration of pledging (“generelle Verpfändungserklärung”) compiled on the official Deutsche Bundesbank form. This form is available upon request to the Deutsche Bundesbank. No special German procedures apply to deliveries to Deutsche Bundesbank as CCB.
Specific procedures governing non-marketable assets Deutsche Bundesbank acting as CCB:
  • Credit claims which fulfil the requirements for eligible assets are accepted by Deutsche Bundesbank as agent of the HCB by way of assignment under German law.
  • The counterparty shall submit a General Declaration of Assignment to the benefit of the HCB once on a form provided by the Deutsche Bundesbank.
  • No ex-ante notification.
  • The assets have to amount to at least € 500,000 at the time of submission.
  • The assets should be submitted to the Deutsche Bundesbank as the agent of the HCB in electronic form via Bundesbank’s KEV system for submission and administration of credit claims by an online procedure with interactive access based on standard internet browser.
  • As a general rule, the counterparty is obliged to supply an admissible credit assessment when submitting assets to the Deutsche Bundesbank. Subject to a separate agreement, the counterparty may also use the Deutsche Bundesbank’s own credit assessments from its in-house credit assessment system.
  • Basis for authorization (verification of legitimation) is a list of authorities to sign.
Terms and Conditions:
Additional Special Terms and Conditions apply to the use of non-marketable assets governed by German law, which complement the existing provisions applicable to relations between the Home Central Bank and its counterparties when the Deutsche Bundesbank acts as Correspondent Central Bank (can be found at www.bundesbank.de)

Technical Aspects Clearstream Banking Frankfurt (CBF)-CASCADE Clearstream Banking Frankfurt (CBF)-CREATION Deutsche Bundesbank
Type of eligible assets held All marketable assets Domestic bonds, eurobonds, commercial paper Non-marketable assets (credit claims)
Opening hours Opening of Clearstream Banking Frankfurt (CBF)-CASCADE to 5.30 p.m. Opening of Clearstream Banking Frankfurt (CBF)–CREATION to 5.30 p.m. 9.00 a.m.–4.00 p.m.
Number of settlement cycles per day Real time settlement Real Time Settlement No settlement cycle; transactions can be forwarded to Deutsche Bundesbank during a.m. business hours
BIC of SSS(s) or NCB DAKVDEFFXXX CEDELULLXXX MARKDEFFCCB
Account of NCB in the SSS MARKDEFFCCB
7368 in case of CBF internal transactions
67368 n.a.
HCB's sub accounts in the SSS (where applicable) n.a. n.a. n.a.
Matching requirements Yes
  • Delivering participant
  • Receiving participant
  • ISIN
  • Nominal amount
  • Settlement date
  • Trade date
n.a.
Matching/Settlement details
  • Delivering Party BIC
  • Receiving Party BIC
  • ISIN code
  • Settlement Quantity
  • Intended Settlement Date
  • Trade date
  • Payment Type (FREE)
  • Securities Movement Type (DELI/RECE)
  • CSD of the Delivering Party
  • CSD of the Receiving Party
  • To ensure a correct matching instruction, counterparties should not use the additional matching fields offered by T2S.
    Especially please do not use:
    :22F::STCO//NPAR or any other code
    any field values for :22F::TTCO
Settlement details may be obtained by consulting the Clearstream website  
Special Operating Procedures CBF General Terms and Business Conditions (can be found at www.clearstream.com). CBF General Terms and Business Conditions (can be found at www.clearstream.com). General Terms and Conditions of the Deutsche Bundesbank (can be found at www.bundesbank.de).
For cross border use see explanations under "specific procedures governing non-marketable assets" in this table. For detailed clarification of the necessary procedures Deutsche Bundesbank strongly recommends counterparties to contact the Deutsche Bundesbank prior to the forwarding of instructions, see "Foreign counterparties’ contact for credit claim related issues" in this table.
Homepage of SSS www.clearstream.com (select Issuance & Settlement and CSD services to reach the CBF webpage) www.clearstream.com (select Issuance & Settlement and ICSD services to reach the relevant CBF webpage) n.a.