Changes to international schedules. Impact on cut-off times for custodians in International Custody Services

Dear participants,

In view of the upcoming changes to international schedules, DCV requests that you take the necessary precautions to comply with the new cut-off times for the International Custody Service.

The following table shows the changes and dates on which the adjustments will be made:

 

Area	Start date	Difference	Example
New York	Sunday, March 8, switches to daylight saving time.	Santiago will be +1 hour ahead of New York time.	Santiago 12 p.m. – New York 11 a.m.
Belgium	Sunday, March 29, switches to daylight saving time.	Santiago will be -5 hours behind Belgium.	Santiago 12 p.m. – Belgium 5 p.m.
Santiago	Sunday, April 5, switches to winter time.	Santiago is now in the same time zone as New York and -6 hours behind Belgium.	Santiago and New York 12 p.m. Santiago 12 p.m – Belgium 6 p.m.

The cut-off times for both registering instructions in DCVe and receiving funds from transactions are available in the International Custody Service’s operating guide.

CITIBANK			Winter in Chile (Same time as NY)	Summer in Chile (2 hours ahead of NY)	1 hour ahead of NY
Registration of securities instructions in DCVe		Free of payment	4:00 pm	5:00 pm	5:00 pm
		Against payment	2:00 pm	4:00 pm	3:00 pm
Funds transfer	USD	Automatic allocation	2:00 pm	4:00 pm	3:00 pm
		Manual allocation	12:00 pm	2:00 pm	3:00 pm
DCV – BVE Exchange		Free of payment	4:00 pm	5:00 pm	5:00 pm
EUROCLEAR			Winter in Chile (6 hours less difference with Belgium)	Summer in Chile (4 hours less difference with Belgium)	5 hours behind Belgium
Registration of securities instructions in DCVe		Free of payment	12:00 pm	2:00 pm	1:00 pm
		Against payment	11:00 am	1:00 pm	12:00 pm
Funds transfer	USD	Automatic allocation	12:00 pm	2:00 pm	1:00 pm
		Manual allocation	11:00 am	1:00 pm	12:00 pm
Funds transfer	EUR	Automatic allocation	9:00 am	11:00 am	10:00 am
		Manual allocation	8:00 am	10:00 am	9:00 am