For internal (within ICSDs¹) and bridge (Euroclear Bank – Clearstream Banking) settlements, the following capability is being implemented:

For external settlements (in CSDs of local EEA² markets), the ability to use the Hold&Release service depends on the settlement rules of the local market. The service is unavailable for settlements in the American, Canadian and other markets outside the EEA zone.

A new field "instruction status" has been added to forms MF035 and MF036. The field has two possible values: "for matching" and "for execution". Instructions received with "for matching" status will be transmitted to ICSDs with this status, but will not be executed by ICSDs until the depositor changes the status to "for execution".

Submit instruction in on hold / released status:

Changing the original instruction status from "for matching" to "for execution", as well as from "for execution" to "for matching", is implemented by submitting an instruction in form MF530 / SWIFT MT530.

Change original instruction status:

Status change is allowed both before and after the settlement date, unilaterally by the depositor during the instruction lifecycle, subject to restrictions established by ICSDs and/or the local market.

Instruction status change is not additionally charged.

1. Status change before transferring original instruction to ICSDs.

Status change instruction will be executed on NSD side. A report will be generated for the depositor – notification of instruction details change in form GS036 / SWIFT MT548.

2. Status change after transferring original instruction to ICSDs.

Status change instruction will be executed on ICSDs side. After transferring the status change instruction to ICSDs, a report will be generated for the depositor – notification of "transfer of instruction status change information to ICSD". Further notification will be provided as reports are received from ICSDs.

Information about original instruction status change is reported in GS036 / MT548 report linked to the original instruction MF035/MF036 or SWIFT MT540-MT543. NSD will transmit to the depositor GS036 / MT548 report indicating the status of the depositor's instruction or depositor and counterparty instruction received from ICSDs.

ICSDs may also send information about the status of the depositor's instruction and counterparty instruction for the transaction in case of counterparty instruction status change / matched instruction pair status change. NSD will transmit this information to the depositor in GS036 / MT548 report indicating the status of the depositor's and counterparty's instruction received from ICSDs. The report is sent linked to the original instruction MF035/MF036 or SWIFT MT540-543.