Vestima+ OI User Guide

Vestima+ Investment Fund Services User Guide for Order Issuers January 2011 Vestima+ - Investment Fund Services User Guide for Order Issuers January 2011 Document number: 6268 This document is the property of Clearstream Banking, société anonyme (“Clearstream Banking”) and may not be altered without the prior express written consent of Clearstream Banking. Information in this document is subject to change without notice and does not represent a commitment on the part of Clearstream Banking, or any other subsidiary or affiliate of Clearstream International, société anonyme. The software described in this document is supplied under a licence agreement and is subject to specific copyright protection. It is illegal to copy the software on any medium except as specifically allowed in the licence agreement or copyright legislation. © Copyright Clearstream International, société anonyme (2011). All rights reserved. Vestima+ is a registered trademark of Clearstream International, société anonyme. S.W.I.F.T. is a registered trademark of the Society for Worldwide Interbank Financial Telecommunication. Microsoft and Excel are registered trademarks of Microsoft Corporation. Clearstream International, société anonyme is a Deutsche Börse Group company. Foreword Vestima+ is Clearstream Banking’s automated electronic order routing and management service giving Order Issuers (OIs) and Order Handling Agents (OHAs) a single entry point for orders in domestic thirdparty, cross-border and off-shore funds. About this guide This guide is intended to help you use the Vestima+ web browser interface as an Order Issuer (OI); that is, someone who wants to buy or sell investment fund shares. This guide also provides useful background information if you connect to Vestima+ via SWIFT. The guide is organised into chapters as follows: • “Chapter 1. Introduction” on page 1-1; • “Chapter 2. System description - Primary market orders” on page 2-1; • “Chapter 3. System description - Stock exchange orders” on page 3-1; • “Chapter 4. Getting started” on page 4-1; • “Chapter 5. Issuing an order” on page 5-1; • “Chapter 6. Managing orders” on page 6-1; • “Chapter 7. Services” on page 7-1; • “Appendix A. Possible settlement models” on page A-1; • “Glossary”. Associated documents General and browser: Network and Security Guide Installation and System Administration Guide User Guide for Order Issuers User Guide for Order Handling Agents File Upload Facility User Guides: for Order Issuers / for Order Handling Agents Vestima+ Report Download Facilities User Guide Browser security and network information. Browser installation and setup instructions. Information for OIs (participants who want to buy or sell investment fund units). Information for OHAs (participants who process orders in investment fund units). Describing the submission of unlimited numbers of order confirmations into Vestima+ through the browser in a single operation. Describing the download of reports from the browser. SWIFT: SWIFT ISO 15022 User Guides: for Order Issuers / for Order Handling Agents SWIFT ISO 20022 User Guides: for Order Issuers / for Order Handling Agents SWIFT ISO 15022 message format specifications for use with Vestima+. SWIFT ISO 20022 message format specifications for use with Vestima+. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 i telephone and fax numbers and your email address. Security is further enhanced by the employment of unique ID and password combinations and the encryption of all communication. • Details of the inquiry (please have full details available). Hardware and software requirements You can access the Vestima+ system from any personal computer running appropriate Windows software with a standard web browser. it would be helpful if you have the following information to hand before contacting Clearstream Banking: • Your organisation name and Vestima+ Identity (ID). with any error message number. For OIs connecting directly to Vestima+. Note: For more detailed technical requirements. January 2011 ii Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . full instructions for the installation of the certificates and the use of personal identification numbers (PINs) and passwords are set out in the Vestima+ Installation and System Administration Guide. full details of the error. please refer to the Vestima+ Installation and System Administration Guide.clearstream.Clearstream Banking has implemented telephone line recording to ensure that the interests of Clearstream Banking and of its customers are protected against misunderstandings or miscommunications. It is also available directly through public internet. Access is restricted to authorised users only and is controlled by the use of certificates.as is normal practice within financial organisations .com www.com connectlux@clearstream. • The make and model of your PC.com Connectivity Support for access/configuration issues Vestima+ Help Desk for business queries Vestima+ Product information Connectivity Support Vestima+ Help Desk for business queries Connectivity Support Clearstream Banking web site Clearstream Banking Investment Fund Services If you need assistance with Vestima+. The recorded lines are the subject of an ongoing formal maintenance and quality control programme to ensure their continued effective and appropriate deployment and operation. the Treasury Dealing Room and back office operations. • Your name. Please note that .Foreword A word about security and accessibility The Vestima+ web browser interface is available through Clearstream Banking’s CreationOnline portal. • If you receive an error message. you can contact Customer Service in Luxembourg as follows: Telephone: +352-243-38110 +352-243-32833 +352-243-32555 Fax: Email: Web site: +352-243-638110 csvestima@clearstream. You will also need an external connection to the Vestima+ system. Contact details For further information or if you have specific questions regarding the Vestima+ system and/or communications with Clearstream Banking. • The type and version of your operating system and web browser software. Areas subject to telephone line recording include Customer Service.vestima. • Your connection type: via the CreationOnline portal or directly through the public internet.com www. . . Order flow . . . . . . . Ways of using the system. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To log on to the system. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1 5-2 5-5 5-7 5-10 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 iii . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1 3-1 3-2 3-3 3-3 3-5 3-5 3-5 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Primary market orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Checking options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Order life cycle . . . . . . . . . . . . . . . . . . . . . . . . . . . . The web browser connection . . . . . . . . . . . . . . . . . . . . . . . . . . . . Creating an order . . . . . . . . . . . . . . . . . . . . . . A word about security and accessibility . . . . Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ways of using the system. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Order flow . . . . . . . . . . . Modifying an order . . . . . . . . . . . . . Cancelling an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Participants . . . . . . . . . . . Settlement options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Getting started . . . Creating a stock exchange buy or sell order . . . . . . . . 1-1 1-2 1-2 1-3 1-4 2. . . . . . . Technical requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rules for passwords . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Summary of order entry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-1 2-1 2-2 2-3 2-3 2-4 2-5 2-5 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . About this guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Order life cycle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . System description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Issuing an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i i i ii ii ii 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Creating a primary market subscription or redemption order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cancelling an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The main order cycle screen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Stock exchange orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Initial administration activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . System description . . . . Hardware and software requirements . .Contents Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Creating an order . . . . Summary of order entry. . . General features of the order templates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modifying an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Order field definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contact details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-1 4-1 4-1 4-2 4-2 4-2 4-3 4-3 5. . . . . . . . . . . . . . . . . . Associated documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Creating a switch order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Users . . . . . . . . . 7-1 7-1 7-1 7-4 Appendix A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Working with the Event Console . . . . . Verifying/Failing verification of an order. . . . . . Uploading files. . . . . . . . Managing orders . . . . . VSR statuses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Requesting cancellation of a new order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Archive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modifying an existing order . . . . . . . . Glossary A-1 January 2011 iv Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vestima+ Service Request (VSR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Working with rejected orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Possible settlement models . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Settlement Instruction Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Copying an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Downloading reports. . . . . . . . . . . . . . . . . . . . . . . . .Contents Viewing a very recent order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Performing searches . . . . . . 5-12 5-13 5-14 5-15 5-15 5-18 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Viewing the history of a recent order . . . . . . . . . . . 6-1 6-1 6-2 6-3 6-3 6-3 6-5 6-6 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Authorising/Failing authorisation of an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vestima+ has been developed to simplify and standardise all aspects of investment funds trading. Introduction This chapter contains information about the use of the Vestima+ service.1. bringing the maximum range of funds within easy reach of a broad customer base.An agent acting for the fund. Orders that are routed to an EA are considered as “stock exchange orders”. Orders from the order issuer (OI) can be transmitted through Vestima+. Using a web browser. • “Checking options” on page 1-4. depository bank. Vestima+ supports the following types of OR: • Order Handling Agent (OHA) . Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 1—1 . Orders that are routed to an OHA are considered as “primary market orders”. for example. the OI can send subscription. In some circumstances. redemption and switch orders from a standard desktop PC via Vestima+ to a wide network of order receivers (ORs). • Execution Agent (EA) . transfer agent.An institution appointed by the OI for the placement of orders at a Stock Exchange. in the following sections: • “Participants” on page 1-2. • “Settlement options” on page 1-3. centralisation agent. Clearstream Banking may forward orders to one of its depositories to be sent on to the relevant OHA. 1. Introduction Most processes are common for both primary market and stock exchange orders. Thus, OHAs and EAs are grouped as ORs. This Guide will explicitly mention OHA or EA only in the context of specific processes. Many ORs will also send a preliminary acknowledgement soon after they receive an order and all ORs will send an electronic confirmation when an order is filled. If the OR is unable to handle the order for any reason, the OI will receive a formal rejection. Note: The OI and OR do not communicate directly but do so via the Vestima+ automated system. Orders are processed by Vestima+ in real time once entered and appropriately authorised by the OI. The time taken for the OR to receive orders will vary depending on the connectivity in use by the OR. Integration with the settlement and custody services of Clearstream Banking provides secure straightthrough processing (STP) from order input through to final settlement, if required. Participants There are various types of participant that interact with Vestima+. These include the following: Order Issuer Order Receiver Order Handling Agent Execution Agent Report Receiver Master Participant (OI) An organisation that buys and sells shares directly from the fund or its agent, for its own account or on behalf of other investors. (OR) An organisation that receives orders from an OI through Vestima+. (OHA) An agent appointed by the fund to process fund orders. (EA) An agent appointed by the OI for the execution of fund orders at the Stock Exchange. An OI, OR or Fund Manager that can retrieve reports via the Vestima+ web browser interface. A Vestima+ participant that can act on behalf of other participants. Users There are various types of user that interact with Vestima+. These include the following: Administrator OI User A system administrator who defines access permissions for local users. The local user. January 2011 1—2 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers 1. Introduction Settlement options OIs can specify that a settlement instruction is to be generated automatically by Vestima+ once an order has been confirmed by the OR1. For this to happen, Clearstream Banking must already be in possession of the appropriate details of custodians and settlement accounts. Both free of and against payment instructions are supported by Vestima+.This adds settlement to the STP environment and eliminates the risk of error associated with manual processing. The status of settlement instructions issued by Vestima+ is displayed on the Vestima+ web browser. Through Vestima+ links to Clearstream Banking and to other settlement providers, participants now have access to a fully integrated service for the order routing, settlement and custody of funds. The full range of services offered by Clearstream Banking is set out in the illustration below. 1. For fund transactions that require prepayment, a cash instruction will be generated when the order is forwarded to the OR. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 1—3 1. Introduction Checking options A number of safety checks are available in the system that support the correct entry of order details. One of the following three checking options can be specified for all orders, and can be changed at any time by contacting your relationship officer: • 2-eyes principle - No Verification or Authorisation: all orders are sent to the OR without any further checks. • 4-eyes principle - Authorisation Only: an order can be sent to the OR only after authorisation by a second user. • 6-eyes principle - Verification and Authorisation: a second user must verify an order and a third user must authorise it before it can be sent to the OR. The Vestima+ order processing life cycle at the OI is described in the following sequence of activities and events: Create an order Creating an order is the process of entering all the details of a new subscription, redemption or switch order for fund shares. Before the order is created, the input is validated for errors by Vestima+. Then it is forwarded to the OR for confirmation. Verify/Authorise an order (optional) An order can be verified and/or authorised before it is confirmed, depending on the specified system checking options (see above). At both verification and authorisation stages, a user can stop the progress of the order for any reason by failing verification or authorisation respectively. The first user must then modify the input. Cancel an order The OI can cancel an order as long as it has not yet been forwarded to the OR. A cancellation can be requested if the order has been forwarded. Acceptance of a cancellation request is in the responsibility of the OR and is (among other things) dependent on the type of the order, the timing of the request and the trading conditions of the fund. January 2011 1—4 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers • “Order life cycle” on page 2-3. MT509 and MT515 messages). The browser also serves as a contingency option.Primary market orders This chapter contains a general description of the Vestima+ system. System description . to communicate with Vestima+: • The CreationOnline portal or directly over the public internet. • “Order flow” on page 2-2. in any combination.2. Ways of using the system Vestima+ can be used with a range of connectivity options. This offers instant access and is recommended for low transaction volumes. This is a secure delivery method appropriate for all transaction volumes. This is a secure and cost-effective delivery method appropriate for all transaction volumes. You can use one or more of the options below. • SWIFT ISO 15022 or 20022. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 2—1 . • Clearstream Banking’s CreationDirect via Internet (XML equivalents of SWIFT MT502. in the following sections: • “Ways of using the system” below. • “Summary of order entry” on page 2-5. Primary market orders Order flow 1. The Vestima+ service comprises the following areas of activity and functionality to create and settle orders swiftly and effectively: Order Cycle: Event Console: Fund Search: Order Search: Reports: Services: To create. Vestima+ can then automatically generate the settlement instructions for the settlement in Clearstream. The OI can use a standard template form to create an order via Vestima+. 5. adds price and commission details into Vestima+ and returns a confirmation to the OI. 2. For a quick overview of the progress of orders. This is an optional step depending on how the OHA has arranged its internal processes. if it is valid. as the receiver for primary market orders. the number of orders rejected by Clearstream Banking or forwarded to the OHA. 4. 3. To find recent orders up to 13 months old. for example. verify and/or authorise and submit a subscription. To view reports less than 13 months old or download them into spreadsheet (CSV) format. If the order fails validation. Vestima+ checks the order and. The OHA then fills the order. to reset system administrator credentials. System description . Vestima+ Service Request: To send Clearstream Banking a secure. January 2011 2—2 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . The OHA can acknowledge or reject the order. for example. redemption or switch order or request the cancellation of a created order. To look up details such as ISIN and NAV frequency or to select a fund and create an order for it. forwards it to the OHA.2. Acknowledgment means only that the order has been received and does not guarantee execution and confirmation. Vestima+ rejects the order. Archive: To find past orders or reports more than 13 months old. authenticated request. if the OR receives orders via SWIFT or CreationDirect file transfer.Primary market orders Order life cycle Vestima+ can be set up to suit your business processes and the life cycle of an order can vary depending on how the system is set up. Creating an order Creating an order (order entry) is the process of completing the details of a new order that will be sent to an OR. a second user must verify the order before a third user authorises it. You then submit the order. if the OHA receives orders through a browser interface. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 2—3 . • If the profile is set up to require one extra check on the input of the OI. System description . a second user must authorise the order before it can be forwarded to the OR. Verifying and/or authorising an order A new order may need to be authorised or both verified and authorised before it is forwarded to the OR. depending on the system checking options specified in the OI profile. Order forwarded statuses Vestima+ gives the order one of the following statuses. or • “Available to OHA”. or • “Forwarded by FAX” if the order is forwarded by facsimile.2. • If the profile is set up for two extra checks. as appropriate: • “Forwarded”. See “Creating a primary market subscription or redemption order” on page 5-2 and “Creating a switch order” on page 5-5. A modified order then restarts the life cycle. Modifying an order The OI can modify an order that has failed verification or authorisation. Users can query the Vestima+ system to make status checks and to see how an order is progressing. as if it is a new order. System description . January 2011 2—4 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers .Primary market orders The diagram below shows the life cycle where only authorisation is required (4-eyes).2. A created order requires no further intervention by the OI except. to request cancellation of the order or to take any appropriate action if the order is rejected by the OR. The diagram below shows the life cycle where both verification and authorisation are required (6-eyes). as necessary. the OR must confirm agreement to cancel. A third user authorises the order. Request” and the cancellation request may be subject to verification and/or authorisation (see “Verifying and/or authorising an order” on page 2-3). Summary of order entry A new order is created by selecting Order Cycle-New from the main menu and entering the required information in an order template. Otherwise. in which case the order status is changed to “Cancel. You can copy an existing order and edit it to save time when creating another. Verified Authorised Modified Cancelled Copied Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 2—5 . If the order has been forwarded to the OR. similar order. If the cancellation request is received by Vestima+ after it has been forwarded to the OR. the order status is changed to “Cancelled”. or • The OR can decide to reject a cancellation request. you can send it immediately for forwarding to the OR. A request for cancellation may also need to be verified and/or authorised before submitting it to an OR. it can be sent to a second and potentially a third user to verify and/or authorise it. You can request the cancellation of an order at any time before it is forwarded to the OR. Usually as a result of failed verification or authorisation. it can be: Submitted Depending on your permissions. changes can be made to the order for resubmission. or If the OHA accepts the cancellation request. Request Rejected by OHA”.Primary market orders Cancelling an order The OI can cancel an order as long as it has not yet reached one of the forwarded statuses (see “Order forwarded statuses” on page 2-3). A second user verifies the order. System description . Once an order has been created. then: • The order status is changed to “Forwarded Cancel.2. Primary market orders This page has intentionally been left blank.2. January 2011 2—6 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . System description . in the following sections: • “Ways of using the system” below. • SWIFT ISO 15022 or 20022. in any combination. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 3—1 . The browser also serves as a contingency option. • “Order life cycle” on page 3-3.3. This is a secure delivery method appropriate for all transaction volumes.Stock exchange orders This chapter contains a general description of the Vestima+ system. MT509 and MT515 messages). to communicate with Vestima+: • The CreationOnline portal or directly over the public internet. You can use one or more of the options below. • “Order flow” on page 3-2. This is a secure and cost-effective delivery method appropriate for all transaction volumes. Ways of using the system Vestima+ can be used with a range of connectivity options. • Clearstream Banking’s CreationDirect via Internet (XML equivalents of SWIFT MT502. System description . This offers instant access and is recommended for low transaction volumes. • “Summary of order entry” on page 3-5. 6. informing the OI about the execution of the order at the Stock Exchange.Stock exchange orders Order flow Stock Exchange orders involve an additional message flow. In cases of partial execution. Note: Depending on the liquidity of a fund at the Stock Exchange. the part of the order that was executed will be replicated as an individual order that is separately confirmed. the EA sends an advice to the OI. if it is valid. 2. including the respective price. orders may be partly executed. 4. System description . 1. If the order fails validation. The OI can use a standard template form to create an order via Vestima+. The EA can acknowledge or reject the order. Acknowledgment means only that the order has been received for further placement at a stock exchange and does not guarantee execution and confirmation. that is. Upon execution at the Stock Exchange. Vestima+ rejects the order. Vestima+ checks the order and. The EA then adds commission details into Vestima+ and returns a confirmation to the OI. This is an optional step depending on how the EA has arranged its internal processes. January 2011 3—2 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . 5. the EA sends an advice to the OI. The EA will send execution advices per further executed parts of the order. forwards it to the EA.3. including the price at which the order was executed. including the price at which the respective part of the order was executed. In cases of partial execution at the Stock Exchange. the executed part of the order will be partially confirmed. as the receiver for stock exchange orders. The remaining part of the order remains in the “forwarded” status until it is fully executed. Vestima+ can then automatically generate the settlement instructions for the settlement in Clearstream. 3. To view reports less than 13 months old or download them into spreadsheet (CSV) format. • If the profile is set up to require one extra check on the input of the OI. Archive: To find past orders or reports more than 13 months old. See “Creating a primary market subscription or redemption order” on page 5-2 and “Creating a switch order” on page 5-5. a second user must verify the order before a third user authorises it. Verifying and/or authorising an order A new order may need to be authorised or both verified and authorised before it is forwarded to the OR. To look up details such as ISIN and NAV frequency or to select a fund and create an order for it. For a quick overview of the progress of orders. to reset system administrator credentials. To find recent orders up to 13 months old. Vestima+ Service Request: To send Clearstream Banking a secure. You then submit the order. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 3—3 . depending on the system checking options specified in the OI profile. verify and/or authorise and submit a subscription or redemption or request the cancellation of a created order. System description . a second user must authorise the order before it can be forwarded to the OR. Creating an order Creating an order (order entry) is the process of completing the details of a new order that will be sent to an OR.3. for example. • If the profile is set up for two extra checks. for example.Stock exchange orders The Vestima+ service comprises the following areas of activity and functionality to create and settle orders swiftly and effectively: Order Cycle: Event Console: Fund Search: Order Search: Reports: Services: To create. Order life cycle Vestima+ can be set up to suit your business processes and the life cycle of an order can vary depending on how the system is set up. the number of orders rejected by Clearstream Banking or forwarded to the OHA. authenticated request. The diagram below shows the life cycle where only authorisation is required (4-eyes). The diagram above shows the life cycle where both verification and authorisation are required (6-eyes).3. the OR receives orders via SWIFT. as necessary. to request cancellation of the order or to take any appropriate action if the order is rejected by the OR. System description . Users can query the Vestima+ system to make status checks and to see how an order is progressing. A created order requires no further intervention by the OI except.Stock exchange orders Order forwarded statuses Vestima+ gives the order “Forwarded” status. January 2011 3—4 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . similar order.3. the order status is changed to “Cancelled”. market rules or supervising decisions) the EA can cancel an order without receiving a cancellation request from the OI. due to expiration. A third user authorises the order. in which case the order status is changed to “Cancel. A request for cancellation may also need to be verified and/or authorised before submitting it to an OR. the order status is changed to “Cancelled by EA”. you can send it immediately for forwarding to the OR. Otherwise. You can request the cancellation of an order at any time before it is forwarded to the OR. or • The OR can decide to reject a cancellation request. If the EA cancels the order. A modified order then restarts the life cycle. Usually as a result of failed verification or authorisation. as if it is a new order. Request” and the cancellation request may be subject to verification and/or authorisation (see “Verifying and/or authorising an order” on page 3-3). Verified Authorised Modified Cancelled Copied Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 3—5 . it can be: Submitted Depending on your permissions. changes can be made to the order for resubmission. If the order has been forwarded to the OR: • The order status is changed to “Forwarded Cancel. the OR must confirm agreement to cancel. When an order can no longer be executed at the Stock Exchange (for example. A second user verifies the order. Cancelling an order The OI can cancel an order as long as it has not yet reached one of the forwarded statuses (see “Order forwarded statuses” on page 3-4).Stock exchange orders Modifying an order The OI can modify an order that has failed verification or authorisation. Once an order has been created. it can be sent to a second and potentially a third user to verify and/or authorise it. If the cancellation request is received by Vestima+ after it has been forwarded to the OR. Summary of order entry A new order is created by selecting Order Cycle-New from the main menu and entering the required information in an order template. System description . You can copy an existing order and edit it to save time when creating another. Request Rejected by OHA/EA”. or If the EA accepts the cancellation request. Stock exchange orders This page has intentionally been left blank. January 2011 3—6 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . System description .3. Technical requirements You can connect to Vestima+ using either CreationOnline or pre-installed certificates. • “The main order cycle screen” on page 4-3. The administrator should have set up the system.4. • “Initial administration activities” below. for you to use the system. It contains the following sections: • “Technical requirements” below. The necessary technical configurations. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 4—1 . Getting started This chapter provides information about what you need to know and how Vestima+ should be prepared. are described in the Vestima+ Installation and System Administration Guide. with minimum and recommended resources for successful connection to and use of the Vestima+ service. OIs accessing Vestima+ through the CreationOnline portal. • “General features of the order templates” on page 4-3. defined user details to the system and assigned a logon identity and a one-time password to each user. In addition. Initial administration activities Before starting to use Vestima+. the administrator will have received documents providing PINs. can go directly to “The main order cycle screen” on page 4-3. the system administrator should have completed the connectivity setup as described in the Vestima+ Installation and System Administration Guide. • “The web browser connection” on page 4-2. user IDs and passwords. Note: The first time that you log on. Getting started The web browser connection The Vestima+ web browser connection is based on standard internet architecture and is ready to use with a minimum of installation requirements. include it as a favourite or bookmark. Start the web browser and enter the URL for Vestima+ (as provided with the documents sent to your system administrator). you are recommended to set this URL as the home page. Otherwise.4. Rules for passwords Passwords must be made up of 8-24 characters taken from at least three of the following four character sets: English alphabet (upper case) A-Z English alphabet (lower case) a-z Numbers 0-9 Punctuation (including special symbols) January 2011 4—2 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . To log on to the system 1. The URL that you specify depends on whether you are accessing the Vestima+ web browser via CreationOnline or via the public internet. You can access the Vestima+ web browser either via CreationOnline or directly via the public internet. Type in your Participant ID. 2. Advanced Public Key Infrastructure (PKI) is used in combination with installed certificates to ensure maximum security. the system will prompt you for a new password. User ID and Password details as supplied by Clearstream Banking to your system administrator and click on SUBMIT. If you are using the browser on a stand-alone PC. are often presented in tabular form in list views. You can click on any of the column headings in a list view to sort the whole view into ascending order of that column value. The central area of the screen contains whichever detailed template you are working on. These templates have a number of common features to help you. The main menu contains the main options available. This information is not affected while working in other areas of the screen. See “Working with the Event Console” on page 6-1. It is not always possible to view the whole list at once and so a sort facility is provided to help make it easier to find the particular item you are looking for. Beneath this. The option currently selected (Order Cycle is the default) is underlined. you input required details associated with the task you are performing or you can check other detailed information. For example. This screen is divided into four main areas: Header Menus The header area bears the screen title. the main Vestima+ order screen is displayed. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 4—3 . a second menu bar displays the sub-menu options available within the selected main option. as described in the following sections. especially search results. In this area. Templates Event Console General features of the order templates You manage orders through various templates (see “The main order cycle screen” on page 4-3) presented automatically in response to menu selections or clicking command buttons on your screen. Scroll bar This Windows facility is incorporated in any template that exceeds the screen area in which it is displayed. List sort facility Details. your logon details.4. date and time. Getting started The main order cycle screen When you have logged on successfully. The Event Console provides status information for all orders currently in your system. clicking on the Your Order Ref. heading will re-order the list of orders sorted by order reference. Detail icons / Date and time To specify a date. In each case. • Invert Selection: changes all active boxes to inactive and vice versa. January 2011 4—4 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . You can use the left and right scroll arrows to move back and forward through the months. Subscription Detail. Click inside an active (checked) check box to deselect the option that it represents and reset it to inactive.4. which is presented as check information when you are deleting an order. To specify a time. optional ones have black labels. for example. Click on the icon to display a detail view of the associated item. Radio buttons Click on only one choice from the set of options. Controls Control Command buttons Use Click on a labelled button to instruct the Vestima+ application to carry out the relevant action. clicking “Manual” here would activate Manual and de-activate STP. Certain input fields will be validated immediately upon attempting to move to the next control and an error message may be displayed to assist. For example. select the appropriate hour and minute values from the two available dropdown lists respectively. Another example is the Order Detail template. • Select All: activates all check boxes with one click. most of which is identical whether you are processing a subscription. a redemption or a switch order. Mandatory input fields have blue labels (names). Check boxes / Click inside an inactive (empty) check box to select or activate the option that it represents. a distinctive header is added at the top of the template. Getting started Action specific header One of the first templates to be displayed is the Pre Order template. each line has a check box so that you can specify several orders to be actioned at the same time. On some list templates. click on the small calendar icon to display a larger calendar popup in which you can select the current or a past or future date. Input fields Click inside an input field to move the cursor to this field and type in the desired data. There are three command buttons associated with such lists: • Clear: unchecks any boxes that are active. The template title alters automatically to identify which type of order you are working with. The chapter contains the following sections: • “Creating a primary market subscription or redemption order” on page 5-2. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 5—1 . • “Performing searches” on page 5-15. • “Creating a switch order” on page 5-5. • “Modifying an existing order” on page 5-13. The Vestima+ web browser interface also gives access to a comprehensive funds database. • “Authorising/Failing authorisation of an order” on page 5-15. Issuing an order Order management is easy because Vestima+ uses standard templates and list views and provides realtime update of order status. • “Verifying/Failing verification of an order” on page 5-14. • “Creating a stock exchange buy or sell order” on page 5-7. • “Uploading files” on page 5-18. This chapter provides a detailed description of processes you apply to a standard order when it is issued. • “Viewing a very recent order” on page 5-12.5. c) Use the SELECT button beside your chosen fund to select fund from the results list. b) Enter appropriate search criteria to locate the required fund (see “Performing searches” on page 5-15). or If you do not know the required code: a) Click on the Fund Search button at the right of the template to display the Fund Search template. Ensure that the order type radio button is set (see “Controls” on page 4-4).5. You are returned to the Pre Order template where the located ISIN and common code are automatically entered in the appropriate fields. do one of the following: If you know the required ISIN or common code. Issuing an order Creating a primary market subscription or redemption order Note: The process for creating a redemption order is similar to that for a subscription order. 4. To identify the fund that you want to order. 3. 2. Select Order Cycle-New from the menu to display the Pre Order template. To create a new subscription/redemption order: 1. January 2011 5—2 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . Subscription is the default selection. type it into the Fund Share Identification field. Select the At Fund/Issuer Execution Mode to route the order to the OHA appointed by the fund for the execution of orders. These two fields are mutually exclusive. that is. click on SUBMIT. Issuing an order 5. Vestima+ validates the order and. Click on SUBMIT at the bottom of the template to display the Order Entry template containing further order details automatically completed. do one of the following: For a cash based order: enter the relevant cash amount. 6. Do one of the following: To complete the order. Include any free-text External or Internal narrative or instruction to distinguish the order if required. fill in one or the other but do not mix. click on BACK to return to the Pre Order Entry template. 7. the order is returned for correction with the error indicated. See “Order field definitions” on page 5-10. 9. 10. Select a portfolio. To complete the dealing details. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 5—3 . if any error is detected.5. Choose the settlement currency. or For a quantity based order: enter the relevant number of shares. 8. To exit the order without creating it. A number of other fields are available to input information: those that are mandatory for the fund are highlighted in blue on the template. The default is the fund currency. When the order has been validated with no errors. the order is forwarded directly to the OR and assigned the status “Forwarded” or “Available to OHA” (see “Order forwarded statuses” on page 2-3). • If the system is set up to require one extra check on the input of the first user. The status of the order is updated when it is filled by the OR and is given the status “Confirmed”. If no checking is required. Do one of the following: Click on CONFIRM to accept the order details. 2. The order keeps this status until the OR optionally acknowledges or rejects it. another user must authorise the order before it can be forwarded to the OR. at which point the status is updated to “Acknowledged” or “Rejected” as appropriate. • If the system is set up for two extra checks. See “Verifying/Failing verification of an order” on page 5-14 and “Authorising/Failing authorisation of an order” on page 5-15. Issuing an order 11. or Click on MODIFY to redisplay the Order Entry template in order to change any of the details and resubmit the order. You may want to make a note of the reference that the Vestima+ system has allocated to this order. The next stage depends on the system options specified by the system administrator. The confirmed order is given the status “New” and is allocated a unique system reference. To confirm creation of an order: 1. January 2011 5—4 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . another user must verify the order before a third user authorises it.5. the Order Confirmation template is displayed for the order to be confirmed. A switch can only be made if the conditions of the fund so allow. fill in one set or the other but do not mix. A number of other fields are available to input information. Ensure that the Switch radio button is set (see “Controls” on page 4-4). Select the At Fund Issuer Execution Mode to route the order to the OHA appointed by the fund for the execution of orders. 5. that is. do the following: a) Click on the Fund Search button at the right of the template to display the Fund Search template. do one of the following: If you know the required ISIN or common code. These two sets of fields are mutually exclusive. The default is the fund currency.: The fund that you enter here must be the fund from which you want to switch. 9. 7. To specify the fund to which you want to switch. Choose the settlement currency. Be sure to enter the fund that you want to redeem. Click on SUBMIT at the bottom of the template to display the Order Entry template containing further order details automatically completed. Some of these fields maybe mandatory for the fund. see “Creating a primary market subscription or redemption order” on page 5-2. 3. To identify the fund that you want to switch from. not the one that you want to submit.5. do one of the following: For a cash based order: enter the relevant cash amount. b) Enter appropriate search criteria to locate the required fund (see “Performing searches” on page 5-15). To create a switch order: 1. You are returned to the Pre Order template where the located ISIN and common code are automatically entered in the appropriate fields. a) In the Switch To Dealing Details area.B. 10. Select a portfolio. Compare “Order field definitions” on page 5-10. N. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 5—5 . or If you do not know the required code. type it into the Fund Share Identification field. these are highlighted in blue on the template.: The fund that you enter here must be the fund to which you want to switch. 4. click on ADD to display the Order Entry Buy Leg template. 2. For details of how to create a subscription or redemption order. or For a quantity based order: enter the relevant number of shares. 8. 6. c) Use the SELECT button beside your chosen fund to select fund from the results list. To complete the dealing details. do the following: N. Note: Switch orders are specific to the primary market and cannot be executed on a Stock Exchange. b) Fill in the required details and click on SUBMIT to return to the Order Entry template.B. Be sure to enter the fund that you want to submit. Include any free-text External or Internal narrative or instruction to distinguish the order if required. Issuing an order Creating a switch order A switch order is a combined subscription and redemption transaction whereby you will redeem one investment fund and reinvest the proceeds in one or more other funds within the same umbrella fund. Select Order Cycle-New from the main menu to display the Pre Order template. not the one that you want to redeem. Vestima+ is constantly checking and validating the information. The order keeps this status until the OR optionally accepts or rejects it. another user must verify the order before a final user authorises it. January 2011 5—6 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . To confirm creation of a switch order: 1. Do one of the following: To accept the order details. If no checking is required. Issuing an order Note: While you are entering information on the Order Entry template. • If the system is set up to require one extra check on the input of the first user. If you want to change a field you have entered. click on BACK to return to the Pre Order template. at which point the status is updated to “Acknowledged” or “Rejected” as appropriate. Do one of the following: To complete the order. click on CONFIRM. The status of the order is updated again when it is filled by the OR and is given the status “Confirmed”. 11. • If the system is set up for two extra checks. another user must authorise the order before it can be forwarded to the order handling agent. if any error is detected. Vestima+ validates the order and. click on SUBMIT. The confirmed order is given the status “New” and is allocated a unique system reference. click on MODIFY to return to the Switch Order template. You may want to make a note of the reference that the Vestima+ system has allocated to this order. The next stage depends on the system options specified by the system administrator See “Verifying/Failing verification of an order” on page 5-14 and “Authorising/Failing authorisation of an order” on page 5-15. sometimes automatically changing reference information after submission. When the order has been validated with no errors. the order is forwarded directly to the OR with the status “Forwarded” or “Available to OHA” (see “Order forwarded statuses” on page 2-3). To exit the order without creating it. the Order Confirmation template is displayed for the order creation to be confirmed. the order is returned for correction with the error indicated. 2. you can overwrite it.5. To change any of the order details for resubmission and confirmation. Select Order Cycle-New from the menu to display the Pre Order template. To create a new buy/sell order: 1. appointed by the OI. Buy is the default selection. do one of the following: If you know the ISIN or common code. The place of trade can be selected from the list or entered as a dedicated Market Identifier Code (MIC).5. You are returned to the Pre Order template where the located ISIN and common code are automatically entered in the appropriate fields. Issuing an order Creating a stock exchange buy or sell order Note: The process for creating a sell order is similar to that for a buy order. 2. To identify the fund that you want to order. type it into the Fund Share Identification field. b) Enter appropriate search criteria to locate the required fund (see “Performing searches” on page 5-15). c) Use the SELECT button beside your chosen fund to select fund from the results list. Select one of the following Execution Modes: At Stock Exchange (Defined Place Of Trade): The order will be routed to the EA. 3. or If you do not know the required code: a) Click on the Fund Search button at the right of the template to display the Fund Search template. Ensure that the order type radio button is set (see “Controls” on page 4-4). for further placement at the stock exchange. 4. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 5—7 . Click on SUBMIT at the bottom of the template to display the Order Entry template containing further order details automatically completed. 7. The EA has discretion over the manner and price of execution. Market Order (MAKT): (default) Orders executed at the next price after the entry that permits them to be included. enter the relevant specifications: Quantity: Order type: Number of shares (Cash based orders are not supported). Select a portfolio. Select the order type to be placed at the Stock Exchange. Either stop buy or stop sell (stop loss). To complete the dealing details for a stock exchange order. When the stop price is reached (or exceeded for stop buy or fallen below for stop sell orders). 5.5. ALNO orders stipulate that the order must be completely filled or not filled at all (but still held on the order book for later execution). the stop order is automatically placed in the order book as a market order. Orders that are executed over a certain period of time. to avoid price slippage. Limit Order (LMTO): Stop Limit (STLI): Orders that are to be executed at their specified limit or better. The default is the fund currency. 6. Choose the settlement currency. the stop order is automatically placed in the order book as a limit order. which are to be executed at the next price determined. Stop Order (STOP): All or None (ALNO): Carefully (CARE): January 2011 5—8 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . Issuing an order At Stock Exchange (Best Execution): The order will be routed to the EA. The OI can refer to a potential Best Execution policy that has been agreed with the EA. When the stop price is reached (or exceeded for stop buy or fallen below for stop sell orders). Buy/Sell orders. 8. the order is returned for correction with the error indicated. The default selection is the current Date. To exit the order without creating it. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 5—9 . click on BACK to return to the Pre Order Entry template. Include any free-text External or Internal narrative or instruction to distinguish the order if required. click on SUBMIT. You may want to make a note of the reference that the Vestima+ system has allocated to this order. 9. Select the expiry date of the order. The next stage depends on the system options specified by the system administrator See “Verifying/Failing verification of an order” on page 5-14 and “Authorising/Failing authorisation of an order” on page 5-15. if any error is detected. 10. 2. the Order Confirmation template is displayed for the order to be confirmed. or Click on MODIFY to redisplay the Order Entry template in order to change any of the details and resubmit the order. Issuing an order Limit Price: Stop Price: Order validity: Expiry date: Depending on the order type a limit price has to be defined. To confirm creation of an order: 1. Vestima+ validates the order and. The confirmed order is given the status “New” and is allocated a unique system reference. Do one of the following: To complete the order. Do one of the following: Click on CONFIRM to accept the order details. Select the validity time of the order.5. The default selection is Good for the day. Depending on the order type a stop price has to be defined. When the order has been validated with no errors. fields marked “*” are automatically populated and cannot be amended. The OHA selected is the result of the Vestima+ order routing resolution. another user must verify the order before a third user authorises it. selected in the Pre Order template N/A N/A N/A N/A N/A N/A N/A Fund Characteristics Transfer Agent * The official Transfer Agent for the fund Fund Cut-off Time* The official cut-off time for the fund Vestima+ Cut-off Time* The cut-off time set by the Vestima+ system Fund Currency * The official currency of the fund NAV Frequency * The NAV calculation frequency for the fund Last NAV * Currently not filled Transmission OHA Name * The OHA to whom the order will be routed. There are empty boxes (some with drop down selections) on the form for the OHA to supply detail at a later stage.Checking the Quantity radio button or entering a number into the Quantity field will automatically disable the Currency and Amount fields. The order keeps this status until the OR optionally acknowledges or rejects it. Amount Your Order reference The reference that you want to give to the order. If this field is left blank. Order field definitions Some data fields are extracted from the Vestima+ database and inserted into the order. N/A Not supported. January 2011 5—10 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . enter the number For quantity based orders. of shares. The status of the order is updated when it is filled by the OR and is given the status “Confirmed”.5. selected in the Pre Order template The CBL depository for the fund The Common Code for the fund. must not contain any special characters like % or & and must not have been used previously by the same OI. Issuing an order • If the system is set up to require one extra check on the input of the first user. the order is forwarded directly to the OR and assigned the status “Forwarded” (see “Order forwarded statuses” on page 3-4). If no checking is required. at which point the status is updated to “Acknowledged” or “Rejected” as appropriate. The reference can be up to 16 characters long. Primary market orders Stock Exchange orders Fund Details Fund Name * ISIN Code * CBL Place of Deposit * Common Code * The name of the fund from the Vestima+ database The ISIN Code for the fund. another user must authorise the order before it can be forwarded to the OR. • If the system is set up for two extra checks. enter the number of shares. Vestima+ will create one for it. Transmission mode * Always “On The Fly” N/A N/A N/A N/A N/A Execution Agent appointed by the OI OHA Details Address * The address of the OHA E-mail * The email address of the OHA Phone Number * The telephone contact number of the OHA Fax Number * The facsimile contact number of the OHA EA Details Execution Agent Name: N/A Dealing Details Quantity For quantity based orders. Note: In the following table. N/A Order type to be placed at the Stock Exchange. Step-in Broker and Investor. Contents will not be made available to the OR N/A Applied Commission Rate Filled if received from the OHA Applied Commission Amount Filled if received from the OHA Front/Back End Load Rate Filled if received from the OHA Front/Back End Load Amount Filled if received from the OHA Discount Rate Filled if received from the OHA Discount Amount Filled if received from the OHA Other Commission Rate Filled if received from the OHA Other Commission Amount Filled if received from the OHA Broker Commission Stock Exchange Tax Transaction Tax Other Amounts N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Filled if received from the EA Filled if received from the EA Filled if received from the EA Filled if received from the EA Settlement Details Portfolio Name * Settlement Option Order Routing Method * Settlement Currency * Settlement Method * The Portfolio that you selected in the Pre Order template STP generation of settlement instructions Always “Vestima+ Resolution” N/A The Settlement Currency that you selected in the Pre Order template Indicates whether the order settles DVP or FOP The Agent Name from the OI Settlement Chain Account The Account Number at the Agent from the OI Settlement Chain The Account Owner Name at the Agent from the OI Settlement Chain The Role of the Account Owner Name at the Agent from the OI Settlement Chain Not used N/A Settlement Parties Account Name * Account * Keeper * Keeper Function * Trading Parties a OI Commercial Contract * The following fields are available for each of the Trading Parties: Clearing Broker. N/A Depending on the order type a limit price has to be defined N/A Depending on the order type a stop price has to be defined N/A Validity time of the order. The default selection is Market order. It is possible to overwrite populated entries or add information if data is not available. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 5—11 . The default selection is the current Date (optional) Use this field to provide information to the OR (optional) Use this field to add any notes or records concerning this order.5. Alternatively the OI can request “Best Execution”. Issuing an order Primary market orders Place of trade * N/A Stock Exchange orders Order type Limit Price Stop Price Order validity Expiry Date External Narrative Internal Narrative The marketplace at which the order should be executed. The default selection is Good for the day N/A Expiry date of the order. Data is populated automatically from reference data stored in Vestima+. N/A N/A N/A N/A Name and Address * BIC * The identifier used by the fund to recognise the trading party Safe Keeping Account * The safekeeping account set up for the trading party or its custodian Commercial Contract * A commercial contract reference given by the fund to the trading party (only used when the role is “Investor”) a. Blue fields are mandatory. You can view very recent orders as the result of a search (see “Performing searches” on page 5-15). To view a very recent order: 1. Select Order Cycle-Order Book from the menu to display the Order Book list view.5. January 2011 5—12 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . Issuing an order Viewing a very recent order A very recent order is one that has been created in the last seven days. if any error is detected. the order is returned for correction with the error indicated. Settlement Parties. that is. For modification carried out as part of the Verify/Authorise process. the Order Confirmation template is displayed for the order to be confirmed. some of the following may not be shown: Fund Characteristics Order Handling Agent Details Commissions EU Tax Directive Acknowledgement Settlement Parties Trading Parties Other Information a Order History Settlement History a. Locate in the list the order to be modified (see “List sort facility” on page 4-3) and click on the icon of the order to open its Order Detail template. Make changes to the order details as necessary. Depending on the status. To exit the order without submitting your changes. see “Verifying/Failing verification of an order” on page 5-14 and “Authorising/Failing authorisation of an order” on page 5-15.5. Select Order Cycle-Modify from the main menu to display the Order Modification list view of all orders that can be modified. Vestima+ validates the order and. 2. 3. click on SUBMIT. 2. Locate in the list the order to be viewed (see “List sort facility” on page 4-3) and click on the icon of the order to view its Order Detail template. Issuing an order The Order Book lists orders that have been created in the last seven days. 3. When the order has been validated with no errors. Contents of the narrative boxes. 4. click on BACK to return to the Order Modification list view. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 5—13 . Modifying an existing order You modify an order as long as it does not have status “New”. while it is pending final confirmation or awaiting verification and/or authorisation. regardless of status. You can click on the relevant icon in the Order Detail template to see more details of any of the collapsed sections. You can click on the relevant icon in the Order Detail template to see more details of any of the following associated details: Fund Characteristics. When you have finished viewing. click on BACK to return to the Order Book list view. by users in your organisation. 4. Do one of the following: When your changes are complete. Order Handling Agent Details. 5. To modify an existing order: 1. the order is forwarded directly to the OHA and assigned the status “Forwarded”. at which point the status is updated to “Acknowledged” or “Rejected” as appropriate. The Vestima+ system updates the status of a verified order to “Failed Verification”. Issuing an order To confirm modification of an order: 1. click on CONFIRM. See “Verifying/Failing verification of an order” on page 5-14 and “Authorising/Failing authorisation of an order” on page 5-15. b) Click on the icon of the order to display its Order Detail template. Select Verify-Orders from the menu to display the Orders Verification list view of all orders with status “Awaiting Verification”. click on VERIFY and return to the Orders Verification list view to continue. The Vestima+ system updates the status of the order to “Awaiting Authorisation”. click on CLEAR to return to the original Order Detail template for the order. c) Review the details of the order and do one of the following: ❍ To verify the order. To start again. To change any of the order details for remodification. • If the system is set up for two extra checks. The order keeps this status until the OR optionally acknowledges or rejects it. 2. click on MODIFY to redisplay the Order Modification list view.5. select from the dropdown list a standard reason for failing verification or select Other and type in a reason for the failure in the adjacent field. another user must verify the order before a final user authorises it. The next stage depends on the system options specified by the system administrator. • If the system is set up to require one extra check on the input of the first user. b) Click on VERIFY at the bottom of the list view. ❍ January 2011 5—14 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . The Vestima+ system updates the status of the order to “Awaiting Authorisation”. To fail verify the order. The status of the order is updated when it is filled by the OHA and is given the status “Confirmed”. Do one of the following: To accept the order modification. To verify one or more orders based on the listed information only: a) Check the checkbox next to each of the orders that you want to verify. Verifying/Failing verification of an order To verify/fail verify an order: You can verify multiple orders directly from the list view or you can view the details of individual orders one at a time before verifying or fail verifying them. 3. the first user or another user must authorise the order before it can be forwarded to the OR. Click on FAIL VERIFY. If no checking is required. 1. To view the details of an individual order before verifying or fail/verifying it: a) Locate in the list the order to be verified (see “List sort facility” on page 4-3). b) Click on AUTHORISE at the bottom of the list view. Issuing an order Authorising/Failing authorisation of an order To authorise an order: You can authorise multiple orders directly from the list view or you can view the details of individual orders one at a time before authorising them. The following examples illustrate the use of the wild card character in a field entry: ABC* will include all items in which this field contains a value beginning with ABC. 3. The Vestima+ system updates the status of the order to “Forwarded/Available to OHA”. To authorise one or more orders based on the listed information only: a) Check the checkbox next to each of the orders that you want to authorise. To view the details of an individual order before authorising or fail/authorising it: a) Locate in the list the order to be authorised (see “List sort facility” on page 4-3). b) Click on the icon of the order to display its Order Detail template. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 5—15 . 1. *ABC will include all items in which this field contains a value ending with ABC. • Cancellation requests. click on AUTHORISE and return to the Orders Authorisation list view to continue. c) Review the details of the order and do one of the following: ❍ To authorise the order.5. select from the dropdown list a standard reason for failing authorisation or select Other and type in a reason for the failure in the adjacent field. The Vestima+ system updates the status of the order to “Forwarded/Available to OHA”. To fail authorise the order. *ABC* will include all items in which this field contains a value that includes ABC anywhere between the first and last characters. Click on FAIL AUTHORISE. ❍ Performing searches You can search for: • Recent or past orders (or past reports). You can use the asterisk (*) wild card character in your searches to request that all items that contain the string of characters associated with the wild card character are included in the results of your search. • Funds. 2. The Vestima+ system updates the status of a verified order to “Failed Authorisation”. Select Authorise-Orders from the menu to display the Orders Authorisation list view of all orders with status “Awaiting Authorisation”. Type in your selection criteria. Select Search-Orders from the menu to display the Order Search template providing commonly used order search parameter fields. a Vestima+ reference number or date. To search for a past order or past report: A past order or past report is one that was created or generated more than 13 months ago. January 2011 5—16 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . Click on the icon next to the order in the list to view its Order Detail template. Click on SUBMIT at the bottom of the template to display a list view of any orders that match your search criteria. Issuing an order To search for a recent order: A recent order is one that was created in the last 13 months. Select Services-Archive from the menu to use the past order and past report search facilities. Past orders and past reports are stored in the Archive. 1. 1. You can use the wild card character (see “Performing searches” above) in the fields that have an asterisk in the label. 3.5. 4. For example. 2. Issuing an order 2. Click on the icon next to the order/report in the list to view its details. You can use the wild card character (see “Performing searches” on page 5-15)in the fields that have an asterisk in the label. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 5—17 . 2. Select Search-Fund from the menu to display the Fund Search template providing a range of fund search parameter fields. To search for a fund: 1.5. For example. Type in your selection criteria. Click SELECT beside the required fund to display the Fund Details with a button to create an order for the fund (see “Creating a primary market subscription or redemption order” on page 5-2) or “Creating a switch order” on page 5-5. You can use the wild card character (see “Performing searches” on page 5-15) in the fields that have an asterisk in the label. 4. Click SUBMIT at the bottom of the template to display a list view of any funds that match your search criteria. 4. a Vestima+ reference number or date. 3. Click on SUBMIT at the bottom of the template to display a list view of any orders/reports that match your search criteria. 3. Type in your selection criteria. a Vestima+ reference number or date range).clearstream. Click SUBMIT at the bottom of the template to display a list view of any cancellation requests that match your search criteria. 2.com. which is available on the Clearstream Banking web site. Issuing an order To search for a cancellation request: 1. 4. In the fields that have an asterisk in the label. Select Search-Cancellation Request from the menu to display the Cancellation Request Search template.5. 3. www. Uploading files To upload a file. Click on the icon next to the cancellation request in the list to view its details. you can use the wild card character (see “Performing searches” on page 5-15). please refer to the File Upload Facility User Guide for Order Issuers. Type in your selection criteria (for example. January 2011 5—18 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . • “Viewing the history of a recent order” on page 6-3. In the list view. OHA/EA name. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 6—1 . status and forward date and time. Numbers that changed when the browser is refreshed are shown in a darker colour. Managing orders This chapter provides a detailed description of processes an OI applies to an order after it has been issued. Working with the Event Console When you log on to the Vestima+ web browser interface. The chapter contains the following sections: • “Working with the Event Console” below. • “Copying an order” on page 6-3. click on “Event Console On/Off” within the header to display it at the bottom of each page. quantity/amount. The Event Console displays information similar to the illustration below: You can use the Event Console to check the progress of all current orders and cancellation requests in the system. • “Settlement Instruction Status” on page 6-5. the Event Console is switched off. common code. The numbers to the left of each status indicate how many orders or cancellation requests have that status. To switch on the Event Console. Vestima+ reference number. portfolio. ISIN. icon next to an individual order/cancellation request to display Vestima+ assigns status descriptions to all orders/cancellation requests to track their progress through the various stages of the order cycle. and so on.6. For example: orders forwarded to the OR have the status “Forwarded”. orders processed successfully are allocated the status “Confirmed”. The information in this area is updated each time an action has been taken on the browser screen. • “Requesting cancellation of a new order” on page 6-3. The columns displayed for each order in a status summary list view are Order type. • “Working with rejected orders” on page 6-2. your order/cancellation request reference. • “Downloading reports” on page 6-6. You can click on a status name in the Event Console to display a summary list view of all the orders and/or cancellation requests that are currently assigned that particular status. you can then click the it in detail view. fund name. Order has failed verification or authorisation. The order has been rejected by the OHA. and if necessary. In the Event Console. either Vestima+ has issued the instruction or the OI must do so./Auth.6. January 2011 6—2 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . A second user at the OI has reviewed the order details and failed verification or authorisation of the order. Locate in the list the required order (see “List sort facility” on page 4-3) and click on the icon of the order to view the reason for its rejection as supplied by the OHA/EA or by Clearstream Banking. The EA has partially executed the order and it is ready for settlement. It can now be modified or cancelled if required. The order has been acknowledged by the OHA. create a new order as a replacement. The Event Console (see “Working with the Event Console” on page 6-1) lists the number of rejected orders during the last week. The provisioning period has expired and the order is rejected. Working with rejected orders If your order is rejected by the OHA/EA or by Clearstream Banking. The order has been forwarded by facsimile. The order has been forwarded by SWIFT or by Vestima+. The OI has raised and sent a cancellation request but the OHA has not yet acknowledged. Depending on settlement option. Clearstream Banking has not authorised this order because the provision check has failed. Forwarded Failed Verif/Auth Rejected OHA/EA a. This applies only to orders settling through Clearstream Banking. Depending on settlement option. Address the issues raised by the rejection. it is given the status “Rejected OHA/EA” or “Rejected CB” respectively. The OHA/EA has cancelled execution of the order and replaced it with a new confirmation. The order has been cancelled. The status of settlement instructions issued by Vestima+ is also displayed on the web browser (see “Settlement Instruction Status” on page 6-5). The OHA/EA has executed the order and it is ready for settlement. Failed a Rejected CB a Released to the OHA/EA Forwarded Forwarded by FAX Available to the OHA/EA Acknowledged Rejected OHA Cancelled Confirmed Partially Confirmed Conf Cancelled Conf Replaced Description An order has been created and is awaiting verification / authorisation by another OI user. The OHA/EA has cancelled execution of the order./ Await Auth. The OHA/EA has rejected the order cancellation request sent by the OI. either Vestima+ has issued the instruction or the OI must do so. Failed V/A Await OA (Order approval) Failed OA Prov. 3. The order is available on the OHA’s browser interface. 2. To view rejected orders: 1. Managing orders An order is assigned one of the following statuses during the life cycle of the order: Status Order: Await Verif. Cancellation Request: Await Verif. Not used. Not used. click on Rejected OHA/EA or Rejected CB to display the respective Rejected Orders list view of the rejected orders as appropriate. The order has been release by the OI. A cancellation request is awaiting verification / authorisation by a second / third OI user. Note: You cannot change the execution mode of a copied order: you cannot send a copied primary market order to an EA for stock exchange execution (and vice versa). 4. Copying an order When creating a new order. 4. you can copy a rejected order to create a new one (see “Copying an order” on page 6-3). Viewing the history of a recent order A recent order is one that was created in the last 13 months. you can view its order history to find out at what time its status changed and which Participant was responsible for the action that caused the change. 3. To stop an order after it has been forwarded. Locate in the list the order that you want to copy (see “List sort facility” on page 4-3) and click on the icon of the order to display an Order Detail template filled with the details of that order. Select Order Cycle-Cancellation Request from the main menu to display the Cancel Orders list view. Click on CONFIRM to confirm the cancellation request. Locate in the list the order that you want to cancel (see “List sort facility” on page 4-3) and click on the icon of the order to display its Order Detail template with additional cancellation fields at the top. The Vestima+ system allocates a different identity number to the order so that any changes you make affect only this copy and not the original order. to save input time. To request cancellation of an order: 1.6. Select Order Cycle-Copy from the main menu to display the Copy Orders list view. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 6—3 . 3. 2. it is sometimes easier to copy an existing order and change the details. When the Participant is your own organisation. As well as its current status. To copy an order: 1. Note: Cancellations and cancellation requests may require verification and/or authorisation. created more than 13 months ago (see “To search for a past order or past report:” on page 5-16). select a standard reason for cancellation or select Other and type in a reason. you must send a request for cancellation to the OR. The Order Detail template is displayed with cancellation details at the top. From the drop down list. Requesting cancellation of a new order An order can be cancelled only as long as it has not been forwarded to the OR. 6. 5. Edit the details of the order as required. you will see the user identity. Click on SUBMIT. 2. Enter your OI cancellation reference. Managing orders You cannot modify an order that has a Rejected status but. Click on SUBMIT and follow the same steps as for order input (refer to “Issuing an order” on page 5-1). Note: This facility is not available for past orders. Managing orders To view the history of a recent order: 1.6. Select Order Cycle-Order Book from the menu to display the Order Book template. January 2011 6—4 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . For Free of Payment (FOP). Settlement instructions have one of the following statuses: Issued The settlement instruction has been issued. together with the date of issue and the transaction reference that Vestima+ has applied to the settlement instruction. do the following: a) Click on the order. A previously issued settlement instruction has been replaced. A previously issued settlement instruction has been cancelled. Settlement Instruction Status The status of settlement instructions issued by Vestima+. Managing orders 2. the statuses of the security and cash instructions are shown separately. To view the history of an order. icon in the far left column in the list to display a choice of detail options for that b) Click on the icon next to the History option to display the history of the selected order. The order has settled. the one “security instruction” status covers both the security and cash. This happens when the OHA has issued a valid confirmation or for a prepayment order (FOP/Actual) when a valid order is issued by the OI. is displayed under “Settlement History” on the Order Detail template.6. Rejected Settled Cancelled Replaced Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 6—5 . The settlement instruction has been rejected. For Delivery Versus Payment (DVP). which is available on the Clearstream web site.6.com. please refer to the Vestima+ Report Download Facilities User Guide. www. Managing orders Downloading reports To download reports.clearstream. January 2011 6—6 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . Services This chapter describes the following services that an OI can use: • Archive. authenticated message to the Clearstream Banking Vestima+ team to request an update to your Vestima+ profile (for example.7.: You cannot use the VSR facility to send an order to an order handling agent. N. Permission to use these service options is assigned by the system administrator.B. • Vestima+ Service Request. Archive The Archive stores past orders and past reports more than 13 months old and includes a search facility (as described in “To search for a past order or past report:” on page 5-16). Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 7—1 . to reset system administrator credentials). to change Vestima+ reference data or service parameters) or to manage your security services (for example. The options are available from the Services menu in the main menu bar. Vestima+ Service Request (VSR) You can use the Vestima+ Service Request (VSR) facility to send a secure. 2. Enter the details of your request. To specify your search. you can enter: The service request reference of your VSR. The VSR messages matching your search criteria will be displayed in a Service Request List template. which you can use in the VSR search facility to check the status of specific VSRs. The Status (see “VSR statuses” on page 7-4).Click on SUBMIT at the bottom of the template to send your VSR message to Clearstream Banking. You can use asterisk (*) as a wild card character (see “Performing searches” on page 5-15). 2. January 2011 7—2 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . Select Services-Service Request-Search from the menu to display the Service Request Search template. Click on CLEAR at the bottom of the template to clear your search criteria. your VSR message is assigned a reference. 3. 3. including any attachments to provide details of the change(s) you require. or click on SUBMIT to start your search. Services To create a Vestima+ Service Request message: 1. Select Services-Service Request-New from the menu to display the Service Request Creation template. and/or Creation From and/or To dates. Once authorised.7. Your VSR message must be authorised by a second user before being sent to Clearstream Banking. To search for a Vestima+ Service Request message: 1. 5. Click on the icon of the listed VSR to view its details in a Service Request Details template. Services 4. use the RETRIEVE button to open it.7. If the VSR includes an attachment. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 7—3 . The VSR has been released (after creation) or re-released (after update) to Clearstream Banking. Terminated Clearstream Banking has not been able to action the request.7. You can authorise a VSR provided that: • You have Authorise and Revoke permissions set in your user profile. The VSR has been cancelled. Acknowledged Pending Update Updated Final statuses: Completed Revoked Clearstream Banking has actioned the request (for example. • The current status of the VSR is either Created or Updated. Description Authorised January 2011 7—4 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . The VSR has been sent back for further clarification or information from its creator. • The current status of the VSR is either Created or Updated. You can revoke a VSR provided that: • You have Authorise and Revoke permissions set in your user profile. You can create a VSR provided that you have Create and Update permissions set in your user profile. Services VSR statuses The status of a Vestima+ Service Request can be one of the following: Status Life cycle statuses: Created The initial status of a VSR. • The VSR was created by another user. Your VSR must be authorised by a second user before it can be released to Clearstream Banking. indicating that it has been created but it has not yet been authorised and released to Clearstream Banking. The VSR has been updated but it has not yet been authorised and re-released to Clearstream Banking. the requested changes have been implemented). • The VSR was created by another user. The VSR is being handled by Clearstream Banking. Appendix A. Possible settlement models Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 A—1 . Possible settlement models January 2011 A—2 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers .Appendix A. Appendix A. Possible settlement models Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 A—3 . Appendix A. Possible settlement models January 2011 A—4 Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . the custodian is Clearstream Banking. Settlement Agent. a customer is a distributor or an investor acting as OI for its own account or on behalf of another investor. System administrators do not have access to the Vestima+ trading or routing system. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 Glossary—i . Customer In Vestima+ terminology. Clearstream Banking Luxembourg. the EA sends an Execution Advice. in alphabetical sequence. including the price at which the order has been executed on the stock exchange. Agent An Agent operates on behalf of someone. • When the OI (or OR) is not a Clearstream Banking account holder. For example. the custodian is the institution that performs settlement and to which Vestima+ can optionally issue settlement instructions. CBF. Confirmation The confirmation of the order details provided by the OR once the deal has been priced. Note: For stock exchange orders. CBL Clearstream Banking Frankfurt. how many orders have been sent to the OR. • When the OI (or OR) is a Clearstream Banking account holder. This is the equivalent of a contract note. the terms that you will find in the Vestima+ documentation together with a brief description of each. Examples of agents are Order Handling Agent. Custodian (Place of Safekeeping) The place where fund shares are to be deposited or withdrawn. Event Console An area at the bottom of the Vestima+ screen that gives a user a quick overview of the progress of orders. Archive A Vestima+ service that provides a store of past orders and past reports (more than 13 months old) with extensive search facilities. Clearstream Depository The institution/organisation where CBL deposits securities on behalf of customers.Glossary This Glossary lists. Administrator A system administrator who defines Vestima+ access permissions for local users. before sending the actual order confirmation. • A switch is an order to redeem one fund (the “sell” leg) and use the proceeds for one or more subscriptions in one or more other funds (the “buy” leg). OHA See Order Handling Agent. Fund Manager The organisation responsible for constructing and making portfolio decisions for the assets of an investment fund. See also Past Order. Order Receiver (OR) An organization that receives orders from an OI through Vestima+ Order Routing Only An option whereby Vestima+ only directs the order to the official OHA of the fund and settlement is carried out independently. Recent Order. January 2011 Glossary—ii Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers .Glossary EA See Execution Agent. Master Participant A Vestima+ Participant that can act on behalf of Target Participants within the same organisation. Internal user A Clearstream Banking administrator with permissions to act. Order (Subscription. Order Handling Agent (OHA) An agent appointed by the fund to process fund orders. the manual settlement option cannot be overridden to use the STP settlement option. Switch) One of the three types of order initiated by the customer (OI): • A subscription is an order to buy or invest in a fund. under strict guidelines. on behalf of the OI or the OR. Execution Agent (EA) An agent appointed by the OI for the execution of fund orders on the stock exchange. OI See Order Issuer. When the default is set to the OI depository. Order Issuer (OI) An organisation that buys and sells shares directly from the fund or its agent. • A redemption is an order to sell a holding of a fund. OR See Order Receiver. for their own account or on behalf of other investors. Manual settlement option A settlement option whereby Vestima+ does not generate any settlement instructions. Order Cycle The OI can create and authorise a subscription. Redemption. redemption or switch order. These reports are available via the web browser interface. Portfolio A set of OI preferences that apply to a selection of funds that will be deposited at a particular custodian to be used by Vestima+ when processing orders. Recent Order An order that was created in the last 13 months. based on criteria entered via a user interface. whose results are presented on the screen in a list view. (See the Vestima+ Installation and System Administration Guide for more information). An order created within the last seven days is called a “very recent” order. The portfolio includes the trading and settlement chains that apply to the trades in that portfolio. Past orders and reports are stored in the Archive. Results can be exported in CSV format. Past Report An order (or a report) that was created more than 13 months ago. Report Receiver (RR) An institution that can retrieve information from Vestima+ but can take no action on orders or cancellation requests. Users who are members of this group can be individually defined to use all or some of the permissions defined for the group. An OI may have several portfolios. Reporting or User Management) associated with a user group. Place of Safekeeping See Custodian. the OI specifies the portfolio that Vestima+ is to use. access and permitted activities in the areas of.Glossary Participant An organisation or individual that uses Vestima+ (see “Participants” on page 1-2). Euroclear). ad-hoc report) A request for information. for example. Participant Reference Data See Profile. The Place of Settlement determines some of the business rules for the transaction. Preferences Where you can change your password and display parameters. Permissions The permissions (that is. Scheduled reports Report files delivered by Vestima+ on a regular basis and according to the frequency set up in a report subscription. Settlement Agent An agent appointed by the OI or the OR to execute the settlement of fund orders on their behalf. Profile (Participant Reference Data) Information about the participant and its business processes that is used for setting up and customising Vestima+ services. Past Order. Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers January 2011 Glossary—iii . CBF. Query (Search. Clearstream. where they can be searched for and displayed in detail. Place of Settlement The institution in whose books the transaction will occur (for example. When entering a new order. allowing the fund company to identify them.Glossary Settlement chain A set of data required to identify the custodian. can be overridden to use the manual settlement option. authenticated message to Clearstream Banking. place of settlement. Vestima+ Resolution A routing method whereby Vestima+ will automatically select the appropriate OHA for an order based on the settlement currency and the place of settlement in the settlement chain. the STP settlement option. The trading chain contains the trading parties information. Trading chain A chain of portfolios involved in the issuing of an order. STP settlement option A settlement option whereby the participant is requesting Vestima+ to generate settlement instructions. January 2011 Glossary—iv Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers . Vestima+ Service Request (VSR) A Vestima+ service that enables an authorised participant to send a secure. On an individual order basis. a provider of communications between financial institutions. when set as the default of a portfolio. for example. cash correspondent and other intermediaries. to reset system administrator credentials. SWIFT Society for Worldwide Interbank Financial Telecommunication. . clearstream.Address details Contact www.com Published by Clearstream Banking Luxembourg Registered address Clearstream Banking SA 42 Avenue JF Kennedy L-1855 Luxembourg Postal address Clearstream Banking L-2967 Luxembourg January 2011 Document number: 6268 .