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, socit 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, socit 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, socit anonyme (2011). All rights reserved. Vestima+ is a registered trademark of Clearstream International, socit 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, socit anonyme is a Deutsche Brse Group company.
Foreword
Vestima+ is Clearstream Bankings 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
Foreword
A word about security and accessibility
The Vestima+ web browser interface is available through Clearstream Bankings CreationOnline portal. It is also available directly through public internet. Access is restricted to authorised users only and is controlled by the use of certificates. Security is further enhanced by the employment of unique ID and password combinations and the encryption of all communication. For OIs connecting directly to Vestima+, 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.
Hardware and software requirements

You can access the Vestima+ system from any personal computer running appropriate Windows software with a standard web browser. You will also need an external connection to the Vestima+ system. Note: For more detailed technical requirements, please refer to the Vestima+ Installation and System Administration Guide.
Contact details
For further information or if you have specific questions regarding the Vestima+ system and/or communications with Clearstream Banking, 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.com connectlux@clearstream.com www.clearstream.com www.vestima.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+, it would be helpful if you have the following information to hand before contacting Clearstream Banking: Your organisation name and Vestima+ Identity (ID); Your name, telephone and fax numbers and your email address; The make and model of your PC; Your connection type: via the CreationOnline portal or directly through the public internet; The type and version of your operating system and web browser software; Details of the inquiry (please have full details available); If you receive an error message, full details of the error, with any error message number. Please note that - as is normal practice within financial organisations - 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. Areas subject to telephone line recording include Customer Service, the Treasury Dealing Room and back office operations. 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.
January 2011 ii
Contents
Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
About this guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Associated documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A word about security and accessibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hardware and software requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contact details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
i
i i ii ii ii
1.
Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Users . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Settlement options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Checking options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1-1
1-2 1-2 1-3 1-4
2.
System description - Primary market orders . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ways of using the system. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Order flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Order life cycle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Creating an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modifying an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cancelling an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Summary of order entry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2-1
2-1 2-2 2-3 2-3 2-4 2-5 2-5
3.
System description - Stock exchange orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ways of using the system. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Order flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Order life cycle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Creating an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modifying an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cancelling an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Summary of order entry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3-1
3-1 3-2 3-3 3-3 3-5 3-5 3-5
4.
Getting started . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technical requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Initial administration activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The web browser connection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To log on to the system. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rules for passwords . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The main order cycle screen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General features of the order templates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4-1
4-1 4-1 4-2 4-2 4-2 4-3 4-3
5.
Issuing an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Creating a primary market subscription or redemption order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Creating a switch order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Creating a stock exchange buy or sell order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Order field definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5-1
5-2 5-5 5-7 5-10
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Contents
Viewing a very recent order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modifying an existing order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Verifying/Failing verification of an order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Authorising/Failing authorisation of an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Performing searches . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Uploading files. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-12 5-13 5-14 5-15 5-15 5-18
6.
Managing orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Working with the Event Console . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Working with rejected orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Requesting cancellation of a new order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Copying an order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Viewing the history of a recent order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Settlement Instruction Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Downloading reports. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6-1
6-1 6-2 6-3 6-3 6-3 6-5 6-6
7.
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Archive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vestima+ Service Request (VSR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VSR statuses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7-1
7-1 7-1 7-4
Appendix A. Possible settlement models . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Glossary
A-1
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1.
Introduction
This chapter contains information about the use of the Vestima+ service, in the following sections: Participants on page 1-2; Settlement options on page 1-3; Checking options on page 1-4. Vestima+ has been developed to simplify and standardise all aspects of investment funds trading. Orders from the order issuer (OI) can be transmitted through Vestima+, bringing the maximum range of funds within easy reach of a broad customer base.
Using a web browser, the OI can send subscription, redemption and switch orders from a standard desktop PC via Vestima+ to a wide network of order receivers (ORs). Vestima+ supports the following types of OR: Order Handling Agent (OHA) - An agent acting for the fund, for example, transfer agent, depository bank, centralisation agent. In some circumstances, Clearstream Banking may forward orders to one of its depositories to be sent on to the relevant OHA. Orders that are routed to an OHA are considered as primary market orders. Execution Agent (EA) - An institution appointed by the OI for the placement of orders at a Stock Exchange. Orders that are routed to an EA are considered as stock exchange orders.
January 2011 11
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 12
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.
January 2011 13
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.
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2.
System description - Primary market orders

This chapter contains a general description of the Vestima+ system, in the following sections: Ways of using the system below; Order flow on page 2-2; Order life cycle on page 2-3; Summary of order entry on page 2-5.
Ways of using the system

Vestima+ can be used with a range of connectivity options.
You can use one or more of the options below, in any combination, to communicate with Vestima+: The CreationOnline portal or directly over the public internet. This offers instant access and is recommended for low transaction volumes. The browser also serves as a contingency option. SWIFT ISO 15022 or 20022. This is a secure delivery method appropriate for all transaction volumes. Clearstream Bankings CreationDirect via Internet (XML equivalents of SWIFT MT502, MT509 and MT515 messages). This is a secure and cost-effective delivery method appropriate for all transaction volumes.
January 2011 21
2. System description - Primary market orders

Order flow
1. The OI can use a standard template form to create an order via Vestima+. 2. Vestima+ checks the order and, if it is valid, forwards it to the OHA, as the receiver for primary market orders. If the order fails validation, Vestima+ rejects the order. 3. The OHA can acknowledge or reject the order. This is an optional step depending on how the OHA has arranged its internal processes. Acknowledgment means only that the order has been received and does not guarantee execution and confirmation. 4. The OHA then fills the order, adds price and commission details into Vestima+ and returns a confirmation to the OI. 5. Vestima+ can then automatically generate the settlement instructions for the settlement in Clearstream. 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, verify and/or authorise and submit a subscription, redemption or switch order or request the cancellation of a created order. For a quick overview of the progress of orders; for example, the number of orders rejected by Clearstream Banking or forwarded to the OHA. To look up details such as ISIN and NAV frequency or to select a fund and create an order for it. To find recent orders up to 13 months old. To view reports less than 13 months old or download them into spreadsheet (CSV) format. Archive: To find past orders or reports more than 13 months old. Vestima+ Service Request: To send Clearstream Banking a secure, authenticated request; for example, to reset system administrator credentials.
January 2011 22

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. See Creating a primary market subscription or redemption order on page 5-2 and Creating a switch order on page 5-5. You then submit the order.
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.
If the profile is set up to require one extra check on the input of the OI, a second user must authorise the order before it can be forwarded to the OR. If the profile is set up for two extra checks, a second user must verify the order before a third user authorises it.
Order forwarded statuses Vestima+ gives the order one of the following statuses, as appropriate:
Forwarded, if the OR receives orders via SWIFT or CreationDirect file transfer; or Forwarded by FAX if the order is forwarded by facsimile; or Available to OHA, if the OHA receives orders through a browser interface.
January 2011 23

The diagram below shows the life cycle where only authorisation is required (4-eyes).
The diagram below shows the life cycle where both verification and authorisation are required (6-eyes).
A created order requires no further intervention by the OI except, as necessary, to request cancellation of the order or to take any appropriate action if the order is rejected by the OR. Users can query the Vestima+ system to make status checks and to see how an order is progressing.
Modifying an order
The OI can modify an order that has failed verification or authorisation. A modified order then restarts the life cycle, as if it is a new order.
January 2011 24

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). If the order has been forwarded to the OR, then: The order status is changed to Forwarded Cancel. Request and the cancellation request may be subject to verification and/or authorisation (see Verifying and/or authorising an order on page 2-3); or The OR can decide to reject a cancellation request, in which case the order status is changed to Cancel. Request Rejected by OHA; or If the OHA accepts the cancellation request, the order status is changed to Cancelled.
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. Once an order has been created, it can be: Submitted Depending on your permissions, you can send it immediately for forwarding to the OR. Otherwise, it can be sent to a second and potentially a third user to verify and/or authorise it. A second user verifies the order. A third user authorises the order. Usually as a result of failed verification or authorisation, changes can be made to the order for resubmission. You can request the cancellation of an order at any time before it is forwarded to the OR. If the cancellation request is received by Vestima+ after it has been forwarded to the OR, the OR must confirm agreement to cancel. A request for cancellation may also need to be verified and/or authorised before submitting it to an OR. You can copy an existing order and edit it to save time when creating another, similar order.
Verified Authorised Modified Cancelled
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3.
System description - Stock exchange orders

This chapter contains a general description of the Vestima+ system, in the following sections: Ways of using the system below; Order flow on page 3-2; Order life cycle on page 3-3; Summary of order entry on page 3-5.
Ways of using the system

Vestima+ can be used with a range of connectivity options.
You can use one or more of the options below, in any combination, to communicate with Vestima+: The CreationOnline portal or directly over the public internet. This offers instant access and is recommended for low transaction volumes. The browser also serves as a contingency option. SWIFT ISO 15022 or 20022. This is a secure delivery method appropriate for all transaction volumes. Clearstream Bankings CreationDirect via Internet (XML equivalents of SWIFT MT502, MT509 and MT515 messages). This is a secure and cost-effective delivery method appropriate for all transaction volumes.
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3. System description - Stock exchange orders

Order flow
Stock Exchange orders involve an additional message flow, informing the OI about the execution of the order at the Stock Exchange, including the respective price.
1. The OI can use a standard template form to create an order via Vestima+. 2. Vestima+ checks the order and, if it is valid, forwards it to the EA, as the receiver for stock exchange orders. If the order fails validation, Vestima+ rejects the order. 3. The EA can acknowledge or reject the order. This is an optional step depending on how the EA has arranged its internal processes. Acknowledgment means only that the order has been received for further placement at a stock exchange and does not guarantee execution and confirmation. 4. Upon execution at the Stock Exchange, the EA sends an advice to the OI, including the price at which the order was executed. Note: Depending on the liquidity of a fund at the Stock Exchange, orders may be partly executed. In cases of partial execution at the Stock Exchange, the EA sends an advice to the OI, including the price at which the respective part of the order was executed. The EA will send execution advices per further executed parts of the order. In cases of partial execution, the executed part of the order will be partially confirmed, that is, the part of the order that was executed will be replicated as an individual order that is separately confirmed. The remaining part of the order remains in the forwarded status until it is fully executed. 5. The EA then adds commission details into Vestima+ and returns a confirmation to the OI. 6. Vestima+ can then automatically generate the settlement instructions for the settlement in Clearstream.
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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, verify and/or authorise and submit a subscription or redemption or request the cancellation of a created order. For a quick overview of the progress of orders; for example, the number of orders rejected by Clearstream Banking or forwarded to the OHA. To look up details such as ISIN and NAV frequency or to select a fund and create an order for it. To find recent orders up to 13 months old. To view reports less than 13 months old or download them into spreadsheet (CSV) format. Archive: To find past orders or reports more than 13 months old. Vestima+ Service Request: To send Clearstream Banking a secure, authenticated request; for example, to reset system administrator credentials.
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. See Creating a primary market subscription or redemption order on page 5-2 and Creating a switch order on page 5-5. You then submit the order.
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.
If the profile is set up to require one extra check on the input of the OI, a second user must authorise the order before it can be forwarded to the OR. If the profile is set up for two extra checks, a second user must verify the order before a third user authorises it.
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Order forwarded statuses Vestima+ gives the order Forwarded status; the OR receives orders via SWIFT.
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).
A created order requires no further intervention by the OI except, as necessary, to request cancellation of the order or to take any appropriate action if the order is rejected by the OR. Users can query the Vestima+ system to make status checks and to see how an order is progressing.
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Modifying an order
The OI can modify an order that has failed verification or authorisation. A modified order then restarts the life cycle, as if it is a new 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). If the order has been forwarded to the OR: The order status is changed to Forwarded Cancel. Request and the cancellation request may be subject to verification and/or authorisation (see Verifying and/or authorising an order on page 3-3); or The OR can decide to reject a cancellation request, in which case the order status is changed to Cancel. Request Rejected by OHA/EA; or If the EA accepts the cancellation request, the order status is changed to Cancelled. When an order can no longer be executed at the Stock Exchange (for example, due to expiration, market rules or supervising decisions) the EA can cancel an order without receiving a cancellation request from the OI. If the EA cancels the order, the order status is changed to Cancelled by EA.
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. Once an order has been created, it can be: Submitted Depending on your permissions, you can send it immediately for forwarding to the OR. Otherwise, it can be sent to a second and potentially a third user to verify and/or authorise it. A second user verifies the order. A third user authorises the order. Usually as a result of failed verification or authorisation, changes can be made to the order for resubmission. You can request the cancellation of an order at any time before it is forwarded to the OR. If the cancellation request is received by Vestima+ after it has been forwarded to the OR, the OR must confirm agreement to cancel. A request for cancellation may also need to be verified and/or authorised before submitting it to an OR. You can copy an existing order and edit it to save time when creating another, similar order.
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4.
Getting started
This chapter provides information about what you need to know and how Vestima+ should be prepared, for you to use the system. It contains the following sections: Technical requirements below; Initial administration activities below; The web browser connection on page 4-2; The main order cycle screen on page 4-3; General features of the order templates on page 4-3. OIs accessing Vestima+ through the CreationOnline portal, can go directly to The main order cycle screen on page 4-3.
Technical requirements
You can connect to Vestima+ using either CreationOnline or pre-installed certificates. The necessary technical configurations, with minimum and recommended resources for successful connection to and use of the Vestima+ service, are described in the Vestima+ Installation and System Administration Guide.
Initial administration activities

Before starting to use Vestima+, the system administrator should have completed the connectivity setup as described in the Vestima+ Installation and System Administration Guide. In addition, the administrator will have received documents providing PINs, user IDs and passwords. The administrator should have set up the system, defined user details to the system and assigned a logon identity and a one-time password to each user.
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4. 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. Advanced Public Key Infrastructure (PKI) is used in combination with installed certificates to ensure maximum security. You can access the Vestima+ web browser either via CreationOnline or directly via the public internet.
To log on to the system

1. Start the web browser and enter the URL for Vestima+ (as provided with the documents sent to your system administrator). The URL that you specify depends on whether you are accessing the Vestima+ web browser via CreationOnline or via the public internet. If you are using the browser on a stand-alone PC, you are recommended to set this URL as the home page. Otherwise, include it as a favourite or bookmark.
2. Type in your Participant ID, User ID and Password details as supplied by Clearstream Banking to your system administrator and click on SUBMIT. Note: The first time that you log on, the system will prompt you for a new password.
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)
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4. Getting started
The main order cycle screen
When you have logged on successfully, the main Vestima+ order screen is displayed. This screen is divided into four main areas:
Header Menus
The header area bears the screen title, your logon details, date and time. This information is not affected while working in other areas of the screen. The main menu contains the main options available. The option currently selected (Order Cycle is the default) is underlined. Beneath this, a second menu bar displays the sub-menu options available within the selected main option. The central area of the screen contains whichever detailed template you are working on. In this area, you input required details associated with the task you are performing or you can check other detailed information. The Event Console provides status information for all orders currently in your system. See Working with the Event Console on page 6-1.
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. These templates have a number of common features to help you, as described in the following sections.
Scroll bar This Windows facility is incorporated in any template that exceeds the screen area in which it is displayed. List sort facility Details, especially search results, are often presented in tabular form in list views. 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.
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. For example, clicking on the Your Order Ref. heading will re-order the list of orders sorted by order reference.
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4. Getting started
Action specific header One of the first templates to be displayed is the Pre Order template, most of which is identical whether you are processing a subscription, a redemption or a switch order. The template title alters automatically to identify which type of order you are working with.
Another example is the Order Detail template, which is presented as check information when you are deleting an order. In each case, a distinctive header is added at the top of the template; for example, Subscription Detail.
Controls
Control Command buttons Use Click on a labelled button to instruct the Vestima+ application to carry out the relevant action. Radio buttons Click on only one choice from the set of options. For example, clicking Manual here would activate Manual and de-activate STP. Check boxes / Click inside an inactive (empty) check box to select or activate the option that it represents. Click inside an active (checked) check box to deselect the option that it represents and reset it to inactive. On some list templates, each line has a check box so that you can specify several orders to be actioned at the same time. There are three command buttons associated with such lists: Clear: unchecks any boxes that are active. Select All: activates all check boxes with one click. Invert Selection: changes all active boxes to inactive and vice versa. Detail icons / Date and time To specify a date, 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. You can use the left and right scroll arrows to move back and forward through the months. Click on the icon to display a detail view of the associated item.
To specify a time, select the appropriate hour and minute values from the two available dropdown lists respectively. Input fields Click inside an input field to move the cursor to this field and type in the desired data. Mandatory input fields have blue labels (names); optional ones have black labels. Certain input fields will be validated immediately upon attempting to move to the next control and an error message may be displayed to assist.
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5.
Issuing an order
Order management is easy because Vestima+ uses standard templates and list views and provides realtime update of order status. The Vestima+ web browser interface also gives access to a comprehensive funds database. This chapter provides a detailed description of processes you apply to a standard order when it is issued. The chapter contains the following sections: Creating a primary market subscription or redemption order on page 5-2; Creating a switch order on page 5-5; Creating a stock exchange buy or sell order on page 5-7; Viewing a very recent order on page 5-12; Modifying an existing order on page 5-13; Verifying/Failing verification of an order on page 5-14; Authorising/Failing authorisation of an order on page 5-15; Performing searches on page 5-15; Uploading files on page 5-18.
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5. 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.
To create a new subscription/redemption order:

1. Select Order Cycle-New from the menu to display the Pre Order template.
2. Ensure that the order type radio button is set (see Controls on page 4-4). Subscription is the default selection. 3. To identify the fund that you want to order, do one of the following: If you know the required ISIN or common code, type it into the Fund Share Identification field; 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. 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. You are returned to the Pre Order template where the located ISIN and common code are automatically entered in the appropriate fields. 4. Select the At Fund/Issuer Execution Mode to route the order to the OHA appointed by the fund for the execution of orders.
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5. Select a portfolio. 6. Choose the settlement currency. The default is the fund currency. 7. Click on SUBMIT at the bottom of the template to display the Order Entry template containing further order details automatically completed.
8. To complete the dealing details, do one of the following: For a cash based order: enter the relevant cash amount; or For a quantity based order: enter the relevant number of shares.
These two fields are mutually exclusive; that is, fill in one or the other but do not mix. A number of other fields are available to input information: those that are mandatory for the fund are highlighted in blue on the template. See Order field definitions on page 5-10. 9. Include any free-text External or Internal narrative or instruction to distinguish the order if required. 10. Do one of the following: To complete the order, click on SUBMIT. Vestima+ validates the order and, if any error is detected, the order is returned for correction with the error indicated. To exit the order without creating it, click on BACK to return to the Pre Order Entry template.
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11. When the order has been validated with no errors, the Order Confirmation template is displayed for the order to be confirmed.
To confirm creation of an order:

1. Do one of the following: Click on CONFIRM to accept the order details; or Click on MODIFY to redisplay the Order Entry template in order to change any of the details and resubmit the order.
The confirmed order is given the status New and is allocated a unique system reference. 2. 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. If the system is set up to require one extra check on the input of the first user, another user must authorise the order before it can be forwarded to the OR. If the system is set up for two extra checks, another user must verify the order before a third user authorises it. If no checking is required, 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). The order keeps this status until the OR optionally acknowledges or rejects it, at which point the status is updated to Acknowledged or Rejected as appropriate. The status of the order is updated when it is filled by the OR and is given the status Confirmed.
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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. A switch can only be made if the conditions of the fund so allow. For details of how to create a subscription or redemption order, see Creating a primary market subscription or redemption order on page 5-2. Note: Switch orders are specific to the primary market and cannot be executed on a Stock Exchange.
To create a switch order:

1. Select Order Cycle-New from the main menu to display the Pre Order template. 2. Ensure that the Switch radio button is set (see Controls on page 4-4). N.B.: The fund that you enter here must be the fund from which you want to switch. Be sure to enter the fund that you want to redeem, not the one that you want to submit. 3. To identify the fund that you want to switch from, do one of the following: If you know the required ISIN or common code, type it into the Fund Share Identification field; or If you do not know the required code, do the following: a) Click on the Fund Search button at the right of the template to display the Fund Search template. 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. You are returned to the Pre Order template where the located ISIN and common code are automatically entered in the appropriate fields. 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. Select a portfolio. 6. Choose the settlement currency. The default is the fund currency. 7. Click on SUBMIT at the bottom of the template to display the Order Entry template containing further order details automatically completed. 8. To complete the dealing details, do one of the following: For a cash based order: enter the relevant cash amount; or For a quantity based order: enter the relevant number of shares.
These two sets of fields are mutually exclusive; that is, fill in one set or the other but do not mix. 9. To specify the fund to which you want to switch, do the following: N.B.: The fund that you enter here must be the fund to which you want to switch. Be sure to enter the fund that you want to submit, not the one that you want to redeem. a) In the Switch To Dealing Details area, click on ADD to display the Order Entry Buy Leg template. b) Fill in the required details and click on SUBMIT to return to the Order Entry template. A number of other fields are available to input information. Some of these fields maybe mandatory for the fund; these are highlighted in blue on the template. Compare Order field definitions on page 5-10. 10. Include any free-text External or Internal narrative or instruction to distinguish the order if required.
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Note: While you are entering information on the Order Entry template, Vestima+ is constantly checking and validating the information, sometimes automatically changing reference information after submission. If you want to change a field you have entered, you can overwrite it. 11. Do one of the following: To complete the order, click on SUBMIT. Vestima+ validates the order and, if any error is detected, the order is returned for correction with the error indicated. To exit the order without creating it, click on BACK to return to the Pre Order template.
When the order has been validated with no errors, the Order Confirmation template is displayed for the order creation to be confirmed.
To confirm creation of a switch order:

1. Do one of the following: To accept the order details, click on CONFIRM. To change any of the order details for resubmission and confirmation, click on MODIFY to return to the Switch Order template.
The confirmed order is given the status New and is allocated a unique system reference. 2. 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. If the system is set up to require one extra check on the input of the first user, another user must authorise the order before it can be forwarded to the order handling agent. If the system is set up for two extra checks, another user must verify the order before a final user authorises it. If no checking is required, the order is forwarded directly to the OR with the status Forwarded or Available to OHA (see Order forwarded statuses on page 2-3). The order keeps this status until the OR optionally accepts or rejects it, at which point the status is updated to Acknowledged or Rejected as appropriate. The status of the order is updated again when it is filled by the OR and is given the status Confirmed.
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Creating a stock exchange buy or sell order
Note: The process for creating a sell order is similar to that for a buy order.
To create a new buy/sell order:

1. Select Order Cycle-New from the menu to display the Pre Order template.
2. Ensure that the order type radio button is set (see Controls on page 4-4). Buy is the default selection. 3. To identify the fund that you want to order, do one of the following: If you know the ISIN or common code, type it into the Fund Share Identification field; 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. 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. You are returned to the Pre Order template where the located ISIN and common code are automatically entered in the appropriate fields. 4. Select one of the following Execution Modes: At Stock Exchange (Defined Place Of Trade): The order will be routed to the EA, appointed by the OI, for further placement at the stock exchange. The place of trade can be selected from the list or entered as a dedicated Market Identifier Code (MIC).
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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. 5. Select a portfolio. 6. Choose the settlement currency. The default is the fund currency. 7. Click on SUBMIT at the bottom of the template to display the Order Entry template containing further order details automatically completed.
8. To complete the dealing details for a stock exchange order, enter the relevant specifications: Quantity: Order type: Number of shares (Cash based orders are not supported). Select the order type to be placed at the Stock Exchange.
Market Order (MAKT): (default) Orders executed at the next price after the entry that permits them to be included. Buy/Sell orders, which are to be executed at the next price determined. Limit Order (LMTO): Stop Limit (STLI): Orders that are to be executed at their specified limit or better. When the stop price is reached (or exceeded for stop buy or fallen below for stop sell orders), the stop order is automatically placed in the order book as a limit order. When the stop price is reached (or exceeded for stop buy or fallen below for stop sell orders), the stop order is automatically placed in the order book as a market order. Either stop buy or stop sell (stop loss). 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). Orders that are executed over a certain period of time, to avoid price slippage. The EA has discretion over the manner and price of execution.
Stop Order (STOP):
All or None (ALNO): Carefully (CARE):
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Limit Price: Stop Price: Order validity: Expiry date: Depending on the order type a limit price has to be defined. Depending on the order type a stop price has to be defined. Select the validity time of the order. The default selection is Good for the day. Select the expiry date of the order. The default selection is the current Date.
9. Include any free-text External or Internal narrative or instruction to distinguish the order if required. 10. Do one of the following: To complete the order, click on SUBMIT. Vestima+ validates the order and, if any error is detected, the order is returned for correction with the error indicated. To exit the order without creating it, click on BACK to return to the Pre Order Entry template.
When the order has been validated with no errors, the Order Confirmation template is displayed for the order to be confirmed.
To confirm creation of an order:

1. Do one of the following: Click on CONFIRM to accept the order details; or Click on MODIFY to redisplay the Order Entry template in order to change any of the details and resubmit the order.
The confirmed order is given the status New and is allocated a unique system reference. 2. 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.
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If the system is set up to require one extra check on the input of the first user, another user must authorise the order before it can be forwarded to the OR. If the system is set up for two extra checks, another user must verify the order before a third user authorises it. If no checking is required, the order is forwarded directly to the OR and assigned the status Forwarded (see Order forwarded statuses on page 3-4). The order keeps this status until the OR optionally acknowledges or rejects it, at which point the status is updated to Acknowledged or Rejected as appropriate. The status of the order is updated when it is filled by the OR and is given the status Confirmed.
Order field definitions

Some data fields are extracted from the Vestima+ database and inserted into the order. There are empty boxes (some with drop down selections) on the form for the OHA to supply detail at a later stage. Note: In the following table, fields marked * are automatically populated and cannot be amended.
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, selected in the Pre Order template The CBL depository for the fund The Common Code for the fund, 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. The OHA selected is the result of the Vestima+ order routing resolution. 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, enter the number For quantity based orders, enter the number of shares. of shares.Checking the Quantity radio button or entering a number into the Quantity field will automatically disable the Currency and Amount fields. N/A Not supported. Amount Your Order reference The reference that you want to give to the order. The reference can be up to 16 characters long, must not contain any special characters like % or & and must not have been used previously by the same OI. If this field is left blank, Vestima+ will create one for it.
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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. Alternatively the OI can request Best Execution. N/A Order type to be placed at the Stock Exchange. The default selection is Market order. 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 Good for the day N/A Expiry date of the order. 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. 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, Step-in Broker and Investor. 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. Data is populated automatically from reference data stored in Vestima+. It is possible to overwrite populated entries or add information if data is not available. Blue fields are mandatory.
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Viewing a very recent order
A very recent order is one that has been created in the last seven days. 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.
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The Order Book lists orders that have been created in the last seven days, regardless of status. 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. 3. You can click on the relevant icon in the Order Detail template to see more details of any of the collapsed sections. Depending on the status, 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. Contents of the narrative boxes.
4. When you have finished viewing, click on BACK to return to the Order Book list view.
Modifying an existing order

You modify an order as long as it does not have status New; that is, while it is pending final confirmation or awaiting verification and/or authorisation, by users in your organisation. For modification carried out as part of the Verify/Authorise process, see Verifying/Failing verification of an order on page 5-14 and Authorising/Failing authorisation of an order on page 5-15.
To modify an existing order:

1. Select Order Cycle-Modify from the main menu to display the Order Modification list view of all orders that can be modified. 2. 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. 3. 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; Order Handling Agent Details; Settlement Parties.
4. Make changes to the order details as necessary. 5. Do one of the following: When your changes are complete, click on SUBMIT. Vestima+ validates the order and, if any error is detected, the order is returned for correction with the error indicated. To exit the order without submitting your changes, click on BACK to return to the Order Modification list view.
When the order has been validated with no errors, the Order Confirmation template is displayed for the order to be confirmed.
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5. Issuing an order
To confirm modification of an order:
1. Do one of the following: To accept the order modification, click on CONFIRM. To change any of the order details for remodification, click on MODIFY to redisplay the Order Modification list view. To start again, click on CLEAR to return to the original Order Detail template for 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 the system is set up to require one extra check on the input of the first user, the first user or another user must authorise the order before it can be forwarded to the OR. If the system is set up for two extra checks, another user must verify the order before a final user authorises it. If no checking is required, the order is forwarded directly to the OHA and assigned the status Forwarded. The order keeps this status until the OR optionally acknowledges or rejects it, at which point the status is updated to Acknowledged or Rejected as appropriate. The status of the order is updated when it is filled by the OHA and is given the status Confirmed.
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. 1. Select Verify-Orders from the menu to display the Orders Verification list view of all orders with status Awaiting Verification. 2. 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. b) Click on VERIFY at the bottom of the list view. The Vestima+ system updates the status of the order to Awaiting Authorisation. 3. 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 the icon of the order to display its Order Detail template. c) Review the details of the order and do one of the following:
To verify the order, 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. To fail verify the order, 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. Click on FAIL VERIFY. The Vestima+ system updates the status of a verified order to Failed Verification.
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5. 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. 1. Select Authorise-Orders from the menu to display the Orders Authorisation list view of all orders with status Awaiting Authorisation. 2. 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. b) Click on AUTHORISE at the bottom of the list view. The Vestima+ system updates the status of the order to Forwarded/Available to OHA. 3. 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. c) Review the details of the order and do one of the following:
To authorise the order, click on AUTHORISE and return to the Orders Authorisation list view to continue. The Vestima+ system updates the status of the order to Forwarded/Available to OHA. To fail authorise the order, 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. Click on FAIL AUTHORISE. The Vestima+ system updates the status of a verified order to Failed Authorisation.
Performing searches
You can search for: Recent or past orders (or past reports); Funds; Cancellation requests. 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. 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. *ABC will include all items in which this field contains a value ending with ABC. *ABC* will include all items in which this field contains a value that includes ABC anywhere between the first and last characters.
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5. Issuing an order
To search for a recent order:
A recent order is one that was created in the last 13 months. 1. Select Search-Orders from the menu to display the Order Search template providing commonly used order search parameter fields.
2. Type in your selection criteria. For example, a Vestima+ reference number or date. You can use the wild card character (see Performing searches above) in the fields that have an asterisk in the label. 3. Click on SUBMIT at the bottom of the template to display a list view of any orders that match your search criteria. 4. Click on the icon next to the order in the list to view its Order Detail template.
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. Past orders and past reports are stored in the Archive. 1. Select Services-Archive from the menu to use the past order and past report search facilities.
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5. Issuing an order
2. Type in your selection criteria. For example, a Vestima+ reference number or date. You can use the wild card character (see Performing searches on page 5-15) in the fields that have an asterisk in the label. 3. Click on SUBMIT at the bottom of the template to display a list view of any orders/reports that match your search criteria. 4. Click on the icon next to the order/report in the list to view its details.
To search for a fund:

1. Select Search-Fund from the menu to display the Fund Search template providing a range of fund search parameter fields.
2. Type in your selection criteria. You can use the wild card character (see Performing searches on page 5-15)in the fields that have an asterisk in the label. 3. Click SUBMIT at the bottom of the template to display a list view of any funds that match your search criteria. 4. 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.
January 2011 517
5. Issuing an order
To search for a cancellation request:
1. Select Search-Cancellation Request from the menu to display the Cancellation Request Search template.
2. Type in your selection criteria (for example, a Vestima+ reference number or date range). In the fields that have an asterisk in the label, you can use the wild card character (see Performing searches on page 5-15). 3. Click SUBMIT at the bottom of the template to display a list view of any cancellation requests that match your search criteria. 4. Click on the icon next to the cancellation request in the list to view its details.
Uploading files
To upload a file, please refer to the File Upload Facility User Guide for Order Issuers, which is available on the Clearstream Banking web site, www.clearstream.com.
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6.
Managing orders
This chapter provides a detailed description of processes an OI applies to an order after it has been issued. The chapter contains the following sections: Working with the Event Console below; Working with rejected orders on page 6-2; Requesting cancellation of a new order on page 6-3; Copying an order on page 6-3; Viewing the history of a recent order on page 6-3; Settlement Instruction Status on page 6-5; Downloading reports on page 6-6.
Working with the Event Console

When you log on to the Vestima+ web browser interface, the Event Console is switched off. To switch on the Event Console, click on Event Console On/Off within the header to display it at the bottom of each page. 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. The information in this area is updated each time an action has been taken on the browser screen. The numbers to the left of each status indicate how many orders or cancellation requests have that status. Numbers that changed when the browser is refreshed are shown in a darker colour. 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. The columns displayed for each order in a status summary list view are Order type, Vestima+ reference number, your order/cancellation request reference, ISIN, common code, fund name, quantity/amount, portfolio, OHA/EA name, status and forward date and time. In the list view, you can then click the it in detail view. 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. For example: orders forwarded to the OR have the status Forwarded; orders processed successfully are allocated the status Confirmed, and so on.
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6. Managing orders
An order is assigned one of the following statuses during the life cycle of the order: Status Order:
Await Verif./ Await Auth. Failed V/A Await OA (Order approval) Failed OA Prov. 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. A second user at the OI has reviewed the order details and failed verification or authorisation of the order. It can now be modified or cancelled if required. Not used. Not used. Clearstream Banking has not authorised this order because the provision check has failed. The provisioning period has expired and the order is rejected. The order has been release by the OI. The order has been forwarded by SWIFT or by Vestima+. The order has been forwarded by facsimile. The order is available on the OHAs browser interface. The order has been acknowledged by the OHA. The order has been rejected by the OHA. The order has been cancelled. The OHA/EA has executed the order and it is ready for settlement. Depending on settlement option, either Vestima+ has issued the instruction or the OI must do so. The EA has partially executed the order and it is ready for settlement. Depending on settlement option, either Vestima+ has issued the instruction or the OI must do so. The OHA/EA has cancelled execution of the order. The OHA/EA has cancelled execution of the order and replaced it with a new confirmation. A cancellation request is awaiting verification / authorisation by a second / third OI user. The OI has raised and sent a cancellation request but the OHA has not yet acknowledged. Order has failed verification or authorisation. The OHA/EA has rejected the order cancellation request sent by the OI.
Cancellation Request:
Await Verif./Auth. Forwarded Failed Verif/Auth Rejected OHA/EA
a. This applies only to orders settling through Clearstream Banking.
The status of settlement instructions issued by Vestima+ is also displayed on the web browser (see Settlement Instruction Status on page 6-5).
Working with rejected orders

If your order is rejected by the OHA/EA or by Clearstream Banking, it is given the status Rejected OHA/EA or Rejected CB respectively. The Event Console (see Working with the Event Console on page 6-1) lists the number of rejected orders during the last week.
To view rejected orders:

1. In the Event Console, click on Rejected OHA/EA or Rejected CB to display the respective Rejected Orders list view of the rejected orders as appropriate. 2. 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. 3. Address the issues raised by the rejection, and if necessary, create a new order as a replacement.
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6. Managing orders
You cannot modify an order that has a Rejected status but, to save input time, you can copy a rejected order to create a new one (see Copying an order on page 6-3).
Requesting cancellation of a new order

An order can be cancelled only as long as it has not been forwarded to the OR. To stop an order after it has been forwarded, you must send a request for cancellation to the OR.
To request cancellation of an order:

1. Select Order Cycle-Cancellation Request from the main menu to display the Cancel Orders list view. 2. 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. 3. From the drop down list, select a standard reason for cancellation or select Other and type in a reason. 4. Enter your OI cancellation reference. 5. Click on SUBMIT. The Order Detail template is displayed with cancellation details at the top. 6. Click on CONFIRM to confirm the cancellation request. Note: Cancellations and cancellation requests may require verification and/or authorisation.
Copying an order
When creating a new order, it is sometimes easier to copy an existing order and change the details.
To copy an order:
1. Select Order Cycle-Copy from the main menu to display the Copy Orders list view. 2. 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. 3. Edit the details of the order as required. 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. 4. Click on SUBMIT and follow the same steps as for order input (refer to Issuing an order on page 5-1). 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).
Viewing the history of a recent order

A recent order is one that was created in the last 13 months. As well as its current status, 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. When the Participant is your own organisation, you will see the user identity. Note: This facility is not available for past orders, created more than 13 months ago (see To search for a past order or past report: on page 5-16).
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6. Managing orders
To view the history of a recent order:
1. Select Order Cycle-Order Book from the menu to display the Order Book template.
January 2011 64
6. Managing orders
2. To view the history of an order, do the following: a) Click on the 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.
Settlement Instruction Status

The status of settlement instructions issued by Vestima+, together with the date of issue and the transaction reference that Vestima+ has applied to the settlement instruction, is displayed under Settlement History on the Order Detail template. For Delivery Versus Payment (DVP), the one security instruction status covers both the security and cash. For Free of Payment (FOP), the statuses of the security and cash instructions are shown separately.
Settlement instructions have one of the following statuses: Issued The settlement instruction has been issued. 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. The settlement instruction has been rejected. The order has settled. A previously issued settlement instruction has been cancelled. A previously issued settlement instruction has been replaced.
Rejected Settled Cancelled Replaced
January 2011 65
6. Managing orders
Downloading reports
To download reports, please refer to the Vestima+ Report Download Facilities User Guide, which is available on the Clearstream web site, www.clearstream.com.
January 2011 66
7.
Services
This chapter describes the following services that an OI can use: Archive; Vestima+ Service Request. Permission to use these service options is assigned by the system administrator. The options are available from the Services menu in the main menu bar.
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).
Vestima+ Service Request (VSR)

You can use the Vestima+ Service Request (VSR) facility to send a secure, authenticated message to the Clearstream Banking Vestima+ team to request an update to your Vestima+ profile (for example, to change Vestima+ reference data or service parameters) or to manage your security services (for example, to reset system administrator credentials). N.B.: You cannot use the VSR facility to send an order to an order handling agent.
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7. Services
To create a Vestima+ Service Request message:
1. Select Services-Service Request-New from the menu to display the Service Request Creation template.
2. Enter the details of your request, including any attachments to provide details of the change(s) you require. 3.Click on SUBMIT at the bottom of the template to send your VSR message to Clearstream Banking. Your VSR message must be authorised by a second user before being sent to Clearstream Banking. Once authorised, your VSR message is assigned a reference, which you can use in the VSR search facility to check the status of specific VSRs.
To search for a Vestima+ Service Request message:

1. Select Services-Service Request-Search from the menu to display the Service Request Search template.
2. To specify your search, you can enter: The service request reference of your VSR. You can use asterisk (*) as a wild card character (see Performing searches on page 5-15); The Status (see VSR statuses on page 7-4); and/or Creation From and/or To dates.
3. Click on CLEAR at the bottom of the template to clear your search criteria; or click on SUBMIT to start your search. The VSR messages matching your search criteria will be displayed in a Service Request List template.
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7. Services
4. Click on the
icon of the listed VSR to view its details in a Service Request Details template.
5. If the VSR includes an attachment, use the RETRIEVE button to open it.
January 2011 73
7. 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, indicating that it has been created but it has not yet been authorised and released to Clearstream Banking. You can create a VSR provided that you have Create and Update permissions set in your user profile. Your VSR must be authorised by a second user before it can be released to Clearstream Banking. The VSR has been released (after creation) or re-released (after update) to Clearstream Banking. You can authorise a VSR provided that: You have Authorise and Revoke permissions set in your user profile. The VSR was created by another user. The current status of the VSR is either Created or Updated. Acknowledged Pending Update Updated Final statuses: Completed Revoked Clearstream Banking has actioned the request (for example, the requested changes have been implemented). The VSR has been cancelled. You can revoke a VSR provided that: You have Authorise and Revoke permissions set in your user profile. The VSR was created by another user. The current status of the VSR is either Created or Updated. Terminated Clearstream Banking has not been able to action the request. The VSR is being handled by Clearstream Banking. The VSR has been sent back for further clarification or information from its creator. The VSR has been updated but it has not yet been authorised and re-released to Clearstream Banking. Description
Authorised
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Appendix A. Possible settlement models
January 2011 A1
January 2011 A2
January 2011 A3
January 2011 A4
Glossary
This Glossary lists, in alphabetical sequence, the terms that you will find in the Vestima+ documentation together with a brief description of each. Administrator A system administrator who defines Vestima+ access permissions for local users. System administrators do not have access to the Vestima+ trading or routing system. Agent An Agent operates on behalf of someone. Examples of agents are Order Handling Agent, Settlement Agent. Archive A Vestima+ service that provides a store of past orders and past reports (more than 13 months old) with extensive search facilities. CBF, CBL Clearstream Banking Frankfurt, Clearstream Banking Luxembourg. Clearstream Depository The institution/organisation where CBL deposits securities on behalf of customers. Confirmation The confirmation of the order details provided by the OR once the deal has been priced. This is the equivalent of a contract note. Note: For stock exchange orders, the EA sends an Execution Advice, including the price at which the order has been executed on the stock exchange, before sending the actual order confirmation. Custodian (Place of Safekeeping) The place where fund shares are to be deposited or withdrawn. When the OI (or OR) is a Clearstream Banking account holder, the custodian is Clearstream Banking. When the OI (or OR) is not a Clearstream Banking account holder, the custodian is the institution that performs settlement and to which Vestima+ can optionally issue settlement instructions. Customer In Vestima+ terminology, a customer is a distributor or an investor acting as OI for its own account or on behalf of another investor. Event Console An area at the bottom of the Vestima+ screen that gives a user a quick overview of the progress of orders. For example, how many orders have been sent to the OR.
January 2011 Glossaryi
Glossary
EA See Execution Agent. Execution Agent (EA) An agent appointed by the OI for the execution of fund orders on the stock exchange. Fund Manager The organisation responsible for constructing and making portfolio decisions for the assets of an investment fund. Internal user A Clearstream Banking administrator with permissions to act, under strict guidelines, on behalf of the OI or the OR. Manual settlement option A settlement option whereby Vestima+ does not generate any settlement instructions. When the default is set to the OI depository, the manual settlement option cannot be overridden to use the STP settlement option. Master Participant A Vestima+ Participant that can act on behalf of Target Participants within the same organisation. OHA See Order Handling Agent. OI See Order Issuer. OR See Order Receiver. Order (Subscription, Redemption, 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. A redemption is an order to sell a holding of a fund. 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). See also Past Order, Recent Order. Order Cycle The OI can create and authorise a subscription, redemption or switch order. Order Handling Agent (OHA) An agent appointed by the fund to process fund orders. Order Issuer (OI) An organisation that buys and sells shares directly from the fund or its agent, for their own account or on behalf of other investors. 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.
January 2011 Glossaryii
Glossary
Participant An organisation or individual that uses Vestima+ (see Participants on page 1-2). Participant Reference Data See Profile. Past Order, Past Report An order (or a report) that was created more than 13 months ago. Past orders and reports are stored in the Archive, where they can be searched for and displayed in detail. Permissions The permissions (that is, access and permitted activities in the areas of, for example, Reporting or User Management) associated with a user group. Users who are members of this group can be individually defined to use all or some of the permissions defined for the group. (See the Vestima+ Installation and System Administration Guide for more information). Place of Safekeeping See Custodian. Place of Settlement The institution in whose books the transaction will occur (for example, Clearstream, CBF, Euroclear). The Place of Settlement determines some of the business rules for the transaction. 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. An OI may have several portfolios. When entering a new order, the OI specifies the portfolio that Vestima+ is to use. The portfolio includes the trading and settlement chains that apply to the trades in that portfolio. Preferences Where you can change your password and display parameters. Profile (Participant Reference Data) Information about the participant and its business processes that is used for setting up and customising Vestima+ services. Query (Search, ad-hoc report) A request for information, based on criteria entered via a user interface, whose results are presented on the screen in a list view. Results can be exported in CSV format. Recent Order An order that was created in the last 13 months. An order created within the last seven days is called a very recent order. Report Receiver (RR) An institution that can retrieve information from Vestima+ but can take no action on orders or cancellation requests. Scheduled reports Report files delivered by Vestima+ on a regular basis and according to the frequency set up in a report subscription. These reports are available via the web browser interface. Settlement Agent An agent appointed by the OI or the OR to execute the settlement of fund orders on their behalf.
January 2011 Glossaryiii
Glossary
Settlement chain A set of data required to identify the custodian, place of settlement, cash correspondent and other intermediaries. STP settlement option A settlement option whereby the participant is requesting Vestima+ to generate settlement instructions. On an individual order basis, the STP settlement option, when set as the default of a portfolio, can be overridden to use the manual settlement option. SWIFT Society for Worldwide Interbank Financial Telecommunication, a provider of communications between financial institutions. Trading chain A chain of portfolios involved in the issuing of an order. The trading chain contains the trading parties information, allowing the fund company to identify them. 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. Vestima+ Service Request (VSR) A Vestima+ service that enables an authorised participant to send a secure, authenticated message to Clearstream Banking, for example, to reset system administrator credentials.
January 2011 Glossaryiv
Address details
Contact
www.clearstream.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

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Investment Fund Services

User Guide for Order Issuers

Vestima+ - Investment Fund Services User Guide for Order Issuers

About this guide

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

Hardware and software requirements

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

System description - Primary market orders . . . . . . . . . . . . . . . . . . . . . . . . . . . .

System description - Stock exchange orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

January 2011 iii

Appendix A. Possible settlement models . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Glossary

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

System description - Primary market orders

Ways of using the system

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

2. System description - Primary market orders

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

2. System description - Primary market orders

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

2. System description - Primary market orders

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

2. System description - Primary market orders

Summary of order entry

Verified Authorised Modified Cancelled

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

2. System description - Primary market orders

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

System description - Stock exchange orders

Ways of using the system

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

3. System description - Stock exchange orders

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

3. System description - Stock exchange orders

Order life cycle

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

3. System description - Stock exchange orders

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

3. System description - Stock exchange orders

Summary of order entry

Verified Authorised Modified Cancelled

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

3. System description - Stock exchange orders

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

Initial administration activities

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

To log on to the system

Rules for passwords

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

General features of the order templates

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

To create a new subscription/redemption order:

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers

To confirm creation of an order:

Clearstream Banking Luxembourg Vestima+ User Guide for Order Issuers