Market Link Guide – Argentina
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Direct |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | |
Name | Caja de Valores S.A. |
FATCA GIIN | 84I80F.99999.SL.032 |
LEI | 48510030C35RTMK7W149 |
Country of incorporation | Argentina |
Account type | Omnibus account |
Legal Account name/holder | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | No | |
| Settlement against payment in central bank money account of CBL/CBL client | Not available | |
| Bridge settlement | Yes | |
| Shaping facility | No | |
| Partial settlement | No | |
| Settlement penalty fees | No | |
| Pre-matching | Yes | |
| Back-to-back processing | No | |
| Allegements | No | |
| Automatic compensation | No | |
| Registered securities | Yes | |
| Multi Market Securities | Yes | |
| Lending and borrowing | Yes | For debt securities only. |
| Proxy voting | No | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | No | |
| Market restrictions | No | |
| FTT | No | |
| Daily reconciliation | Yes |
| Moment of entry of instructions | The CVSA rules do not define the moment of entry within the meaning of the Settlement Finality Directive. |
| Irrevocability of instructions | Transactions settled in CVSA are irrevocable. |
| Finality of instructions | CVSA provides for the intraday settlement finality. In particular, intraday settlement finality shall mean that a securities transfer order is immediately registered by CVSA, and is deemed final and irrevocable, once the transfer has been executed and the securities have been credited to the securities account. |
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 19 December 2023. The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.
No insolvency proceedings against the CSD | Confirmed |
Liability for negligence | Confirmed |
Book-entry regime with in rem rights | Confirmed |
Recognition as direct CSD account-holder | Confirmed |
Recognition of nominee concept | Argentinian law generally recognises the nominee concept, under the terms of the Agreement, where a foreign collective depository acts directly as a depositor (depositante) of the securities held with the CSD. However, the CSD only allows the subdivision of the account if the sub-accounts are opened exclusively in the name of the foreign collective depository. Consequently, the CSD will only open sub-accounts in the name of Clearstream (as comitente), and not in the name of different beneficial owners or comitentes. This means that CBL will act as both depositor (depositante) and beneficial/legal owner (comitente). |
No right of retention to the CSD | Confirmed |
Segregation of assets at the CSD | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | The laws and regulations of Argentina allow upper tier attachment on the securities credited to the direct CSD account, if the petitioner of the upper tier attachment proves, by any means of evidence that the Argentine courts may consider admissible, that the specific securities deposited on the direct CSD account under the name of CBL are held for the benefit of the holder against whom the attachment is sought. |
Insolvency of CSD with no impact on CBL's rights | Confirmed. |
Shortfall pro-rated among holders | Confirmed |
| Record keeping period of at least 10 years | Confirmed |
Settlement finality in case of insolvency | Confirmed |