Market Link Guide – Ireland – Securities eligible in Euroclear Bank
The OneClearstream service level provides clients with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between CBF, CBL and LuxCSD.
CBL and LuxCSD are using CBF as single gateway into T2S markets, allowing seamless transfer between CSD and ICSD counterparties.
This Market Link Guide represents Clearstream’s efforts to streamline our custody network and improve our asset servicing and collateral management services in the new T2S environment. The service description is valid for CBF, CBL and LuxCSD clients, unless otherwise highlighted in the documentation.
Key features
CSD link as defined under CSDRa | Yes | |
Type of link | For CBL clients | Direct link to Euroclear Bank |
For CBF clients | Direct link to Clearstream Banking S.A., Luxembourg, for holding Irish T2S-eligible securities | |
For LuxCSD clients | Direct link to Clearstream Banking AG, Frankfurt, for holding Irish T2S-eligible securities | |
- CSD Regulation (EU) No 909/2014, Article 2(29).
CSD (as CBL's depository) | Custodian (as CBF's depository) | Custodian (as LuxCSD's depository) | |
Name | Euroclear Bank (EB) | Clearstream Banking S.A., Luxembourg | Clearstream Banking AG, |
FATCA GIIN | 1X6QDZ.00000.LE.056 | N1V1GJ.00000.LE.442 | N1V1GJ.00002.ME.276 |
LEI | 549300OZ46BRLZ8Y6F65 | 549300OL514RA0SXJJ44 | 549300298FD7AS4PPU70 |
Country of incorporation | Belgium | Luxembourg | Germany |
Account type | Omnibus account | Omnibus account | Omnibus account |
Legal account name/holder | Clearstream Banking S.A. | Clearstream Banking AG | LuxCSD S.A. |
Operational arrangements
For CBL clients | For CBF clients | For LuxCSD clients | Remarks | |
Yes/No | Yes/No | Yes/No | ||
Settlement in T2S | No | Yes | Yes | For CBF and LuxCSD clients, the cross-CSD settlement with Euroclear is not possible. |
Settlement free of payment | Yes | Yes | Yes | |
Settlement against payment | Yes | Yes | No | Eligible settlement currencies: British Pounds (GBP), Euro (EUR) and U.S. Dollars (USD). |
Settlement against payment in central bank money | No | Yes | Yes | For CBF and LuxCSD clients, the cross-CSD settlement with Euroclear is not possible. |
Bridge settlement | Yes | Yes | Yes | |
Hold and release | Yes | Yes | Yes | |
Partial settlement | Yes | Yes | Yes | Limited only to receipt instructions. |
Recycling | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | |
Settlement penalty fees | Yes | No | No | |
Pre-matching | Yes | Yes | Yes | Immediate release flag. |
Transaction linking | Yes | No | No | |
Allegements | Yes | No | No | |
Registered securities | Yes | Yes | Yes | Legal title to Irish securities held in Euroclear Bank is recorded by the registrars in the name of Euroclear Bank’s Nominee. |
Multi-market securities | No | No | No | |
Lending and borrowing | Yes | No | No | Debt securities only. Internal securities lending and borrowing services (refer to Clearstream website). |
Proxy voting | Yes | Yes | Yes | |
Investment funds | No | No | No | |
Liquidity Hub Connect | No | No | No | |
Sale and purchase of rights | No | No | No | |
Repo services | Yes | No | No | Internal Repo service for Bonds and Equities. |
Market restrictions | Yes | Yes | Yes | Please refer to Investment regulation – Ireland. |
FTT | No | No | No | |
Daily reconciliation | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes | Yes |
Moment of entry of instructions | An instruction shall be deemed to be entered into the Euroclear System when it is deemed to be received by Euroclear Bank. |
Irrevocability of instructions | Unmatched Instructions become irrevocable at the input deadline provided that no cancellation instruction has been received by Euroclear Bank. Instructions subject to matching become irrevocable once they are matched or (if not yet matched) at the input deadline, whichever is the earliest. Matched instructions require bilateral cancellation. |
Finality of instructions | Overnight Securities Settlement Process - upon completion of the processing as a result of which the Instruction is successfully executed Real-time processing – at the moment of successful execution and the simultaneous credit/debit of accounts |
Legal arrangements
The below section is valid on the date of the legal opinions that were issued and might be subject to change. 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.
For CBL clients | For CBF clients | For LuxCSD clients | |
Date of legal opinion | 30 March 2024 | 30 March 2024 | 30 March 2024 |
No insolvency proceedings against the CSD | Confirmed | Confirmed | Confirmed |
Liability for negligence | Confirmed | Confirmed | Confirmed |
Book-entry regime within rem rights | Confirmed | Confirmed | Confirmed |
No entitlement of the CSD | Confirmed | Confirmed | Confirmed |
Recognition as direct CSD account holder | Confirmed | Confirmed | Confirmed |
Recognition of nominee concept | Confirmed | Confirmed | Confirmed |
No right of retention to the CSD | Confirmed | Confirmed | Confirmed |
Segregation of assets at the CSD | Confirmed | Confirmed | Confirmed |
No right of use | Confirmed | Confirmed | Confirmed |
No upper-tier attachments | Confirmed | Confirmed | Confirmed |
Insolvency with no impact on CBL's rights | Confirmed | Confirmed | Confirmed |
Shortfall pro-rated among holders | Confirmed | Confirmed | Confirmed |
Record keeping period of at least 10 years | Confirmed | Confirmed | Confirmed |
Settlement finality in case of insolvency | Confirmed | Confirmed | Confirmed |