Market Link Guide ‒ Croatia
Key features
CSD link as defined under CSDRa | Yes | |
Type of link | For CBL clients | Direct operated link to CDCC via Erste Group Bank Vienna and Erste & Steiermärkische d.d. Zagreb |
For CBF clients | Direct link to Clearstream Banking S.A., Luxembourg, for holding Croatia T2S-eligible securities | |
For LuxCSD clients | Direct link to Clearstream Banking AG, Frankfurt, for holding Croatian T2S-eligible securities | |
- CSD Regulation (EU) No 909/2014 art. 2 (29)
CSD | Custodian | Custodian | Account operator for CBL | |
Name | Central Depository & Clearing Company Inc. (CDCC) | Clearstream Banking S.A., Luxembourg | Clearstream Banking AG, | Erste Group Bank AG Vienna Erste & Steiermärkische d.d. Zagreb |
FATCA GIIN | Not available | N1V1GJ.00000.LE.442 | N1V1GJ.00002.ME.276 | L99T2F.00000.LE.040 L99T2F.00032.ME.191 |
LEI | 747800V0CCQGC89GOW91 | 549300OL514RA0SXJJ44 | 549300298FD7AS4PPU70 | PQOH26KWDF7CG10L6792 549300A2F46GR0UOM390 |
Country of incorporation | Croatia | Luxembourg | Germany | Account Operator: Austria Sub- Account Operator: Croatia |
Account type | Omnibus account | Omnibus account | Omnibus account | Custodian: Omnibus account Account Operators: Omnibus account |
Legal Account name / holder | Clearstream Banking SA | Clearstream Banking AG | LuxCSD S.A. | Clearstream Banking SA |
Operational arrangements
For CBL clients | For CBF clients | For LuxCSD clients | Remarks | |
Yes/No | Yes/No | Yes/No | ||
Settlement in T2S | Yes | 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 | |
Settlement against payment in central bank money account of CBL/CBL customers | No | Yes | Yes | |
Bridge settlement | No | No | No | |
Shaping facility | No | No | No | |
Partial settlement | No | No | No | |
Settlement penalty fees | Yes | No | No | Failing to meet cash obligations to the CDCC (SELL OUT): Not available. Failing to meet the obligation to deliver securities to the CDCC (BUY IN):
|
Pre-matching | Yes | Yes | Yes | |
Back-to-back processing | Yes | Yes | Yes | |
Allegements | Yes | Yes | Yes | |
Automatic compensation | No | No | No | |
Registered securities | No | No | No | |
Multi Market Securities | No | No | No | |
Lending and borrowing | No | No | No | |
Proxy voting | No | No | No | |
Investment Funds | Yes | Yes | Yes | |
Liquidity Hub Connect | No | No | No | |
Sale and purchase of rights | No | No | No | In Croatia the market practice of right trading does not exist. |
Repo services | No | No | No | |
Market restrictions | No | No | No | |
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 | Settlement instructions that are directly entered into the CDCC system by the participants are considered to have been accepted in the system at the time of approval. |
Irrevocability of instructions | The moment of irrevocability of settlement instruction (transfer order) to be settled in the CDCC system will be at “matching” of those transfer orders. Participant members are allowed to cancel settlement instructions unilaterally prior to matching. After this moment, CDCC shall allow only bilateral cancellations for matched instructions |
Finality of instructions | The moment of finality of settlement instruction will be the moment of the processing of the settlement. Against payment settlement instructions are settled in the CDCC system at the time of transfer of securities to the securities account and the creation of a payment order on the relevant cash account. Settlement instructions free of payment are settled at the time of transfer of securities to the securities account. |
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 CBF clients | For LuxCSD clients | |
2 April 2024 | 5 October 2023 | 10 October 2023 | |
No insolvency proceedings against the custodian | Confirmed | Confirmed | Confirmed |
Liability for negligence of the custodian | Confirmed | Confirmed | Confirmed |
Book-entry regime with in rem rights | Confirmed | Confirmed | Confirmed |
No entitlement of the account operator/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 account operator/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 of the CSD with no impact on CBL's rights | Confirmed | Confirmed | Confirmed |
Shortfall pro-rated among holders | There are no clear provisions regulating shortfall under Croatian law. It is however expected that the shortfall would be pro-rated among holders. | Confirmed | Confirmed |
Record keeping for a period of at least 10 years | Confirmed | Confirmed | Confirmed |
Settlement finality in case of insolvency | Confirmed | Confirmed | Confirmed |