Market Link Guide – Germany
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.
Note: For German clients, the services listed in this guide are not considered as a CSD link, but represent a description of the German domestic business for which CBF acts as the issuer CSD.
Key features
CSD link as defined under CSDRa | Yes | |
Type of link | For CBF clients | Clearstream Banking AG, Frankfurt as issuer CSD |
For CBL clients | Direct link to Clearstream Banking AG, Frankfurt | |
For LuxCSD clients | Direct linkb to Clearstream Banking AG, Frankfurt | |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Interoperable link for T2S-related aspects.
CSD (as CBF client depository) | CSD (as CBL’s depository) | CSD (as LuxCSD’s depository) | |
Name | Clearstream Banking AG, Frankfurt | Clearstream Banking AG, Frankfurt | Clearstream Banking AG, Frankfurt |
FATCA GIIN | N1V1GJ.00002.ME.276 | N1V1GJ.00002.ME.276 | N1V1GJ.00002.ME.276 |
LEI | 549300298FD7AS4PPU70 | 549300298FD7AS4PPU70 | 549300298FD7AS4PPU70 |
Country of incorporation | Germany | Germany | Germany |
Account type | Omnibus account | Omnibus account | |
Legal account name/holder | Clearstream Banking S.A. | LuxCSD |
Operational arrangements
For CBF clients | For CBL clients | For LuxCSD clients | ||
Yes/No | Yes/No | Yes/No | Remarks | |
Settlement in T2S | Yes | Yes | Yes | |
Settlement free of payment | Yes | Yes | Yes | |
Settlement against payment | Yes | Yes | Yes (EUR only) | Eligible settlement currencies (CBF and CBL only): AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR. |
Settlement against payment in central bank money account | Yes (EUR) | Yes (EUR) | Yes (EUR) | For CBL clients against payment settlement in EUR takes place on the DCA of CBL at the Central Bank of Luxembourg. |
Partial settlement | Yes | Yes | Yes | |
Recycling | Yes | Yes | Yes | |
Bridge settlement | No | Yes | No | |
Settlement penalty fees | Yes | Yes | Yes | |
Hold and Release | Yes | Yes | Yes | Partial release available for CBF and LuxCSD |
Allegements | Yes | Yes | Yes | |
Transaction linking | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | |
Registered securities | Yes | Yes | Yes | In CASCADE RS, shareholder's positions are transferred from unregistered positions into allocated positions. After the data has been entered in the issuer's share register, positions are transferred into registered positions. |
Transaction management | Yes | Yes | Yes | |
Multi Market Securities | No | Limited | No | Limited to transfers to and from T2S Out CSDs if the home market is in T2S. |
Lending and borrowing | Yes | Yes | No | |
Proxy voting | Yes | Yes | Yes | |
Investment Funds | Yes | Yes | Yes | |
Liquidity Hub Connect | No | No | No | |
Sale and purchase of rights | No | No | No | |
Repo services | Yes | Yes | Yes | |
Market restrictions | Yes | Yes | Yes | Corporations that have issued registered shares may, in the Articles of Association, insist that company approval - from the board of managing directors or the supervisory board - or shareholder approval (at AGMs or EGMs) is required before shares can be transferred. |
FTT | No | No | No | |
Daily reconciliation | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes | ||
| Moment of entry of instructions | A transfer order for payment and delivery transactions, issued to CBF for settlement in T2S is considered as entered into the CBF system, as soon as T2S discovers that the T2S validation rules have been met. With this binding booking the transfer order will then be processed in T2S. | |||
| Irrevocability of instructions | The transfer order is irrevocable, as soon as it is indicated as “matched” by T2S. | |||
Settlement finality of instructions | Settlement in T2S is simultaneous, final and irrevocable. | |||
Legal arrangements
The below section is based on the legal opinion that was issued to CBL on 22 June 2023 and to LuxCSD on 10 October 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.
For CBL clients | For LuxCSD clients | |
No insolvency proceedings against the CSD | Confirmed | Confirmed |
Liability for negligence | Confirmed | Confirmed |
Book-entry regime with in rem rights | Confirmed | Confirmed |
Recognition as direct CSD account-holder | Confirmed | Confirmed |
Recognition of nominee concept | Confirmed | Confirmed |
No right of retention to the CSD | Confirmed | Confirmed |
Segregation of assets at the CSD | Confirmed | Confirmed |
No right of use | Confirmed | Confirmed |
No upper-tier attachments | Confirmed | Confirmed |
Insolvency of CSD with no impact on CBL/LuxCSD's rights | Confirmed | Confirmed |
Shortfall pro-rated among holders | Confirmed | Confirmed |
| Record keeping period of at least 10 years | Confirmed | Confirmed |
Settlement finality in case of insolvency | Confirmed | Confirmed |