Market Link Guide – Greece – BOGS
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 CBF clients | Direct link to Bank of Greece settlement system (BOGS). |
For CBL clients | Direct link to Clearstream Banking AG, Frankfurt for holding BOGS/T2S eligible securities. | |
For LuxCSD clients | Direct link to Clearstream Banking AG, Frankfurt for holding BOGS/T2S eligible securities. | |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD (as CBF’s depository) | Custodian (as CBL’s depository) | Custodian (as LuxCSD’s depository) | Asset Service Provider for CBF, CBL and LuxCSD | |
Name | BOGS | Clearstream Banking AG, | Clearstream Banking AG, | Citibank Europe plc, Greece Branch |
FATCA GIIN | 36D2MK.99999.SL.300 | N1V1GJ.00002.ME.276 | N1V1GJ.00002.ME.276 | NXUTG8.00192.BR.300 |
LEI | 529900SL3K21WAN6X611 | 549300298FD7AS4PPU70 | 549300298FD7AS4PPU70 | N1FBEDJ5J41VKZLO2475 |
Country of incorporation | Greece | Germany | Germany | Ireland |
Account Type | Omnibus account | Omnibus account | Omnibus account | Mirror omnibus account |
Legal Account name/holder | Clearstream Banking AG, | Clearstream Banking S.A. | LuxCSD S.A. | Clearstream Banking AG, Frankfurt |
Operational arrangements
For CBF clients Yes/No | For CBL clients Yes/No | For LuxCSD clients 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 (between CBF and CBL counterparties only): AUD, CAD, CHFa, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR. |
Settlement in central bank money | Yes | Yes. Against payment takes place on the DCA of CBL | Yes | CeBM in EUR only. |
Settlement penalty fees | Yes | Yes | Yes | |
Partial settlement | Yes | Yes | Yes | Counterparties that access T2S as ICP via BOGS, the default setting is no Partial settlement (NPAR) but it is still possible for counterparties to instruct Partial settlement (PART) in T2S. |
Recycling | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | |
Bridge settlement | No | Yes | No | |
Hold and Release | Yes | Yes | Yes | Partial release available for CBF and LuxCSD |
Allegements | Yes | Yes | Yes | |
Transaction Linking | Yes | Yes | Yes | |
Registered securities | No | No | No | |
Transaction Management | Yes | Yes | Yes | |
Multi Market Securities | No | No | No | |
Lending and borrowing | Yes | Yes | Yes | |
Proxy voting | No | No | No | |
Investment Funds | No | No | No | |
Liquidity Hub Connect | No | No | No | |
Sale and purchase of rights | 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 | BOGS checks the completeness of the instructions according to the system requirements. If instructions are found to meet all formal requirements, BOGS shall transmit them to T2S for validation checks. The time of entry of an instruction into BOGS shall be the time of receipt by BOGS from T2S of confirmation of completion of the validation checks for the instruction. | |||
Irrevocability | The transfer order is irrevocable, as soon as it is indicated as matched by T2S. | |||
Settlement finality | Settlement in T2S is simultaneous, final and irrevocable. | |||
a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CBF.
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 (link to BOGS) | For CBL clients (link to CBF) | For LuxCSD clients | |
Date of legal opinion | 3 October 2023 | 22 June 2023 | 10 October 2023 |
No insolvency proceedings against the the CSD | Confirmed | Confirmed | Confirmed |
Liability for negligence | Unlimited liability is restricted to damage caused due to the CSD's wilful misconduct or gross negligence in the performance of its duties. Liability for light negligence on the part of the CSD or on the part of its officers is limited to direct/actual damages and shall not exceed a total amount of EUR 20,000 vis-à-vis all participants for any losses incurred during a given calendar year. | Confirmed | Confirmed |
Book-entry regime with in 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 for 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 of CSD with no impact on rights | Confirmed | Confirmed | Confirmed |
Shortfall pro-rated among holders | Although there is no express provision in applicable laws dealing with the issue of shortfalls, a pro rata distribution is likely to be a solution. | Confirmed | Confirmed |
Record keeping of at least ten years | Confirmed | Confirmed | Confirmed |
Settlement finality in case of insolvency | Confirmed | Confirmed | Confirmed |