Market Link Guide – Luxembourg – LuxCSD
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.
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 and CBL 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 LuxCSD |
For CBL clients | Direct link to LuxCSD | |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD (as CBF’s depository) | CSD (as CBL’s depository) | |
Name | LuxCSD S.A. | LuxCSD S.A. |
FATCA GIIN | N1V1GJ.00001.ME.442 | N1V1GJ.00001.ME.442 |
LEI | 222100T6ICDIY8V4VX70 | 222100T6ICDIY8V4VX70 |
Country of incorporation | Luxembourg | Luxembourg |
Account type | Omnibus account | Omnibus account |
Legal account name/holder | Clearstream Banking AG | Clearstream Banking S.A. |
Operational arrangements
For CBF clients | For CBL clients | ||
Yes/No | Yes/No | Remarks | |
Settlement in T2S | Yes | Yes | |
Settlement free of payment | Yes | Yes | |
Settlement against payment | Yes | Yes | Eligible settlement currency: Euro (EUR) |
Settlement against payment in central bank money account | Yes | Yes | For CBL clients against payment settlement in EUR takes place on the DCA of CBL at the Central Bank of Luxembourg. |
Short selling of entitlement | No | No | Short selling of income or corporate actions proceeds is not authorised for settlement in CBL. Please refer to section 4.5 of the CBL Client Handbook. |
Partial settlement | Yes | Yes | |
Recycling | Yes | Yes | |
Bridge settlement | No | Yes | |
Settlement penalty fees | Yes | Yes | |
Hold and Release | Yes | Yes | Partial release available |
Allegements | Yes | Yes | |
Transaction linking | Yes | Yes | |
Bilateral cancellation | Yes | Yes | |
Registered securities | No | No | |
Transaction management | Yes | Yes | |
Multi-Market Securities | No | No | |
Lending and borrowing | Yes | Yes | |
Proxy voting | Yes | Yes | |
Investment Funds | Yes | Yes | |
Liquidity Hub Connect | No | No | |
Sale and purchase of rights | No | No | |
Repo services | No | No | |
Market restrictions | Yes | Yes | Please refer to the Investment regulation section of the Market Profile for more details. |
FTT | No | No | |
Daily reconciliation | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes |
Moment of entry of instructions | Transfer orders to be settled on the T2S Platform that are subject to matching shall be deemed entered into the system at the moment at which such transfer orders have been declared compliant with the technical rules of T2S by the T2S platform. |
Irrevocability of instructions | Transfer orders become irrevocable at the moment they have been given a matched status on the T2S platform. |
Finality of instructions | Settlement in T2S is simultaneous, final and irrevocable. |
Legal arrangements
The below section is based on the legal opinions that were issued to CBF and CBL on 5 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 CBF clients | For CBL 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 CBF/CBL'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 |