Market Link Guide – Netherlands
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 | Yesb | |
Type of link | For CBF clients | Direct link to Euroclear Nederland |
For CBL clients | Direct linkc to Clearstream Banking AG for holding Euroclear Nederland and T2S eligible securities. Direct operated link via BNP Paribas S.A., Paris, to Euroclear Nederland for holding selected securities (not eligible in CBF). | |
For LuxCSD clients | Direct linkc to CBF for holding Euroclear Nederland T2S-eligible securities. | |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Non-T2S eligible securities that are held in custody in BNP Paribas S.A are not held under a CSD link.
c. Interoperable link for T2S-related aspects.
CSD (as CBF’s and CBL’s depository) | Custodian (as CBL’s depository) | Custodian (as LuxCSD’s depository) | Asset Service Provider for CBF, CBL and LuxCSD, Account Operator/custodian for CBLa | |
Name | Euroclear Nederland, Amsterdam | Clearstream Banking AG, Frankfurt | Clearstream Banking AG, Frankfurt | BNP Paribas S.A, Paris |
FATCA GIIN | 1X6QDZ.00000.LE.056 | N1V1GJ.00002.ME.276 | N1V1GJ.00002.ME.276 | 1G159I.00269.BR.528 |
LEI | 549300CBNW05DILT6870 | 549300298FD7AS4PPU70 | 549300298FD7AS4PPU70 | R0MUWSFPU8MPRO8K5P83 |
Country of incorporation | Netherlands | Germany | Germany | France |
Account type | Omnibus account | Omnibus account | Omnibus account | Mirror omnibus account / omnibus account |
Legal Account name/holder | Clearstream Banking AG Clearstream Banking S.A. | Clearstream Banking S.A. | LuxCSD | Clearstream Banking AG Clearstream Banking S.A. |
a. BNP Paribas S.A continues to be CBL’s depository for all non-T2S eligible securities and CBL's account operator.
Operational arrangements
For CBF clients | For CBL clients (link to CBF) | For CBL clients (link to Euroclear Nederland/BNP Paribas S.A) | For LuxCSD clients (link to CBF) | ||
Yes/No | Yes/No | Yes/No | Yes/No | Remarks | |
Settlement in T2S | Yes | Yes | Yes/No | Yes | Securities held with BNP Paribas S.A are non-T2S eligible |
Settlement free of payment | Yes | Yes | Yes | Yes | |
Settlement against payment | Yes | Yes | Yes (EUR only) | 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 against payment in central bank money | Yes | Yes | No. CBL holds a cash account at BNP Paribas S.A who uses its account at Banque de France for settlement and asset servicing | Yes | |
Short selling of entitlement | No | No | 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. |
Settlement penalty fees | Yes | Yes | Yes | Yes | |
Partial settlement | Yes | Yes | Yes | Yes | |
Recycling | Yes | Yes | Yes | Yes | |
Bridge settlement | No | Yes | Yes | No | |
Hold and Release | Yes | Yes | Yes | Yes | Partial release available for CBF and LuxCSD |
Allegements | Yes | Yes | Yes | Yes | |
Transaction Linking | Yes | Yes | Yes | Yes | |
Bilateral Cancellation | Yes | Yes | Yes | Yes | |
Registered securities | No | No | No | No | |
Transaction Management | Yes | Yes | Yes | Yes | |
Multi Market Securities | No | Limited | Limited | No | Limited to transfers to and from T2S Out CSDs |
Lending and borrowing | Yes | Yes | Yes | Yes | Debt securities only |
Proxy voting | Yes | Yes | Yes | Yes | |
Investment Funds | Yes | Yes | Yes | No | CSD-eligible investment funds only |
Liquidity Hub Connect | No | No | No | No | |
Sale and purchase of rights | No | No | No | No | |
Repo services | Yes | Yes | Yes | Yes | |
Market restrictions | No | No | No | No | |
FTT | No | No | No | No | |
Daily reconciliation | Yes | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes | No | Yes | |
Moment of entry of instructions | The moment of entry of a transfer order in the CSD System is when the instruction has successfully passed the business validation of T2S | ||||
Irrevocability of instructions | The securities leg of an instruction shall be considered as irrevocable and thus may no longer be unilaterally amended or cancelled as from the moment such instruction is reported ‘matched’ on T2S | ||||
Finality of instructions | 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 | For CBL clients | For CBL clients | For LuxCSD clients | |
Date of legal opinion | 15 June 2024 | 30 June 2024 | 15 June 2024 | 30 June 2024 |
No insolvency proceedings against the account operator or CSD | Confirmed | Confirmed | Confirmed | Confirmed |
Liability for negligence | Confirmed | Confirmed | Confirmed | Confirmed |
Book-entry regime with in rem rights | Confirmed | Confirmed | Confirmed | Confirmed |
No entitlement of the account operator or CSD | Confirmed | Confirmed | Confirmed | Confirmed |
Recognition as direct CSD account-holder | Confirmed | Confirmed | Confirmed | Confirmed |
Recognition of nominee concept | Confirmed | Confirmed | Confirmed | Confirmed |
No right of retention to the account operator or CSD | Confirmed | Confirmed | Confirmed | Confirmed |
Segregation of assets at the CSD | Confirmed | Confirmed | Confirmed | Confirmed |
No right of use | Confirmed | Confirmed | Confirmed | Confirmed |
No upper-tier attachments | Confirmed | Confirmed | Confirmed | Confirmed |
Insolvency of agent with no impact on rights | Confirmed | Confirmed | Confirmed | Confirmed |
Shortfall pro-rated among holders | Confirmed | Confirmed | Confirmed | Confirmed |
Record keeping period of at least 10 years | Confirmed | Confirmed | Confirmed | Confirmed |
Settlement finality in case of insolvency | Confirmed | Confirmed | Confirmed | Confirmed |