Market Link Guide - International (CBF)
Key features
CSD link as defined under CSDRa | Yes | |
Type of link | For CBF customers with counterparty in CBL | Direct linkb to CBL |
For CBF customers with counterparty in EB | Direct linkb to CBL Interoperable link CBL to EB according to CSD Regulation (EU) No 909/2014 Article 2(33)) |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Interoperable link for T2S-related aspects.
CSD | |
Name | Clearstream Banking S.A. |
FATCA GIIN | N1V1GJ.00000.LE.442 |
LEI | 549300OL514RA0SXJJ44 |
Country of incorporation | Luxembourg |
Account type | Omnibus account |
Legal Account name / holder | Clearstream Banking AG |
Name of the linked CSD | Euroclear Bank NV/SA |
FATCA GIIN of the linked CSD | 1X6QDZ.00000.LE.056 |
LEI of the linked CSD | 549300OZ46BRLZ8Y6F65 |
Country of incorporation of the linked CSD | Kingdom of Belgium |
Operational arrangements
Key services offered | CBF customers receiving from/delivering to counterparties in CBL | CBF customers receiving from/delivering to counterparties in EB via the Bridge | Remarks |
Settlement free of payment | Yes | Yes | Settlement free of payment between a T2S customer and an OUT-CSD customer must be with matching |
Settlement against payment in Non-EUR ccya | Yes | Yes | CoBM settlement in non-EUR currencies is settled via the related 6-series cash account in CBL securities settlement system using Commercial Bank |
Settlement against payment in EUR | Yes | Yes | CeBM settlement takes place via the T2S Dedicated Cash Account (DCA) |
Bridge settlement | No | Yes | |
Shaping facility | No | No | |
Partial settlement | No | No | |
Settlement penalty fees | No | No | |
Pre-matching | Yes | Yes | |
Back-to-back processing | No | No | |
Allegements | Yes | Yes | |
Transaction management | Yes | Yes | Please refer to Transaction management rules |
Registered securities | No | No | |
Multi Market Securities | No | No | |
Lending and borrowing | No | No | |
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 | No | No | |
Bilateral Cancellation | Yes | Yes | |
Daily reconciliation | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes |
a. For eligible currencies, please consult the “Foreign currency matching tolerance amounts” document on the website.
Moment of entry of instructions | Counterparties in CBL: Internal instructions are deemed to be introduced into the CBL securities settlement system when they are successfully validated in view of the matching and the settlement processes. Counterparties in EB: Bridge instructions from customers are deemed to be introduced into the CBL securities settlement system when they are successfully validated in view of the matching and the Bridge settlement processes. |
Irrevocability of instructions | Counterparties in CBL: Internal instructions become irrevocable under the CBL securities settlement system rules as soon as they are matched. Matched internal instructions can only be bilaterally cancelled. Counterparties in EB: Customers can request a cancellation for all Bridge securities instructions already sent to CBL. A Bridge delivery or receipt instruction cannot be cancelled or amended in the following circumstances:
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Settlement finality of instructions | Counterparties in CBL: Internal instructions that have settled in the CBL settlement system are final. Counterparties in EB: Finality is reached for the Bridge instructions which have been reported as settled via Xact Web Portal, CreationOnline, ClearstreamXact MT536 (Statement of Transactions), MT54x and additional MT950 (Money Statement) for against payment. |
Legal arrangements
The below section is based on the legal opinion obtained by CBF that was issued on 30 November 2022. 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.
Link CBF to CBL
No insolvency proceedings against the CSD | Confirmed |
Liability for negligence | Confirmed |
Book-entry regime with in rem rights | Confirmed |
Recognition as direct CSD account-holder | Confirmed |
Recognition of nominee concept | Confirmed |
No right of retention to the CSD | Confirmed |
Segregation of assets at the CSD | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | Confirmed |
Insolvency of CSD with no impact on CBF's rights | Confirmed |
Shortfall pro-rated among holders | Confirmed |
Record keeping period of at least 10 years | Confirmed |
Settlement finality in case of insolvency | Confirmed |
Link CBL to EB
The below section is based on the legal opinion obtained by CBL that was issued on 7 December 2020. 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.
Liability of CBL towards customers | Yes As the settlement is taking place in each of the CSD securities settlement system, that is, in Clearstream Banking S.A. (CBL), as far as CBL’s customers are concerned, the liability for negligence rules is set out in CBL’s GTCs. |
Book entry regime |
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Recognition of in rem rights | Yes There is no sub-deposit with Euroclear Bank NV/SA. Such legal concept is nevertheless recognised in the linked CSD jurisdiction and in the jurisdiction of CBL. |
No right of retention for the CSD | Yes There is no sub-deposit with Euroclear Bank NV/SA. Such legal concept is nevertheless recognised in the linked CSD jurisdiction and in the jurisdiction of CBL. |
Segregation of assets at the CSD | Yes The rules applicable to the segregation are the one defined by CBL as there is no sub-deposit with Euroclear Bank NV/SA. Such concept is nevertheless recognised in the linked CSD jurisdiction and in the jurisdiction of CBL. |
No right of use | Yes There is no sub-deposit with Euroclear Bank NV/SA. Such legal concept is nevertheless recognised in the linked CSD jurisdiction and in the jurisdiction of CBL. |
No upper-tier attachments | Yes There is no sub-deposit with Euroclear Bank NV/SA. Such legal concept is nevertheless recognised in the linked CSD jurisdiction and in the jurisdiction of CBL. |
Insolvency of the CSD with no impact on the other CSD's rights |
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Shortfall pro-rated among holders |
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Record keeping period of at least 10 years |
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Validity and enforceability of the Bridge Agreement |
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