Market Link Guide - Germany

09.10.2017

The OneClearstream service level provides customers 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 customers, unless otherwise highlighted in the documentation.

Note: For German and LuxCSD customers, the services listed in this guide are not considered as a CSD link, but represent a description of the German domestic business.

Key features

CSD link as defined under CSDRaYes
Type of link
For CBF customersClearstream Banking AG, Frankfurt
For CBL customersDirect link to Clearstream Banking AG, Frankfurt
For LuxCSD customersDirect link to Clearstream Banking AG, Frankfurt

a. CSD Regulaton (EU) No 909/2014 art. 2(29)

CBF customersCBL customersLuxCSD customers
CBF depositoryCBL depositoryCBF depository
NameClearstream Banking AG, FrankfurtClearstream Banking AG, FrankfurtClearstream Banking AG, Frankfurt
FATCA GIINN1V1GJ.00002.ME.276N1V1GJ.00002.ME.276N1V1GJ.00002.ME.276
Country of incorporationGermanyGermanyGermany

Operational arrangements

For CBF customersFor CBL customersFor LuxCSD customers

Yes/No

Yes/NoYes/No

Remarks

Settlement in T2S

Yes

YesYes

Settlement free of payment

Yes

YesYes

 

Settlement against payment

Yes

YesYes (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.

Partial settlement

Yes

YesYes

 

Bridge settlement

No

YesNo

 

Settlement penalty fees

No

NoNo

 

Hold and Release

Yes

YesYes

 

Allegements

Yes

Yes

Yes

Transaction linking

Yes

YesYes

Bilateral cancellation

Yes

YesYes

Registered securities

Yes

YesYes

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.
If the issuer rejects registration, the positions are transferred back into unregistered positions.

Transaction management

Yes

YesYes

 

Multi Market Securities

No

LimitedNo

Limited to transfers to and from T2S Out CSDs if the home market is in T2S.

Lending and borrowing

Yes

YesYes

 

Proxy voting

Yes

YesYes

 

Investment Funds

Yes

YesYes

 

Liquidity Hub Connect

No

NoNo

 

Sale and purchase of rights

Yes

YesYes

 

Repo services

Yes

YesYes

 

Market restrictions

Yes

YesYes

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

NoNo

 

Miscellaneous

No

NoNo