Creation Link Guide - Spain

18.09.2017

Key features

Yes/No

Remarks

Settlement in T2S

Yes

Settlement free of payment

Yes

 

Settlement against payment

Yes

Eligible settlement currency: Euro (EUR)

Settlement penalty fees

No

Partial settlement

Yes

Only on receipt transactions

Bridge settlement

Yes

Hold and Release

Yes

Allegements

No

 

Transaction Linking

Yes

Bilateral Cancellation

Yes

Registered securities

Yes

Registration under Clearstream Banking S.A.

Transaction Management

Yes

 

Multi Market Securities

Yes

Limited to transfers to and from T2S-Out CSDs.

Lending and borrowing

Yes

Proxy voting

Yes

 

Investment Funds

Yes

ETFs only.

Liquidity Hub Connect

No

 

Sale and purchase of rights

Yes

The sale of rights cannot be instructed on behalf of Spanish individuals tax payers if the rights are held through a non Spanish resident custodian or intermediary.

Repo services

Yes

Available for bonds only

Market restrictions

Yes

Customers are not allowed to hold Spanish stripped securities or zero-coupon bonds with Clearstream Banking on behalf of Spanish resident individual income tax payers.
There are no holding restrictions for beneficiary owners that are Spanish resident corporate income tax payers.

FTT

No

FATCA GIIN

Yes

8DGQ38.00000.LE.724

Miscellaneous

No

 

Type of linkCSD or settlement method
Indirect link via Banco Bilbao Vizcaza Argentaria (BBVA), MadridIberclear