Market Link Guide - Norway
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Direct Operated |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Account operator | |
Name | Verdipapircentralen ASA (VPS ASA) | Citibank Europe PLC |
FATCA GIIN | Not available | NXUTG8.00192.ME.372 |
LEI | 5967007LIEEXZX9IEO75 | N1FBEDJ5J41VKZLO2475 |
Country of incorporation | Norway | Ireland |
Account type | Omnibus account | Mirror omnibus account |
Legal account name/holder | Clearstream Banking SA | Clearstream Banking SA |
Operational arrangements
Yes/No | Remarks | |
Settlement free of payment | Yes | |
Settlement against payment | Yes | Eligible settlement currency: Norwegian Krone (NOK). |
Settlement against payment in central bank money account of CBL/CBL customer | No | CBL holds a cash account at DNB Bank ASA. Settlement against payment is conducted on the account of DNB Bank ASA at the local central bank. |
Short selling of entitlement | 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 Customer Handbook. |
Bridge settlement | Yes | |
Shaping facility | No | |
Hold and Release | No | Postponed until further notice |
Partial settlement | Yes | |
Recycling | Yes | |
Bilateral cancellation | Yes | |
Settlement penalty fees | Yes | Starting as of 1 March 2022 |
Pre-matching | Yes | Automated through VPS. |
Back-to-back processing | Yes | B2B available for all equities and dematerialised bonds eligible in the Norwegian market. |
Allegements | Yes | |
Automatic compensation | No | |
Registered securities | Yes | |
Multi Market Securities | Yes | |
Lending and borrowing | Yes | Norwegian debt securities only, equities are not eligible. |
Proxy voting | Yes | |
Investment Funds | No | |
Liquidity Hub Connect | No | |
Sale and purchase of rights | No | |
Repo services | Yes | |
Market restrictions | Yes | No equities that are beneficially owned by Norwegian individual residents or legal entities that are incorporated in Norway can be held through CBL account. |
FTT | No | |
Daily reconciliation | Yes | |
Link eligible for use in Eurosystem credit operations | No |
Moment of entry of instructions | A settlement instruction is considered as entered into the VPO NOK system when it has been matched. Settlement Instructions that do not require matching, that is, settlement instructions for transactions with parties other than participants in VPO NOK system, are considered as entered into the VPO NOK system at the start of the settlement |
Irrevocability of instructions | Once a settlement instruction has been matched, it cannot be recalled unless both the participants involved in the trade in question send instructions to cancel their respective settlement instructions. In such events, the cancellation instructions from both participants must be received before the start of the settlement in which the settlement instruction in question was to be processed. If a matched settlement instruction has not been settled by the close of the specified settlement date, and one of the parties has an insufficient amount of cash or financial instruments to meet its obligations in connection with the transactions, the other party is entitled to cancel the settlement instruction unilaterally. The right to cancel unilaterally shall apply for the duration of the deferral period. Settlement instructions cannot be cancelled in the period between the start of settlement and the completion thereof. The entitlement to cancel unilaterally does not apply to settlement instructions relating to transfers between a participant and a participant authorised as a Central Counterparty, or possibly between two participants authorised as Central Counterparties. Exceptions to this may apply in specific circumstances. |
Finality of instructions | Settlement involves the final transfer in the VPS securities register of ownership rights to financial instruments (securities settlement), the transfer of Norwegian kroner payment through Norges Bank between the VPO LOM accounts included in the Clearing (payment settlement). |
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 9 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.
No insolvency proceedings against the account operator or the CSD | Confirmed |
Liability for negligence | Confirmed |
Book-entry regime with in rem rights | Confirmed |
No entitlement of the account operator/CSD | Confirmed |
Recognition as direct CSD account-holder | Confirmed |
Recognition of nominee concept | Confirmed |
No right of retention to the account operator/CSD | Confirmed |
Segregation of assets at the CSD | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | Confirmed |
Insolvency of account operator/CSD with no impact on CBL'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 |