Market Link Guide - Argentina


Key features

CSD link as defined under CSDRa


Type of link


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



Caja de Valores S.A.





Country of incorporation


Account type

Omnibus account

Legal Account name / holder

Clearstream Banking S.A.

Operational arrangements

Settlement free of paymentYes 
Settlement against paymentYes 
Settlement against payment in central bank money account of CBL/CBL customer

Not available

Bridge settlementYes 
Shaping facilityNo 
Partial settlementNo 
Settlement penalty feesNo 
Back-to-back processingNo  
Automatic compensationNo 
Registered securitiesYes 
Multi Market SecuritiesYes 
Lending and borrowingYesFor debt securities only.
Proxy votingNo 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Repo servicesNo 
Market restrictionsNo 
Daily reconciliationYes 
Moment of entry of instructionsThe CVSA rules do not define the moment of entry within the meaning of the Settlement Finality Directive.
Irrevocability of instructionsTransactions settled in CVSA are irrevocable.
Finality of instructionsCVSA provides for the intraday settlement finality. In particular, intraday settlement finality shall mean that a securities transfer order is immediately registered by CVSA, and is deemed final and irrevocable, once the transfer has been executed and the securities have been credited to the securities account.

Legal arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 18 May 2018. 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  CSD


Liability for negligence


Book-entry regime with in rem rights


Recognition as direct CSD account-holder


Recognition of nominee concept

Argentinian law generally recognises the nominee concept, under the terms of the Agreement, where a foreign collective depository acts directly as a depositor (depositante) of the securities held with the CSD. However, the CSD only allows the subdivision of the account if the sub-accounts are opened exclusively in the name of the foreign collective depository. Consequently, the CSD will only open sub-accounts in the name of Clearstream (as comitente), and not in the name of different beneficial owners or comitentes. This means that CBL will act as both depositor (depositante) and beneficial/legal owner (comitente).

No right of retention to the CSD


Segregation of assets at the CSD


No right of use


No upper-tier attachments

The laws and regulations of Argentina allow upper tier attachment on the securities credited to the direct CSD account, if the petitioner of the upper tier attachment proves, by any means of evidence that the Argentine courts may consider admissible, that the specific securities deposited on the direct CSD account under the name of CBL are held for the benefit of the holder against whom the attachment is sought.

Insolvency of CSD with no impact on CBL's rights 

Filing a petition for recovery in-kind of securities with the bankruptcy court is required.

Shortfall pro-rated among holders

Note: In order to determine the pro rata share of each co-owner, the nominal (par) value of the deposited securities will be taken into account.

Record keeping period of at least 10 yearsConfirmed

Settlement finality in case of insolvency