Market Link Guide - Argentina
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
Legal Account name/holder
Clearstream Banking S.A.
|Settlement free of payment|
|Settlement against payment|
|Settlement against payment in central bank money account of CBL/CBL customer|
|Settlement penalty fees|
|Multi Market Securities|
|Lending and borrowing|
For debt securities only.
|Liquidity Hub Connect|
|Sale and purchase of rights|
|Moment of entry of instructions|
The CVSA rules do not define the moment of entry within the meaning of the Settlement Finality Directive.
|Irrevocability of instructions|
Transactions settled in CVSA are irrevocable.
|Finality of instructions|
CVSA 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.
The below section is based on the legal opinion obtained by CBL that was issued on 8 September 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.
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
Shortfall pro-rated among holders
|Record keeping period of at least 10 years|
Settlement finality in case of insolvency