Other services - Canada
Securities lending and borrowing
All Canadian debt securities eligible in CBL qualify for CBL’s securities lending and borrowing programme.
Equities and warrants are not eligible for CBL's securities lending and borrowing programme.
Multi-Market securities service
Canadian domestic securities can be listed on foreign exchanges. These multi-market equities are traded on more than one stock exchange and are eligible for deposit and settlement in more than one CSD.
For further information, please refer to the Multi-Market Securities Guide.
Disclosure requirements
Please refer to the Clearstream Banking Disclosure Requirements - Canada.
Holding restrictions
Customers should refrain from holding securities on behalf of beneficial owner(s) that are resident for tax purposes in Canada or on their own behalf, if they are acting as beneficial owner of the securities, as defined by the relevant Canadian laws and regulations. These holding restrictions are applicable to any Canadian securities, regardless of any place of settlement or recorded safekeeping (for example, DTC, Switzerland, etc.).
In order to confirm the residency status of the final beneficial owner, customers must include “non-Canadian resident” in the Settlement Processing Narrative field of their instructions (70E::SPRO//NON CANADIAN RESIDENT).
It is the customer’s responsibility to put in place all necessary arrangements with respect to investment restrictions and the customer shall be liable for non-compliance.
The customer shall indemnify and hold harmless CBL, its directors, officers, agents, employees or affiliates (the “Indemnified Persons”) for any loss, expense, liability, damage or claims incurred by any of the Indemnified Persons as a result of the non-compliance with such holding restriction.
Please also refer to Investment regulation in the Market Profile - Canada.
Securities Payment Order (SPO)
Note: In Canada, the SPO service is available only for transactions in multi-listed securities settling against USD in the DTC.
An SPO is a DTC product that enables two parties to adjust the payment in an against payment settlement transaction in the books of DTC without transferring the associated securities.
SPO transactions are as below:
- To settle pair-off trades1 between parties;
The SPO authorises DTC to credit the payee participant’s settlement account with the specified amount and to debit the payor participant’s settlement account for the same amount.
Types of SPO
The following SPO types can be processed in CBL:
Two-sided (also called “Pair-off” or “Full Money Swap”):
In a full pair-off transaction, each against payment receipt/delivery instruction linked as part of the pair-off sequence is settled for the full settlement amount at the DTC with a separate SPO.
The cross-settlement amounts of all relevant transactions are processed via the customer’s CBL account. To ensure correct processing, the purchase instruction is settled and the respective sale instruction is cancelled and manually processed on the CBL customer’s account.
Instructions for SPOs
SPOs must be instructed via SWIFT MT599 or CreationOnline free-format message and must include details as follows:
Two-sided SPO
- “Attn: OAA”;
- “Type of SPO: two-sided”;
- Counterparty details including contact name, telephone number and relevant account number at counterparty level;
- Relevant receipt and delivery instruction references.
Applicable fees
Please refer to the CBL Fee Schedule.
Tax services
Please refer to the Clearstream Banking Canada Tax area.