Market Link Guide - Singapore
CSD link as defined under CSDRa
Type of link
Indirect via DBS Bank Ltd, Singapore to:
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
CDP (equities and corporate bonds)
MAS (government bonds)
DBS Bank Ltd
Country of incorporation
Legal Account name / holder
CDP: in the name of DBS Nominees Private Ltd Clearstream Banking
MAS: in the name of DBS Bank Ltd
DBS Bank Ltd as the participant in CDP and MAS does not hold an individually segregated account for CBL at either CSD.
Clearstream Banking SA
|Settlement free of payment||Yes|
|Settlement against payment||Yes|
Eligible settlement currency: Singapore Dollar (SGD);
|Settlement against payment in central bank money account of CBL/CBL customers||Yes|
CBL holds a cash account at the depository. Against payment settlement in CDP takes place on the cash account of DBS at the settlement banks.
Against payment settlement in SGD in MAS takes place on the DBS cash account in MEPS+ system of the MAS.
|Settlement penalty fees||Yes||Refer to the Market Profile.|
|Registered securities||Yes||Registration takes place automatically upon settlement.|
|Multi Market Securities||Yes||Refer to the Multi-Market Securities Guide.|
|Lending and borrowing||Yes||Available only within Clearstream. Debt securities only.|
|Investment Funds||Yes||Exchange Traded Funds|
|Liquidity Hub Connect||Yes|
|Sale and purchase of rights||Yes|
|Repo services||Yes||Internal. Refer to the CmaX Product Guide.|
|Market restrictions||Yes||Holding restrictions apply.|
|Bilateral cancellation||Yes/ No|
CDP: Bilateral cancellation is mandatory before settlement date settlement cut-off time of 12:00 SGT for matched instructions.
MAS: Unilateral cancellation is allowed prior to settlement.
CDP: Finality takes place after the night batch, once securities are transferred.
MAS: Finality is simultaneous and real time upon confirmation of securities and cash movement.
The below section is based on the legal opinion that was issued on 20 March 2019. 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 custodian
Liability for negligence
Book-entry regime with in rem rights
Although local law does not explicitly provide for a book entry regime, book-entry transfers of fungible securities deposited with the custodian should be upheld by a local court.
Recognition of nominee concept
No right of retention to the custodian
Segregation of assets at the custodian
No right of use
No upper-tier attachments
Confirmed. Local laws and regulations do not explicitly prohibit upper tier attachment of the securities credited to the accounts. If the custodian holds the securities for CBL and its customers "on-trust", upper-tier attachment is prohibited.
Insolvency of the custodian with no impact on CBL's rights
Shortfall pro-rated among holders
Local laws and regulations do not provide that shortfall will be borne by all relevant account holders. However, the local court may decide to allocate remaining securities on a pro rata basis.
Settlement finality in case of insolvency
Local law does not provide for restrictions on the reversals of debit or credit entries to relevant accounts and for settlement finality.