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, Article 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 S.A.
|Settlement free of payment|
|Settlement against payment|
Eligible settlement currency: Singapore Dollar (SGD);
|Settlement against payment in central bank money account of CBL/CBL customers|
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|
|Refer to the Market Profile.|
Registration takes place automatically upon settlement.
|Multi Market Securities|
|Refer to the Multi-Market Securities Guide.|
|Lending and borrowing|
Available only within Clearstream. Debt securities only.
Exchange Traded Funds.
|Liquidity Hub Connect|
|Sale and purchase of rights||Yes|
|Internal. Refer to the CmaX Product Guide.|
|Holding restrictions apply.|
Moment of entry
CDP: The moment of entry for transfer orders (instructions for the transfer of money and securities in settlement of trades) submitted by participants is when the transfer orders are received in the pre-settlement matching system for DVP Settlement. The settlement system will only act on the transfer orders when they are matched and validated.
MAS: Payments, Singapore Government Securities and MAS Bills (SGSMB), transactions, and net cheque, Interbank GIRO (IBG) and Fast And Secure Transfers (FAST) obligations are deemed entered into the CSD system from the moment they are validated by the host system.
CDP: Bilateral cancellation is mandatory before the settlement date’s settlement cut-off time of 12:00 SGT for matched instructions.
MAS: Unilateral cancellation is allowed prior to settlement. The transfer of funds into and out of an account of a participant, settlement of any payment obligations in CSD system or settlement and transfer of book-entry shall be final and irrevocable.
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 5 April 2021. 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.