Market Link Guide - Armenia

08.12.2021

Key features

CSD link as defined under CSDRa

Yes

Type of link

Direct

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

 

CSD

Name

Central Depository of Armenia

FATCA GIIN

3W9I7K.99999.SL.051

LEI

253400ML866V3CRYT079

Country of incorporation

Armenia

Account type

Omnibus account designated as nominee account

Legal Account name / holder

Clearstream Banking SA

Operational arrangements

Yes/NoRemarks
Settlement in T2S

No

Settlement free of payment

Yes

 
Settlement against payment

No

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

Not available

 
Bridge settlement

No

 
Shaping facility

No

 
Partial settlement

No

 
Settlement penalty fees

No

 
Pre-matching

No

 
Back-to-back processing

No

 
Allegements

Yes

 
Automatic compensation

No

 
Registered securities

Not available

 
Multi Market Securities

No

 
Lending and borrowing

No

 
Proxy voting

No

 
Investment Funds

No

 
Liquidity Hub Connect

No

 
Sale and purchase of rights

No

 
Repo services

No

 
Market restrictions

No

 
FTT

No

 
Daily reconciliation

Yes

 
Link eligible for use in Eurosystem credit operations

No

 
Moment of entry of instructions

Market participants insert the instructions in the CSD system. When the instructions match, CSD system generates the batch and makes the final settlement.

Irrevocability of instructions

Starting the moment of Final settlement, the instructions are irrevocable. Before the final settlement, each party can cancel its instruction.

Finality of instructions

Transfers become final after settlement.

Legal arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 16 October 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  CSD

Confirmed

Liability for negligence

Confirmed

Book-entry regime with in rem rights

Local law provides for a book entry regime for the transfer of nominal securities but not of fungible securities.

Recognition as direct CSD account-holder

Confirmed

Recognition of nominee concept

Confirmed

No right of retention for the CSD

Confirmed

Segregation of assets at the CSD

Confirmed

No right of use

Confirmed

No upper-tier attachments

Local law allows for upper tier attachments on securities credited to the direct CSD accounts.

Insolvency of CSD with no impact on CBL's rights 

Confirmed

Shortfall pro-rated among holders

Confirmed

Record keeping period of at least 10 years

Confirmed

Settlement finality in case of insolvency

Confirmed