Market Link Guide - Armenia

14.08.2019

Key features

CSD link as defined under CSDRa

Yes

Type of link

Direct

a. CSD Regulation (EU) No 909/2014 art. 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 T2SNo 
Settlement free of paymentYes 
Settlement against paymentNo 
Settlement against payment in central bank money account of CBL/CBL customer

Not available

 
Bridge settlementNo 
Shaping facilityNo 
Partial settlementNo 
Settlement penalty feesNo
Pre-matchingNo 
Back-to-back processingNo 
AllegementsYes 
Automatic compensationNo 
Registered securities

Not available


Multi Market SecuritiesNo 
Lending and borrowingNo 
Proxy votingNo 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Repo servicesNo 
Market restrictionsNo 
FTTNo 
Daily reconciliationYes 
Link eligible for use in Eurosystem credit operationsNo 
Moment of entry of instructionsMarket participants insert the instructions in the CSD system. When the instructions match, CSD system generates the batch and makes the final settlement.
Irrevocability of instructionsStarting the moment of Final settlement, the instructions are irrevocable. Before the final settlement, each party can cancel its instruction.
Finality of instructionsTransfers become final after settlement.

Legal arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 6 March 2018. 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