Market Link Guide - Croatia
CSD link as defined under CSDRa
Type of link
Indirect via Erste Group Bank Vienna and sub-deposited at Erste & Steiermärkische d.d. Zagreb
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
Central Depository & Clearing Company Inc. (CDCC)
Custodian: Erste Group Bank AG Vienna
Sub-custodian: Erste & Steiermärkische d.d. Zagreb
Country of incorporation
Custodian: Omnibus account
Sub-custodian: Omnibus account
Legal Account name / holder
Erste & Steiermärkische d.d. Zagreb holds individually segregated account at the CSD for Clearstream Banking SA
Custodian: Clearstream Banking SA
Sub-custodian: Erste Group Bank for Clearstream Banking SA
|Settlement in T2S|
|Settlement free of payment|
|Settlement against payment|
|Settlement against payment in central bank money account of CBL/CBL customers|
|Settlement penalty fees|
Failing to meet cash obligations to the CDCC (SELL OUT): Not available.
Failing to meet the obligation to deliver securities to the CDCC (BUY IN):
Manual by telephone or email
|Multi Market Securities|
|Lending and borrowing|
|Liquidity Hub Connect|
|Sale and purchase of rights|
In Croatia the market practice of right trading does not exist.
|Link eligible for use in Eurosystem credit operations|
Moment of entry of instructions
Settlement instructions that are directly entered into the CDCC system by the participants are considered to have been accepted in the system at the time of approval.
Irrevocability of instructions
The moment of irrevocability of settlement instruction (transfer order) to be settled in the CDCC system will be at “matching” of those transfer orders. Participant members are allowed to cancel settlement instructions unilaterally prior to matching. After this moment, CDCC shall allow only bilateral cancellations for matched instructions
Finality of instructions
The moment of finality of settlement instruction will be the moment of the processing of the settlement. Against payment settlement instructions are settled in the CDCC system at the time of transfer of securities to the securities account and the creation of a payment order on the relevant cash account. Settlement instructions free of payment are settled at the time of transfer of securities to the securities account.
The below section is based on the legal opinion obtained by CBL that was issued on 30 August 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 of the custodian
Book-entry regime with in rem rights
Recognition of nominee concept
No right of retention for the custodian
Segregation of assets at the custodian
No right of use for the custodian
No upper-tier attachments
Insolvency of the CSD with no impact on custodian's rights
|Record keeping for a period of at least 10 years|
Shortfall pro-rated among holders
Confirmed under the laws of Austria
There are no clear provisions regulating shortfall under Croatian law. It is however expected that the shortfall would be pro-rated among holders.