Market Link Guide - Cyprus

01.08.2019

Key features

CSD link as defined under CSDRa

Yes

Type of link

Indirect

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


CSD

Custodian

Name

The Central Depository and Central Registry (CDCR)

Citibank Europe plc, Greece Branch

FATCA GIIN

Not available

NXUTG8.00382.BR.300

LEI

Not available

N1FBEDJ5J41VKZLO2475

Country of incorporation

Cyprus

Ireland

Account type

Segregated

Segregated

Legal Account name / holder

CLEARSTREAM BANKING SA

CLEARSTREAM BANKING SA

Operational arrangements

 Yes/NoRemarks
Settlement in T2SNo 
Settlement free of paymentYes  
Settlement against paymentYesEligible settlement currency: Euro (EUR).
Settlement against payment in central bank money account of CBL or CBL customersNoCBL holds a cash account at the custodian. Against payment settlement in EUR takes place on the cash account of Citibank Europe Plc Greece branch at the Bank of Greece.
Bridge settlementNo 
Shaping facilityNo 
Partial settlementNo 
Settlement penalty feesNo 
Pre-matchingYesImmediate release flag.
Back-to-back processingNo 
Bilateral cancellationYesOn matched instructions
AllegementsYes 
Automatic compensationYes 
Registered securitiesYesRegistration takes place automatically upon settlement.
Multi Market SecuritiesNo 
CBL lending and borrowing and collateral management servicesYes 
Proxy votingYes 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Market restrictionsYesCustomers are not allowed to hold Cypriot financial instruments in CBL for underlying beneficial owners that are Cypriot residents or legal entities that are incorporated in Cyprus.
FTTNo 
Daily reconciliationYes 
Link eligible for use in Eurosystem credit operationsNo 
Moment of entry of instructions

The time of entry of a security transfer order in the CSD is determined as the time of registration of the security which is the object in the transfer order, in the relevant Investors Security Account to which the transfer is conducted.

Irrevocability of instructionsMatched instructions are irrevocable and require bilateral cancellation.
Finality of instructionsSecurities transfers become final immediately after settlement and cannot be revoked.

Legal arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 20 February 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

Confirmed

Custodian liability for negligence

Confirmed

Book-entry regime with in rem rights

Confirmed

Recognition of nominee concept

Confirmed

No right of retention to the custodian

Confirmed

Segregation of assets at the custodian

Confirmed

No right of use

Confirmed

No upper-tier attachments

Confirmed

Insolvency of the custodian with no impact on CBL's rights 

Confirmed

Shortfall pro-rated among holders

Confirmed

Record keeping period of at least 10 yearsConfirmed

Settlement finality in case of insolvency

Confirmed