Market Link Guide - Cyprus

10.05.2021

Key features

CSD link as defined under CSDRa

Yes

Type of link

Indirect

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

Citibank Europe Plc, Greece branch as custodian maintains an individually segregated account on behalf of Clearstream Banking S.A.

Clearstream Banking S.A.

Operational arrangements

Yes/NoRemarks
Settlement in T2S

No

Settlement free of paymentYes  
Settlement against payment

Yes

Eligible settlement currency: Euro (EUR).

Settlement against payment in central bank money account of CBL or CBL customers

No

CBL 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 settlement

No

 
Shaping facility

No

 
Partial settlement

No

 
Settlement penalty fees

No

 
Pre-matching

Yes

Immediate release flag.

Back-to-back processing

No

 
Allegements

Yes

 
Automatic compensation

No

 
Registered securities

Yes

Registration takes place automatically upon settlement.

Multi Market Securities

No

 
CBL lending and borrowing and collateral management services

Yes

Debt securities only. Internal securities lending and borrowing services (refer to Clearstream website).

Proxy voting

Yes

 
Investment Funds

No

 
Liquidity Hub Connect

No

 
Sale and purchase of rights

No

 

Repo services

Yes

Internal Repo service for Bonds and Equities (refer to Cmax Product Guide). 

Market restrictions

Yes

Customers 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.

FTT

No

 
Daily reconciliation

Yes

 
Link eligible for use in Eurosystem credit operations

No

 
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 instructions

Matched instructions are irrevocable and require bilateral cancellation.

Finality of instructions

Securities 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 15 February 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

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 years

Confirmed

Settlement finality in case of insolvency

Confirmed