Market Link Guide - Georgia


Key features

CSD link as defined under CSDRa


Type of link

Indirect via JSC Bank of Georgia to:

  • National Bank of Georgia
  • JSC United Securities Registrar of Georgia

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




National Bank of Georgia (NBG)

JSC United Securities Registrar of Georgia (USRG)

JSC Bank of Georgia


Not available



NBG: 254900MHQHBC58M2GR84

USRG: Not available


Country of incorporation



Account type

NBG: Omnibus account

USRG: Omnibus account

Omnibus account

Legal Account name / holder

JSC Bank of Georgia. There is no individually segregated account at NBG or USRG

Clearstream Banking SA

Operational arrangements

Settlement free of paymentYes 
Settlement against paymentNo 
Settlement against payment in central bank money account of CBL/CBL customersn/a 
Bridge settlementNo 
Shaping facilityNo 
Partial settlementNo 
Settlement penalty feesNo
Back-to-back processingNo 
AllegementsYesOnly for Government-issued securities settled with the Central Bank of Georgia.
Automatic compensationNo 
Registered securitiesn/a

There is no registration of securities in Georgia as a separate process; an automatic and simultaneous registration process instead applies upon the purchase or sale of securities under the Bank of Georgia client nominee account.

Multi Market SecuritiesNo 
Lending and borrowingNo 
Proxy votingNo 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Repo servicesNo 
Market restrictionsNo 
Daily reconciliationYes 
Link eligible for use in Eurosystem credit operationsNo 

Moment of entry of instructions

The rules of National Bank of Georgia as operator of a CSD system or the rules of JSC United Securities Registrar of Georgia do not define the moment of entry within the meaning of the Settlement Finality Directive.

Irrevocability of instructions

Settled transactions are irrevocable.

Settlement finality of instructions

Transfer of securities from the seller to the buyer (delivery) occurs is simultaneous and final.

Legal Arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 12 April 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 custodian


Custodian’s liability for negligence


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

Confirmed, it being noted that deviations from the client's instructions if it can be presumed that the client would have approved the deviation.

No upper-tier attachments

There is no express prohibition under local law concerning upper-tier attachments.

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

Confirmed (other than for cash)

Shortfall pro-rated among holders

Local law is unclear in this respect.

Record keeping of at least 10 years


Settlement finality in case of insolvency