Market Link Guide - Ireland - Equities and corporate bonds - Euroclear Bank
CSD link as defined under CSDRa
Type of link
Indirect link to Euroclear Banka
a. CSD Regulation (EU) No 909/2014, Article 2(29).
Citibank N.A., London Branch
Country of incorporation
Legal Account name/holder
Citibank N.A, London Branch as Euroclear Bank direct participant hold individually segregated accounts for CBL.
Clearstream Banking S.A.
Settlement in T2S
Settlement free of payment
Settlement against payment
Eligible settlement currencies: British Pounds (GBP), Euro (EUR) and U.S. Dollars (USD).
Settlement against payment in central bank money account of CBL/CBL customers
CBL holds a cash account with the custodian that settles against payment transactions on behalf of CBL in Commercial Bank Money at Euroclear Bank.
Selected corporate bonds are Bridge eligible. Irish equities are not Bridge eligible.
See Settlement services.
Settlement penalty fees
See Settlement services.
Only available for Bridge transactions (not currently available on the indirect link via Citibank)
See Entitlement Compensation Rules - Ireland for further details.
Legal title to Irish corporate securities held in Euroclear Bank is recorded by the registrars in the name of Euroclear Bank’s Nominee.
Multi Market Securities
Lending and borrowing
Debt securities only. Internal securities lending and borrowing services (refer to Clearstream website).
For Irish investment funds please refer to Investment Fund Market Guide – Ireland
Liquidity Hub Connect
Sale and purchase of rights
Internal Repo service for Bonds and Equities (refer to Cmax Product Guide).
Link eligible for use in Eurosystem credit operations
Moment of entry
An instruction shall be deemed to be entered into the Euroclear System when it is deemed to be received by Euroclear Bank.
Instructions subject to matching become irrevocable once they are matched or (if not yet matched) at the input deadline, whichever is the earliest. Matched instructions require bilateral cancellation.
Real-time processing – at the moment of successful execution and the simultaneous credit/debit of accounts
The below section is based on the legal opinion obtained by CBL that was issued on 4 August 2020. 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
The custodian is not established under local law, but under U.S. law. Under U.S. law, it is not customary to give an opinion on insolvency, as there is no central register of bankruptcies or similar procedures.
Custodian’s liability for negligence
Book-entry regime with in rem rights
CBL has a beneficial proprietary interest (as tenant in common) in its pro rata share of securities held by the custodian for its clients in accordance with its interest in securities recorded in and represented by the omnibus account.
Recognition of nominee concept
No right of retention to the custodian
Segregation of assets at the custodian
No right of use
No upper-tier attachments
Insolvency of the custodian with no impact on CBL's rights
Shortfall pro-rated among holders
Record keeping of at least ten years
The local law does not regulate retention periods. The custodian has committed to a record keeping period of at least 7 years and 10 years in relation to records of securities held by the custodian.
Settlement finality in case of insolvency