Market Link Guide - Ireland - Equities, corporate bonds and other instruments
CSD link as defined under CSDRa
Type of link
a. CSD Regulation (EU) No 909/2014, Article 2(29).
Euroclear UK and Ireland Ltd (EUI)
Citibank N.A., London Branch
Country of incorporation
Legal Account name/holder
Citibank N.A, London Branch as EUI direct participant hold individually segregated participant IDs on behalf of CBL in the EUI Crest system.
Securities are registered in the nominee name of Citibank Nominees Ireland Limited
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 Central Bank Money for GBP and EUR and in Commercial Bank Money for USD.
Selected corporate bonds, CREST eligible funds and ETFs are Bridge eligible.
|See Settlement services.|
|Settlement penalty fees|
|See Settlement services.|
Book-entry equities only.
Market claims are automatically created and settled by Euroclear UK and Ireland for both cash and securities distributions (including transformations). For further details see Entitlement Compensation Rules - Ireland.
|Multi Market Securities|
|Lending and borrowing|
CREST eligible closed-end funds and ETFs.
|Liquidity Hub Connect|
|Sale and purchase of rights|
|Link eligible for use in Eurosystem credit operations|
|Moment of entry|
Settlement instruction is received by the CREST system.
|Irrevocability||Matched instructions are irrevocable and require bilateral cancellation.|
Settlement in EUI’s CREST system is final and irrevocable.
The below section is based on the legal opinion obtained by CBL that was issued on 5 June 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
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
Securities are held by Citibank N.A., acting through its London branch with Euroclear UK & Ireland that is a UK entity (and not an Irish one).
No right of use
No upper-tier attachments
Insolvency of the custodian with no impact on CBL's rights
The custodian is not established under local law, but under U.S. law. Under U.S. law under normal circumstances, CBL has a pro rata proprietary interest if the custodian declares bankruptcy. CBL’s rights and interests with respect to financial assets should not be affected by the insolvency or other failure of the custodian unless the financial assets held by the custodian are insufficient to satisfy the interests of entitlement holders.
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.
Settlement finality in case of insolvency