Market Link Guide - Ireland - Equities, corporate bonds and other instruments

27.07.2020

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

Euroclear UK and Ireland Ltd (EUI)

Citibank N.A., London Branch

FATCA GIIN

1X6QDZ.00000.LE.056

NXUTG8.00000.BR.826

LEI

549300M5MYAD51WHJD55

E57ODZWZ7FF32TWEFA76

Country of incorporation

United Kingdom

The U.S.A.

Account type

Omnibus account

Omnibus account

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.

Operational arrangements

Yes/NoRemarks
Settlement in T2S

No

Settlement free of payment

Yes

 
Settlement against payment

Yes

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

No

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.

Bridge settlement

No

Selected corporate bonds, CREST eligible funds and ETFs are Bridge eligible.

Shaping facility

No

 
Partial settlement

Yes

See Settlement services.
Settlement penalty fees

Yes

See Settlement services.
Pre-matching

Yes

 
Back-to-back processing

Yes

Book-entry equities only.

Allegements

No

 
Automatic compensation

Yes

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.

Registered securities

Yes

 
Multi Market Securities

Yes

 
Lending and borrowing

No

 
Proxy voting

Yes

 
Investment Funds

Yes

CREST eligible closed-end funds and ETFs.

Liquidity Hub Connect

No

 
Sale and purchase of rights

No

 
Repo services

Yes

 
Market restrictions

No

 
FTT

No

 
Daily reconciliation

Yes

 
Link eligible for use in Eurosystem credit operations

No

 
Moment of entry

Settlement instruction is received by the CREST system.

IrrevocabilityMatched instructions are irrevocable and require bilateral cancellation.

Settlement finality

Settlement in EUI’s CREST system is final and irrevocable.

Legal arrangements


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

Confirmed

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

Confirmed

No right of retention to the custodian

Confirmed

Segregation of assets at the custodian

Confirmed

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

Confirmed

No upper-tier attachments

Confirmed

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

Confirmed

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

Confirmed