Market Link Guide - Poland
CSD link as defined under CSDRa
Type of link
Indirect via Bank Handlowy S.A., Warsaw to:
Direct Operated via Bank Handlowy S.A., Warsaw to:
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
National Bank of Poland (NBP)
Krajowy Depozyt Papierów Wartościowych (KDPW)
Bank Handlowy S.A., Warsaw
NBP: Not available
NBP: not available
Country of incorporation
Omnibus account / mirror omnibus account for account operator service
Legal Account name / holder
NBP: Bank Handlowy SA as participant holds an individually segregated account for Clearstream Banking SA
KDPW (indirect link): Bank Handlowy SA as participant holds an individually segregated account for Clearstream Banking SA
KDPW (direct operated link): Clearstream Banking SA
Clearstream Banking SA
|Settlement in T2S||No|
|Settlement free of payment||Yes||Stamp duty may be applicable.|
|Settlement against payment||Yes|
Stamp duty may be applicable.
Eligible settlement currencies: Polish Zloty (PLN); Euro (EUR) only for EUR denominated mortgage bonds.
Equities/warrants/rights: Stock exchange and OTC settlement.
|Settlement against payment in central bank money account of CBL/CBL customers||No/Yes|
CBL holds a cash account at the custodian for against payment settlement in PLN that takes place on the cash account of Bank Handlowy S.A., Warsaw at National Bank of Poland.
Against payment settlement in EUR (only for EUR denominated mortgage bonds) takes place on CBL's account in TARGET2.
|Partial settlement||Yes||Upon request from customer and with the agreement of the counterparty.|
|Settlement penalty fees||No|
|Automatic compensation||No||Only if transactions are executed with local broker or remote dealer on the WSE and are suspended by KDPW, KDPW will process automatic compensation.|
|Multi Market Securities||Yes|
|Lending and borrowing||Yes||ASL only.|
|Liquidity Hub Connect||No|
|Sale and purchase of rights||No|
|Repo services||Yes||Government bonds only.|
|Market restrictions||Yes||See holding restrictions.|
|Link eligible for use in Eurosystem credit operations||No|
|Moment of entry of instructions|
NBP: Operations on T-bills are registered on the basis of orders entered and approved by the participant in the NBP system. Upon approval of the order by the participant, the order shall be deemed entered in the NBP system.KDPW: Settlement instruction is considered to have been introduced to the depository system from the moment it has been delivered to KDPW according, as appropriate, to the requirements defined in KDPW rules.
|Irrevocability of instructions|
NBP: When orders from buyer and seller are entered and approved by participants in the NBP system and if there is sufficient number of relevant T-bills, not blocked due to any title, on the deposit account of a participant acting as the seller, order cannot be revoked by participant.
KDPW: The settlement instruction, introduced to the depository system by direct participants, may not be cancelled from the system from the moment KDPW has determined that the instruction matches with the corresponding instruction introduced to the depository system by a direct participant acting as the settlement counterparty.
|Finality of instructions|
NBP: When orders from buyer and seller are submitted to NBP system, system matched them and where there is sufficient number of relevant T-bills on the deposit account of a participant acting as the seller, it generates payment instruction and passes it to the system of current accounts. When there is enough money on buyer’s cash account, T-bills are moved in NBP system from seller’s deposit account to buyer’s deposit account. The transfer is final.
KDPW: Settlement is final when the securities are transferred to the buyer’s account at KDPW and the cash is transferred to the selling participant’s account at the NBP.
The below section is based on the legal opinion obtained by CBL that was issued on 22 December 2017 (indirect link) and 27 January 2017 (direct operated link). 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 / account operator
Liability for negligence
The CSD is liable for lost profit if such loss results from the CSD's willful misconduct or gross negligence.
Book-entry regime with in rem rights
CBL has no right in rem on the securities credited to the omnibus account at the CSD (direct operated link) or the custodian (indirect link). The persons indicated by CBL to the custodian as being entitled to the securities will be considered as the person having a right in rem.
No entitlement of the account operator/CSD
Confirmed in respect of securities credited to direct account of CBL
Recognition as direct CSD account-holder
Confirmed in respect of securities credited to direct account of CBL.
Recognition of nominee concept
No right of retention to the custodian / account operator
Segregation of assets at the custodian / account operator/CSD
Confirmed in respect of securities.
No right of use
No upper-tier attachments
Insolvency of the custodian /agent with no impact on CBL's rights
Shortfall pro-rated among holders
There are no clear provisions regulating shortfall.
|Record keeping period of at least 10 years||Local law requirements of five years.|
Settlement finality in case of insolvency