Market Link Guide - Poland


Key features

CSD link as defined under CSDRa


Type of link

Indirect via Bank Handlowy S.A., Warsaw to:

  • National Bank of Poland (NBP),

Direct Operated via Bank Handlowy S.A., Warsaw to:

  • Krajowy Depozyt Papierów Wartościowych (KDPW) for EUR denominated mortgage bonds

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


Custodian/Account Operator


National Bank of Poland (NBP)

Krajowy Depozyt Papierów Wartościowych (KDPW)

Bank Handlowy S.A., Warsaw


NBP: Not available

KDPW: 02JM6C.00000.LE.616



NBP: not available



Country of incorporation



Account type

Omnibus account

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

Operational arrangements

Settlement in T2SNo 
Settlement free of paymentYes Stamp duty may be applicable.
Settlement against paymentYes

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.
T-bills: OTC settlement.
T-bonds: Stock exchange (if traded on the WSE) and OTC settlement.
Covered, corporate, mortgage and municipal bonds both for stock exchange (if traded on the WSE) and OTC settlement.

Settlement against payment in central bank money account of CBL/CBL customersNo/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.

Bridge settlementNo 
Shaping facilityNo 
Partial settlementYesUpon request from customer and with the agreement of the counterparty.
Settlement penalty feesNo 
Back-to-back processingNo 
Automatic compensationNoOnly if transactions are executed with local broker or remote dealer on the WSE and are suspended by KDPW, KDPW will process automatic compensation.
Registered securitiesNo 
Multi Market SecuritiesYes 
Lending and borrowingYesASL only.
Proxy votingYes 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Repo servicesYesGovernment bonds only.
Market restrictionsYesSee holding restrictions.
Daily reconciliationYes 
Link eligible for use in Eurosystem credit operationsNo 
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.

Legal arrangements

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 yearsLocal law requirements of five years.

Settlement finality in case of insolvency