Market Link Guide - Russia


Key features

CSD link as defined under CSDRa


Type of link

Direct Operated

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


Custodian/Account operator


National Settlement Depository (NSD)

Sberbank of Russia





Country of incorporation



Account type

Nominee account (Foreign Nominee Holder)

Not available

Account name

Clearstream Banking SA

Not available

Operational arrangements

Settlement in T2SNo 
Settlement free of paymentYesInternal settlement and over-the-counter (OTC) domestic settlement.
Settlement against paymentYesEligible settlement currencies: Russian Ruble (RUB); U.S. Dollar (USD).
Settlement against payment in central bank money account of CBL/CBL customerNo

CBL holds a cash account at the account operator. Against payment settlement in RUB is conducted on the account of the account operator agent at the local  central securities depository.

Against payment settlement in USD is conducted on CBL’s account at JP Morgan.
Bridge settlementYesRussian government bonds (OFZs) and Regional government debt securities (Municipal bonds).
Shaping facilityNo 
Partial settlementNo 
Settlement penalty feesNo 
Back-to-back processingYesCBL internal settlement.
Automatic compensationNo 
Registered securitiesNo 
Multi Market SecuritiesNo 
Lending and borrowingYesCBL internal settlement.
Proxy votingYes 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Repo servicesYesCBL Internal Settlement.
Market restrictionsYesRefer to Investment Regulation.
Daily reconciliationsYes 
Link eligible for use in Eurosystem credit operationsNo 

Moment of entry of instructions

When the settlement instruction is received by the CSD.

Irrevocability of instructions

An instruction may be cancelled before the commencement of its execution or before the moment when its cancellation by the CSD becomes impossible. Matched instructions may only be cancelled based on matching cancelling instructions and before the commencement of execution of the relevant transaction (before commencement of the trade settlement).

The CSD may cancel a pending instruction on the basis of a CSD’s internal instruction, by giving prior notice provided that the terms and conditions for execution of the instruction have not been met within 90 days.

Finality of instructions

The following transactions are final and irrevocable:

  • Transactions on the books of the registrar (including transactions in the nominee account of CSD with registrars);
  • Transaction on the books of CSD;
  • Transactions on the book of custodians.

Settlement finality is ensured by daily reconciliation between registrars and the CSD and custodians:

  • The CSD must reconcile with registrars after each transaction in its nominee account with a registrar or once per day if no transactions were held;
  • Custodians must reconcile with registrars on a daily basis.

Additional measures to ensure finality of transactions in the nominee account of CSD with registrars:

  • Discrepancies discovered during CSD-registrar reconciliation can not be rectified without the CSD’s consent;
  • If no CSD-registrar reconciliation was held, or discrepancies were not rectified following an unsuccessful reconciliation, all transactions on a nominee account of CSD with registrars are deemed invalid;
  • Transaction settlement between CSD and a counter party on the books of a registrar is subject to receipt by the registrar of matching instructions from both sides.

Legal Arrangements

The below section is valid on the date of the legal opinion that was issued on 20 February 2020 and might be subject to change.

No insolvency proceedings against the Agent or the CSDConfirmed
Liability for negligenceConfirmed
Book-entry regime with in rem rights CBL is only conferred to a contractual right (as opposed to a right in rem) to the securities credited to the direct CSD account. A person with a contractual right shall be entitled to claim from the debtor the discharge of its obligation by performing a certain action or by refraining from performing a certain action.
No entitlement of the Agent/CSD   Confirmed
Recognition as direct CSD account-holderConfirmed
Recognition of nominee conceptConfirmed
No right of retention to the Agent/CSDConfirmed
Segregation of assets at the CSDConfirmed
No right of useConfirmed
No upper-tier attachmentsConfirmed
Insolvency of agent with no impact on CBL's rightsConfirmed
Shortfall pro-rated among holdersNeither the CSD Rules nor local law provide for specific shortfall allocation arrangements.
Record keeping for a period of ten yearsThe account operator has committed to record keeping period of at least 10 years. Under the laws and regulations of Russia, the CSD has the obligation to maintain records for at least five (5) years.
Settlement finality in case of insolvencyConfirmed