Market Link Guide - Russia
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Direct Operated |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian/Account operator | |
Name | National Settlement Depository (NSD) | Sberbank of Russia |
FATCA GIIN | XNBBND.00000.LE.643 | JPCJ0H.00028.ME.643 |
| LEI | 253400M18U5TB02TW421 | 549300WE6TAF5EEWQS81 |
Country of incorporation | Russia | Russia |
Account type | Nominee account (Foreign Nominee Holder) | Not available |
Account name | Clearstream Banking SA | Not available |
Operational arrangements
| Yes/No | Remarks | |
| Settlement in T2S | No | |
| Settlement free of payment | Yes | Internal settlement and over-the-counter (OTC) domestic settlement. |
| Settlement against payment | Yes | Eligible settlement currencies: Russian Ruble (RUB); U.S. Dollar (USD). |
| Settlement against payment in central bank money account of CBL/CBL customer | No | 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 settlement | Yes | Russian government bonds (OFZs) and Regional government debt securities (Municipal bonds). |
| Shaping facility | No | |
| Partial settlement | No | |
| Settlement penalty fees | No | |
| Pre-matching | No | |
| Back-to-back processing | Yes | CBL internal settlement. |
| Allegements | No | |
| Automatic compensation | No | |
| Registered securities | No | |
| Multi Market Securities | No | |
| Lending and borrowing | Yes | CBL internal settlement. |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | CBL Internal Settlement. |
| Market restrictions | Yes | Refer to Investment Regulation. |
| FTT | No | |
| Daily reconciliations | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
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:
Settlement finality is ensured by daily reconciliation between registrars and the CSD and custodians:
Additional measures to ensure finality of transactions in the nominee account of CSD with registrars:
|
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 CSD | Confirmed |
| Liability for negligence | Confirmed |
| 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-holder | Confirmed |
| Recognition of nominee concept | Confirmed |
| No right of retention to the Agent/CSD | Confirmed |
| Segregation of assets at the CSD | Confirmed |
| No right of use | Confirmed |
| No upper-tier attachments | Confirmed |
| Insolvency of agent with no impact on CBL's rights | Confirmed |
| Shortfall pro-rated among holders | Neither the CSD Rules nor local law provide for specific shortfall allocation arrangements. |
| Record keeping for a period of ten years | The 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 insolvency | Confirmed |