Market Link Guide - UK debt securities


Key features

CSD link as defined under CSDRa


Type of link


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



Euroclear UK and Ireland Ltd (EUI)





Country of incorporation


Account type

Omnibus account

Legal account name/holder

Clearstream Banking S.A.

Operational arrangements

Settlement in T2SNo 
Settlement free of paymentYes 
Settlement against paymentYesEligible settlement currency: British Pound (GBP) and Euro (EUR).
Settlement against payment in central bank money account of CBL/CBL customerNo

Against payment settlement in GBP and EUR takes place on the cash account of Barclays Bank at the Bank of England.

Bridge settlementYes 
Shaping facilityNo 
Partial settlementNoSee Settlement services.
Settlement penalty feesYesSee Settlement services.
Pre-matchingYesDelivery instructions only.
Back-to-back processingNo 
Automatic compensationYes 
Registered securitiesYes 
Multi Market SecuritiesNo 
Lending and borrowingYesOnly UK gilts (except partly paid gilts).
Proxy votingNo 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Repo servicesYes 
Market restrictionsNo 

Gilts physical deposits possible;

Decimals possible.

Daily reconciliationYes 
Link eligible for use in Eurosystem credit operationsNo 

Moment of entry of instructions

The moment a transfer order enters CREST is when the CREST settlement instruction is received by the CREST system

Irrevocability of instructions

The moment when the transfer order becomes irrevocable is the point at which the CREST transaction is no longer capable of being amended or deleted by a single party to the transaction (once the CREST transaction is matched).

Finality of instructions

A transfer of securities takes place when the transferor's account is debited and the transferee's account is credited with securities (this transfer might be without payment or against a payment that occurs in the relevant CREST cash accounts of each party). At the same time transferee's account has been credited, legal title passes and can be said to be final.

Legal Arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 15 August 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 CSD


Liability for negligence


Book-entry regime with in rem rights


Recognition as direct CSD account-holder


Recognition of nominee concept


No right of retention for the CSD


Segregation of assets at the CSD


No right of use

Not applicable, as no such restriction applies. EUI does not act as a custodian but as an operator of a CSD and such obligation on EUI woul be inappropriate in light of its role.

No upper-tier attachments

As long as the substantive law applicable to the relevant securities remains English law, then an upper tier attachment should not occur but is subject to the discretion of the English court.

Insolvency of CSD with no impact on CBL's rights 


Shortfall pro-rated among holders

Shortfalls cannot arise at the level of accounts maintained in CREST.

If a shortfall arises as the result of the CSD’s negligence, wilful default or fraud and CBL suffers loss, the CSD will be liable to CBL.

Settlement finality in case of insolvency


Record keeping period of at least 10 years

EUI is currently not subject to such obligation and will be under such obligation once having obtained its authorisation under CSDR.