Market Link Guide - Austria

12.08.2019

The OneClearstream service level provides customers with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between CBF, CBL and LuxCSD.

CBL and LuxCSD are using CBF as single gateway into T2S markets, allowing seamless transfer between CSD and ICSD counterparties.

This Market Link Guide represents Clearstream’s efforts to streamline our custody network and improve our asset servicing and collateral management services in the new T2S environment. The service description is valid for CBF, CBL and LuxCSD customers, unless otherwise highlighted in the documentation.

Key features

CSD link as defined under CSDRa

Yes

Type of link

For CBF customers

Direct linkb to Österreichische Kontrollbank CSD GmbH (OeKB CSD)

For CBL customers

Direct link to Clearstream Banking AG, Frankfurt for holding OeKB CSD (T2S-eligible securities)

Direct link via Erste Group Bank AG to OeKB CSD (All non T2S-eligible securities)

For LuxCSD customers

Direct linkb to Clearstream Banking AG, Frankfurt for holding OeKB CSD/T2S-eligible securities

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

b. Interoperable link for T2S related aspects.


CSD
(as CBF’s depository)

Custodian
(as CBL’s depository)

Custodian
(as LuxCSD’s depository)

Asset Service Provider for CBF, CBL and LuxCSD

Account Operator for CBL

Name

OeKB

Clearstream Banking AG,
Frankfurt

Clearstream
Banking AG,
Frankfurt

Erste Group
Bank AG, Vienna

FATCA GIIN

YS6GTM.00003.ME.040

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

L99T2F.00000.LE.040

LEI

529900UXJ594WXFBTF87

549300298FD7AS4PPU70549300298FD7AS4PPU70

PQOH26KWDF7CG10L6792

Country of incorporation

Austria

Germany

Germany

Austria

 Account Type

Omnibus account

Omnibus account

Omnibus account

Mirror omnibus account

Legal Account name / holder

Clearstream Banking AG,
Frankfurt

Clearstream Banking S.A.

LuxCSD S.A.

Clearstream Banking S.A.

Operational arrangements

 

For CBF customers


For CBL customers
(link to CBF)

For CBL customers
​(link to OeKB CSD)

For LuxCSD customers

Remarks

 Yes/NoYes/NoYes/NoYes/No 

Settlement in T2S

Yes

Yes

No

Yes

 

Settlement free of payment

Yes

Yes

Yes

Yes


Settlement against payment

Yes

Yes

Yes (EUR only)

Yes (EUR only)

Eligible settlement currencies (between CBF and CBL counterparties only):   AUD, CAD, CHFa, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR.

Settlement in central bank money

Yes

Yes. Against payment takes place on the DCA of CBL

No. The account operator settles on its DCA and uses the DCA to collect cash proceeds from asset servicing.

Yes

CeBM in EUR only

Settlement penalty fees

There is a table outlining the penalties that maybe charged for late delivery by the Austrian Securities Authority. Generally it is 0.5% of market value and buy-in costs plus EUR 350 handling fee.

 

Partial settlement

Yes

Yes

Yes

Yes


Bridge settlement

No

Yes

Yes

No


Hold and Release

Yes

Yes

Yes

Yes

 

Allegements

Yes

Yes

Yes

Yes


Transaction Linking

Yes

Yes

Yes

Yes

 

Registered securities

According to the provisions of the amendment to the Austrian Company Act (AktG) passed in 2011 (GesRÄG 2011), shares should as a rule be registered shares (Section 9 (1) AktG (Corporate Law)). The following exceptions apply:

Bearer shares are exceptionally allowed for Stock Exchange listed companies or when the corporate statutes provide for the shares being listed at a Stock Exchange.

A company whose shares were traded on the Third Market on
1 August 2011 is considered for the duration of the inclusion of the shares in the Third Market as a Stock Exchange listed company.

 

Transaction Management

Yes

Yes

Yes

Yes


Multi Market Securities

No

Limited

Limited

No

 

Lending and borrowing

Yes

Yes

Yes

Yes

 

Proxy voting

Yes

Yes

Yes

Yes


Investment Funds

Yes

Yes

No

Yes

 

Liquidity Hub Connect

No

No

No

No


Sale and purchase of rights

No

No

No

No

 

Repo services

Yes

Yes

Yes

Yes

 

Market restrictions

No

No

No

No

 

FTT

No

No

No

No

 

Daily reconciliation

Yes

Yes

Yes

Yes


Link eligible for use in Eurosystem credit operations

Yes

Yes

No

Yes


Moment of entry of instructions

On the T2S IT platform OeKB CSD validates instructions for their compliance with the T2S technical rules. An instruction is deemed issued to OeKB CSD as soon as its validation has been concluded on the T2S IT platform.

Irrevocability of instructions

A securities account holder can only cancel an instruction for which matching has already occurred if the counterparty also cancels the already issued counterparty instruction.

Finality of instructions

Settlement in T2S is simultaneous, final and irrevocable.

a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CBF.

Legal arrangements

The below section is valid on the date of the legal opinions that were issued and might be subject to change. 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.

 

For CBF customers

For CBL customers (link to CBF)

For CBL customers (link to OeKB CSD)

For LuxCSD customers (link to CBF)

Date of legal opinion

16 May 2018

11 August 2017

10 May 2017

28 July 2017

No insolvency proceedings against the  CSD

Confirmed

Confirmed

Confirmed

Confirmed

Liability for negligence

Confirmed

Confirmed

Confirmed

Confirmed

Book-entry regime with in rem rights

Confirmed

Confirmed

Confirmed

Confirmed

Recognition as direct CSD account-holder

Confirmed

Confirmed

Confirmed

Confirmed

Recognition of nominee concept

Confirmed

Confirmed

Confirmed

Confirmed

No right of retention for the CSD

Confirmed

Confirmed

Confirmed

Confirmed

Segregation of assets at the CSD

Confirmed

Confirmed

Confirmed

Confirmed

No right of use

Confirmed

Confirmed

Confirmed

Confirmed

No upper-tier attachments

Confirmed

Confirmed

Confirmed

Confirmed

Insolvency of CSD with no impact on CBF's rights 

Confirmed, except for cash.
CBF holds non-EUR cash accounts at OeKB CSD in order to receive income proceeds on non-EUR currencies.

Confirmed

Confirmed

Confirmed

Shortfall pro-rated among holders

Confirmed

Confirmed

Confirmed

Confirmed

Record keeping period of at least 10 yearsConfirmedConfirmedConfirmedConfirmed

Settlement finality in case of insolvency

Confirmed

Confirmed

Confirmed

Confirmed