Market Link Guide - Finland
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 | Account operator | |
Name | Euroclear Finland (EFI) | Citibank Europe PLC |
FATCA GIIN | G7IYVV.99999.SL.246 | NXUTG8.00192.ME.372 |
LEI | 74370020ZOTVC5EOAA37 | N1FBEDJ5J41VKZLO2475 |
Country of incorporation | Finland | Ireland |
Account type | Custodial nominee account | Mirror omnibus account |
Legal Account name / holder | Clearstream Banking SA | Clearstream Banking SA |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | Eligible settlement currency: Euro (EUR). Against payment settlement in EUR is not applicable to non-EUR denominated securities in Infinity. |
| Settlement against payment in central bank money | No | CBL holds a cash account at the account operator. Against payment settlement in EUR takes place on the cash account of Citibank Europe PLC at the Finnish Central Bank. |
| Bridge settlement | Yes | |
| Shaping facility | No | |
Hold and Release | Yes | |
| Partial settlement | Yes | Limited only to receipt instructions. |
Recycling | Yes | |
Bilateral cancellation | Yes | |
| Settlement penalty fees | Yes | |
| Pre-matching | Yes | Immediate release flag. |
| Back-to-back processing | Yes | |
| Allegements | No | |
| Automatic compensation | Yes | Adjustments (trade date after ex date but settlement after record date) for trades on equities with the settlement cycle of T+2 and above. |
| Registered securities | Yes | Registration takes place automatically upon settlement. |
| Multi Market Securities | Yes | |
| Lending and borrowing | Yes | |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | |
| Market restrictions | Yes | Securities that are beneficially owned by Finnish nationals or Finnish tax residents cannot be held in CBL. |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | Yes |
| Moment of entry of instructions | Transaction has been entered into the Settlement System when a participant has registered the transaction in Infinity and the transaction has passed the validation in Infinity. |
| Irrevocability of instructions | A matched transaction is irrevocable and binding on the participants in accordance with the terms and conditions of the Transaction. |
| Finality of instructions | Settlement is final in Infinity when the book-entries relating to the transaction have been registered into the book-entry account as indicated in the transaction data and the purchase price has been credited to the Infinity cash account of the participant acting on behalf of the seller if the Transaction is to be settled against payment. Finality also requires the removal of any settlement-related reservations and transfer restrictions from the Book-Entry Accounts. |
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 24 November 2022. 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 account operator or the CSD | Confirmed |
Liability for negligence | Confirmed |
Book-entry regime with in rem rights | Confirmed |
No entitlement of the account operator/CSD | Confirmed |
Recognition as direct CSD account-holder | Confirmed |
Recognition of nominee concept | Confirmed |
No right of retention to the account operator/CSD | Confirmed |
Segregation of assets at the CSD | Confirmed |
No right of use | Under Finnish law, the CSD holds a statutory right of pledge to book-entry securities registered in a commission as security for the settlement obligations, that the settlement system has assumed in accordance with the rules of the settlement system. |
No upper-tier attachments | Confirmed |
Insolvency with no impact on CBL's rights | Local law does not contain explicit provisions for the means of recovery of securities held in the book-entry system maintained by the CSD if the CSD would be subject to insolvency proceedings. |
Shortfall pro-rated among holders | Confirmed |
| Record keeping period of at least 10 years | Confirmed |
Settlement finality in case of insolvency | Confirmed |