Market Link Guide - Finland

29.11.2021

Key features

CSD link as defined under CSDRa

Yes

Type of link

Direct Operated

a.CSD Regulation (EU) No 909/2014 art. 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/NoRemarks
Settlement free of paymentYes 
Settlement against paymentYes 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

 
Partial settlement

Yes

Limited only to receipt instructions.

Settlement penalty fees

No

 
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

Yes

Only sale of rights is available.

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 11 June 2020. 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