Market Link Guide - Greece - ATHEXCSD

08.10.2021

Key features

CSD link as defined under CSDRa

Yes

Type of link

Indirect

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

CSD

Custodian

Name

Hellenic Central Securities Depository (ATHEXCSD)

Citibank Europe plc, Greece branch

FATCA GIIN

C0K19U.00001.ME.300

NXUTG8.00192.BR.300

LEI

213800T8UR2VI6Q2RH18

N1FBEDJ5J41VKZLO2475

Country of incorporation

Greece

Ireland

Account type

Omnibus

Omnibus

Legal account name/holder

Citibank Europe plc, Greece branch, holds an individually segregated account in AthexCSD in the name of Clearstream Banking S.A.

Clearstream Banking S.A.

Operational arrangements

Yes/No

Remarks

Settlement in T2S

No

Settlement free of payment

Yes

 

Settlement against payment

Yes

Eligible settlement currency: Euro (EUR).

Settlement against payment in central bank money account of CBL/CBL customers

No

Against payment settlement takes place on the cash account of Citibank Europe plc, Greece branch at Bank of Greece.

Bridge settlement

No

 

Shaping facility

No

 

Partial settlement

No

 

Settlement penalty fees

No

 

Pre-matching

Yes

Immediate release flag.

Back-to-back processing

No

 

Allegements

Yes

 

Automatic compensation

No

 

Registered securities

Yes

Registration takes place automatically upon settlement.

Multi Market Securities

Yes

 

Lending and borrowing

Yes

 

Proxy voting

Yes

 

Investment Funds

Yes

CSD eligible ETFs

Liquidity Hub Connect

No

 

Sale and purchase of rights

No

 

Market restrictions

No

 

FTT

No

 

Daily reconciliation

Yes

 

Link eligible for use in Eurosystem credit operations

No

 
Moment of entry  

On-exchange transactions concluded at ATHEX securities market: defined as irrevocable from their conclusion at ATHEX regardless of the moment of entry of the respective file to AΤΗΕΧCSD.

OTC transactions: defined as irrevocable from their conclusion regardless of the moment of entry of the respective settlement instructions to AΤΗΕΧCSD.

Irrevocability

 

Identical to moment of entry (see above).

Finality

 

For securities, finality takes place when the transfer of ownership takes place, for instance, when securities are debited/credited to investor accounts, within the batch, and for cash, when a cash credit/debit takes place, at the end of the batch.

From an indebtedness point of view, the CSD rules refer to the “settlement moment", for example, the moment under which the settlement (credits/debits) takes place.

Legal arrangements

The below section is based on the legal opinions obtained by CBL that were issued on 30 September 2021. 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 custodian

Confirmed

Custodian’s liability for negligence

Liability of the custodian limited to direct losses/damages, to the extent permitted by local law.

Book-entry regime with in rem rights

Confirmed

Recognition of nominee concept

Confirmed. Although there is no general distinction under Greek law between legal and beneficial ownership, Greek law acknowledges the fact that the securities held in a customer account are held on behalf of the underlying customers/final investors of the custodian.

No right of retention to the custodian

Confirmed

Segregation of assets at the custodian

Confirmed

No right of use

Confirmed

No upper-tier attachments

Confirmed

Insolvency of the custodian with no impact on CBL's rights 

Confirmed

Shortfall pro-rated among holders

Local law does not expressly provide for shortfall rules.

Record keeping period of at least 10 years

Confirmed

Settlement finality in case of insolvency

Confirmed