Market Link Guide - Greece - ATHEXCSD
CSD link as defined under CSDRa
Type of link
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
Hellenic Central Securities Depository (ATHEXCSD)
Citibank Europe plc, Greece branch
Country of incorporation
Legal Account name/holder
Clearstream Banking SA
Clearstream Banking SA
Settlement in T2S
Settlement free of payment
Eligible settlement currency: Euro (EUR).
Settlement against payment
Settlement against payment in central bank money account of CBL/CBL customers
Against payment settlement takes place on the cash account of Citibank Europe plc, Greece branch at Bank of Greece.
Settlement penalty fees
Immediate release flag.
Registration takes place automatically upon settlement.
Multi Market Securities
Lending and borrowing
CSD eligible ETFs
Liquidity Hub Connect
Sale and purchase of rights
For tax reasons, customers may not hold Greek corporate bonds in CBL, either if they are themselves Greek tax residents and beneficial owner of such corporate bonds or if they hold such corporate bonds on behalf of a beneficial owner that is Greek tax resident.
Link eligible for use in Eurosystem credit operations
Settlement in ATHEXCSD is final and irrevocable.
The below section is based on the legal opinions obtained by CBL that were issued on 8 November 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 custodian
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
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
Segregation of assets at the custodian
No right of use
No upper-tier attachments
Insolvency of the custodian with no impact on CBL's rights
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