Market Link Guide - Greece - ATHEXCSD
CSD link as defined under CSDRa
Type of link
a. CSD Regulation (EU) No 909/2014, Article 2(29).
Hellenic Central Securities Depository (ATHEXCSD)
Citibank Europe plc, Greece branch
Country of incorporation
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.
Settlement in T2S
Settlement free of payment
Settlement against payment
Eligible settlement currency: Euro (EUR).
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
Link eligible for use in Eurosystem credit operations
|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.
Identical to moment of entry (see above).
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.
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
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|
Settlement finality in case of insolvency