Market Link Guide - Greece - BOGS

18.07.2019

The OneClearstream service level provides customers with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between CBF, CBL and LuxCSD.

CBL and LuxCSD are using CBF as single gateway into T2S markets, allowing seamless transfer between CSD and ICSD counterparties.

This Market Link Guide represents Clearstream’s efforts to streamline our custody network and improve our asset servicing and collateral management services in the new T2S environment. The service description is valid for CBF, CBL and LuxCSD customers, unless otherwise highlighted in the documentation.

Key features

CSD link as defined under CSDRa

Yes

Type of link

For CBF customers

Direct link to Bank of Greece settlement system (BOGS)

For CBL customers

Direct link to Clearstream Banking AG, Frankfurt for holding BOGS/T2S eligible securities

For LuxCSD customers

Direct link to Clearstream Banking AG, Frankfurt for holding BOGS/T2S eligible securities

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


CSD (as CBF’s depository)

Custodian (as CBL’s depository)

Custodian (as LuxCSD’s depository)

Asset Service Provider for CBF, CBL and LuxCSD

Name

BOGS

Clearstream Banking AG,
Frankfurt

Clearstream Banking AG,
Frankfurt

Citibank Europe plc, Greece Branch

FATCA GIIN

36D2MK.99999.SL.300

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

NXUTG8.00192.BR.300

LEI

529900SL3K21WAN6X611549300298FD7AS4PPU70549300298FD7AS4PPU70

N1FBEDJ5J41VKZLO2475

Country of incorporation

Greece

Germany

Germany

Ireland

Account Type

Omnibus account

Omnibus account

Omnibus account

Mirror omnibus account

Legal Account name / holder

Clearstream Banking AG,
Frankfurt

Clearstream Banking S.A.

LuxCSD S.A.

Clearstream Banking AG, Frankfurt


Operational arrangements

 

For CBF customers

Yes/No

For CBL customers

Yes/No

For LuxCSD customers

Yes/No

Remarks

Settlement in T2S

Yes

Yes

Yes

 

Settlement free of payment

Yes

Yes

Yes


Settlement against payment

Yes

Yes

Yes (EUR only)

Eligible settlement currencies (between CBF and CBL counterparties only): AUD, CAD, CHFa, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR.

Settlement in central bank money

Yes

Yes. Against payment takes place on the DCA of CBL

Yes

CeBM in EUR only

Settlement penalty fees

No

No

No

 

Partial settlement

Yes

Yes

Yes

Counterparties that access T2S as ICP via BOGS, the default setting is no Partial settlement (NPAR) but it is still possible for counterparties to instruct Partial settlement (PART) in T2S.

Bridge settlement

No

Yes

No


Hold and Release

Yes

Yes

Yes

 

Allegements

Yes

Yes

Yes


Transaction Linking

Yes

Yes

Yes

 

Registered securities

No

No

No

 

Transaction Management

Yes

Yes

Yes


Multi Market Securities

No

No

No

 

Lending and borrowing

Yes

Yes

Yes

 

Proxy voting

No

No

No


Investment Funds

No

No

No

 

Liquidity Hub Connect

No

No

No


Sale and purchase of rights

No

No

No

 

Market restrictions

Yes

Yes

Yes

Free of payment deliveries to foreign BOGS participants (that is receipts in CBF)

FTT

No

No

No

 

Daily reconciliation

Yes

Yes

Yes


Link eligible for use in Eurosystem credit operations

Yes

Yes

Yes


Moment of entry

BOGS checks the completeness of the instructions according to the system requirements. If instructions are found to meet all formal requirements, BOGS shall transmit them to T2S for validation checks. The time of entry of an instruction into BOGS shall be the time of receipt by BOGS from T2S of confirmation of completion of the validation checks for the instruction.

Irrevocability

The transfer order is irrevocable, as soon as it is indicated as matched by T2S.

Settlement finality

Settlement in T2S is simultaneous, final and irrevocable.

a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CBF.



Legal arrangements

The below section is valid on the date of the legal opinions that were issued and might be subject to change. 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.


For CBF customers (link to BOGS)

For CBL customers (link to CBF)

For LuxCSD customers
(link to CBF)

Date of legal opinion

2 February 2018

11 August 2017

11 August 2017

No insolvency proceedings against the the CSD

Confirmed

Confirmed

Confirmed

Liability for negligence

Unlimited liability is restricted to damage caused due to the CSD's wilful misconduct or gross negligence in the performance of its duties. Liability for light negligence on the part of the CSD or on the part of its officers is limited to direct/actual damages and shall not exceed a total amount of EUR 20,000 vis-à-vis all participants for any losses incurred during a given calendar year.

Confirmed

Confirmed

Book-entry regime with in rem rights

Confirmed

Confirmed

Confirmed

No entitlement of the CSD  

Confirmed

Confirmed

Confirmed

Recognition as direct CSD account-holder

Confirmed

Confirmed

Confirmed

Recognition of nominee concept

Confirmed

Confirmed

Confirmed

No right of retention for the CSD

Confirmed

Confirmed

Confirmed

Segregation of assets at the CSD

Confirmed

Confirmed

Confirmed

No right of use

Confirmed

Confirmed

Confirmed

No upper-tier attachments

Confirmed

Confirmed

Confirmed

Insolvency of CSD with no impact on rights 

Confirmed

Confirmed

Confirmed

Shortfall pro-rated among holders

Although there is no express provision in applicable laws dealing with the issue of shortfalls, a pro rata distribution is likely to be a solution.

Confirmed

Confirmed

Record keeping of at least ten years

Confirmed

Confirmed

Confirmed

Settlement finality in case of insolvency

Confirmed

Confirmed

Confirmed