Market Link Guide - Hungary

07.02.2022

Key features

CSD link as defined under CSDRa

Yes

Type of link

Direct link at KELER Ltd. operated by Raiffeisen Bank International AG

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

CSD

Account operator

Name

KELER Ltd., Budapest

Raiffeisen Bank International AG, Vienna

FATCA GIIN

HG4QEN.00000.LE.348

28CWN4.00000.LE.040

LEI

529900MPT6BHOJRPB746

9ZHRYM6F437SQJ6OUG95

Country of incorporation

Hungary

Austria

Account type

Omnibus account

Mirror omnibus account

Legal account name / holder

Clearstream Banking SA

Clearstream Banking S.A.

Operational arrangements

Settlement in T2S

No

Settlement free of payment

Yes

Settlement against payment

Yes

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

No

 
Bridge settlement

Yes

Only for corporate and government bonds.

Shaping facility

No

 
Partial settlement

Yes

Please see details in Settlement services

Settlement penalty fees

No

Please see details in Settlement services

Hold and Release

Yes

Please see details in Settlement services

Recycling

Yes

Please see details in Settlement services

Bilateral cancellation

Yes

Please see details in Settlement services

Pre-matching

Yes

 
Back-to-back processing

No

 
Allegements

Yes

 
Automatic compensation

No

 
Registered securities

Yes

Only equities and some corporate bonds are registered - all the other instruments are bearer. 
Multi-Market Securities

No

 
Lending and borrowing

Yes

 
Proxy voting

Yes

 
Investment Funds

No

 
Liquidity Hub Connect

No

 
Sale and purchase of rights

No

 
Repo Services

Yes

Triparty Repo: bonds and equities.

Market restrictions

Yes

Refer to the Market Profile.
FTT

No

 
Moment of entry of instructions

KELER considers the order for the value date concerned received order (either submitted on the same day or with value dating or recycled from earlier) on the day if the order: 

  • is successfully received within the cut-off times;
  • is received by KELER; and 
  • the related verification of cover was successful before the end of the settlement day.
Irrevocability of instructions

When settlement actually takes place in KELER's systems.

Finality of instructions

When settlement actually takes place in KELER's systems.

Legal arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 16 August 2021 (supplemented by an Austrian conflict of laws analysis issued on 9 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 account operator / 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 for the account operator / CSD

Confirmed

Segregation of assets at the CSD

Confirmed

No right of use

Confirmed

No upper-tier attachments

Confirmed

Insolvency of account operator / CSD with no impact on CBL's rights 

Confirmed

Shortfall pro-rated among holders

Confirmed

Settlement finality in case of insolvency

Confirmed

Record keeping period of at least 10 years

Confirmed