Market Link Guide - Hungary

28.11.2019

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 T2SNo 
Settlement free of paymentYes 
Settlement against paymentYes 
Settlement against payment in central bank money account of CBL/CBL customersNo 
Bridge settlementYesOnly for corporate and government bonds.
Shaping facilityNo 
Partial settlementNo 
Settlement penalty feesNo 
Pre-matchingYes 
Back-to-back processingNo 
AllegementsYes 
Automatic compensationNo 
Registered securitiesYesOnly equities and some corporate bonds are registered - all the other instruments are bearer. 
Multi-Market SecuritiesNo 
Lending and borrowingYes 
Proxy votingYes 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Repo ServicesYesTriparty Repo: bonds and equities.
Market restrictionsYesRefer to the Market Profile.
FTTNo 
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 instructionsWhen settlement actually takes place in KELER's systems.
Finality of instructionsWhen 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 14 November 2019 (supplemented by an Austrian conflict of laws analysis issued on 14 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 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