Market Link Guide - Latvia
CSD link as defined under CSDRa
Type of link
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
Nasdaq CSD SE
AS SEB Pank, Tallinn
Country of incorporation
Legal Account name / holder
The account is the name of Clearstream Banking Luxembourg S.A. Clients under AS SEB Pank as custodian and Nasdaq CSD SE.
Clearstream Banking S.A. Clients
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||No||CBL holds a cash account at the custodian. Against payment settlement in EUR takes place on the custodian’s DCA at the local central bank.|
Settlement penalty fees
In cases of delay of settlement date (SD), a service fee is applied at Nasdaq Baltic Exchange. The service fee for the postponement of the SD due to the default of the transaction consists of a fixed proceeding fee (EUR 70) and an added percentage (0.1%) of the transaction value for each trading (business) day with a maximum up to EUR 500. The proceeding fee is a one-off fee but the added percentage is applicable for each trading day by which the actual SD of the transaction differs from the initial SD (= Value Date) of the transaction. Any related service fees applied on any customer late transactions will be debited to the impacted customer as out of pocket fees.
Hold and Release
There is no register in Latvia. The proof of title of ownership is an entry in the securities account that the owner has opened with a custodian; except for nominee accounts. in such cases the ownership is registered by the nominee account holder.
Securities and ownership transfer is an integrated process, that could not be separated. Transfer entry means that the ownership is passed to the buyer.
Multi Market Securities
Lending and borrowing
Debt securities only.
Liquidity Hub Connect
Sale and purchase of rights
Link eligible for use in Eurosystem credit operations
|Moment of entry||Validation performed on the T2S platform, according to the T2S rules.|
|Irrevocability||Matching in T2S|
Settlement in T2S is simultaneous, final and irrevocable.
The below section is based on the legal opinion obtained by CBL that was issued on 27 April 2017. 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
Book-entry regime with in rem rights
Recognition of nominee concept
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 provide for shortfall rules.
Settlement finality in case of insolvency
|Record keeping period of at least 10 years||Confirmed|