Market Link Guide - Luxembourg - LuxCSD

13.08.2019

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.

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 and CBL 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 LuxCSD

For CBL customers

Direct link to LuxCSD

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

 

CSD (as CBF’s depository)

CSD (as CBL’s depository)

Name

LuxCSD S.A.

LuxCSD S.A.

FATCA GIIN

N1V1GJ.00001.ME.442

N1V1GJ.00001.ME.442

LEI

222100T6ICDIY8V4VX70

222100T6ICDIY8V4VX70

Country of incorporation

Luxembourg

Luxembourg

Account type

Omnibus account

Omnibus account

Legal account name/holder

Clearstream Banking AG

Clearstream Banking S.A.

Operational arrangements

 

For CBF customers

For CBL customers

 

Yes/No

Yes/No

Remarks

Settlement in T2S

Yes

Yes

 

Settlement free of payment

Yes

Yes


Settlement against payment

Yes

Yes

Eligible settlement currency: Euro (EUR)

Settlement against payment in central bank money account

Yes

Yes

For CBL customers against payment settlement in EUR takes place on the DCA of CBL at the Central Bank of Luxembourg.

Partial settlement

Yes

Yes


Bridge settlement

No

Yes


Settlement penalty fees

No

No


Hold and Release

Yes

Yes


Allegements

Yes

Yes

 

Transaction linking

Yes

Yes

 

Bilateral cancellation

Yes

Yes

 

Registered securities

No

No


Transaction management

Yes

Yes


Multi Market Securities

No

No

 

Lending and borrowing

Yes

Yes


Proxy voting

Yes

Yes


Investment Funds

Yes

Yes


Liquidity Hub Connect

No

No


Sale and purchase of rights

No

No


Repo services

No

No


Market restrictions

No

No


FTT

No

No


Daily reconciliation

Yes

Yes


Link eligible for use in Eurosystem credit operations

Yes

Yes


Moment of entry of instructions

Transfer orders to be settled on the T2S Platform that are subject to matching shall be deemed entered into the system at the moment at which such transfer orders have been declared compliant with the technical rules of T2S by the T2S platform.

Irrevocability of instructions

Transfer orders become irrevocable at the moment they have been given a matched status on the T2S platform.

Finality of instructions

Settlement in T2S is simultaneous, final and irrevocable.

Legal Arrangements

The below section is based on the legal opinion that was issued to CBF on 31 May 2018 and to CBL on 5 June 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.


For CBF customer

For CBL customer

No insolvency proceedings against the CSD

Confirmed

Confirmed

Liability for negligence

Confirmed

Confirmed

Book-entry regime with in rem rights

Confirmed

Confirmed

Recognition as direct CSD account-holder

Confirmed

Confirmed

Recognition of nominee concept

Confirmed

Confirmed

No right of retention to the CSD

Confirmed

Confirmed

Segregation of assets at the CSD

Confirmed

Confirmed

No right of use

Confirmed

Confirmed

No upper-tier attachments

Confirmed

Confirmed

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

Confirmed

Confirmed

Shortfall pro-rated among holders

Confirmed

Confirmed

Record keeping period of at least 10 yearsConfirmedConfirmed

Settlement finality in case of insolvency

Confirmed

Confirmed