Market Link Guide - Malta (MSE)

01.04.2020

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 linkb to the Malta Stock Exchange plc (MSE).

For CBL customers

Direct linkb to Clearstream Banking AG, Frankfurt for holding MSE/T2S eligible securities.

For LuxCSD customers

Direct linkb to Clearstream Banking AG, Frankfurt for holding MSE/T2S eligible securities.

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

b. Interoperable link for T2S-related aspects.


CSD
(as CBF’s depository)

Custodian
(as CBL’s depository)

Custodian
(as LuxCSD’s depository)

Name

Malta Stock Exchange plc operating Maltaclear

Clearstream Banking AG,
Frankfurt

Clearstream Banking AG,
Frankfurt

FATCA GIIN

MRJBCF.99999.SL.470

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

LEI

5299009CKES2S5E3YG94

5493004PP58SUE3G8M27

5493004PP58SUE3G8M27

Country of incorporation

Malta

Germany

Germany

Account Type

Omnibus account

Omnibus account

Omnibus account

Legal Account name/holder

Clearstream Banking AG, Frankfurt

Clearstream Banking S.A.

LuxCSD S.A.

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

 

Bridge settlement

No

No

No


Hold and Release

Yes

Yes

Yes

 

Allegements

Yes

Yes

Yes


Transaction Linking

Yes

Yes

Yes

 

Registered securities

Yes

Yes

Yes

All securities are registered and there are no bearer shares in the Maltese market.

Transaction Management

Yes

Yes

Yes


Multi Market Securities

No

No

No

 

Lending and borrowing

Yes

Yes

Yes

 

Proxy voting

Yes

Yes

Yes


Investment Funds

No

No

No

 

Liquidity Hub Connect

No

No

No


Sale and purchase of rights

No

No

No

 

Market restrictions

No

No

No

 

FTT

No

No

No

 

Daily reconciliation

Yes

Yes

Yes


Link eligible for use in Eurosystem credit operations

Yes

Yes

Yes


Moment of entry

The moment of entry of MaltaClear securities or cash transfer orders shall occur upon validation, which shall comply with T2S validation criteria where such an order is entered for T2S settlement. Upon entry into MaltaClear, all orders shall benefit from protection under the Central Bank of Malta Directive No. 2 and they will be acknowledged as valid transfer orders.

Irrevocability

Transfer orders become irrevocable upon matching.

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 MSE)

For CBL customers (link to CBF)

For LuxCSD customers (link to CBF)

Date of legal opinion

23 October 2018

22 October 2019

5 March 2020

No insolvency proceedings against the CSD

Confirmed

Confirmed

Confirmed

Liability for negligence

Confirmed

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

Confirmed

Confirmed

Confirmed

Record keeping of at least ten years

Confirmed

Confirmed

Confirmed

Settlement finality in case of insolvency

Confirmed

Confirmed

Confirmed