Market Link Guide - Malta

21.08.2019

Key features

CSD link as defined under CSDRa

Yes

Type of link

Direct linkb to Clearstream Banking AG, Frankfurt for holding Malta Stock Exchange plc eligible securities eligible in CBF

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

b.Interoperable link for T2S-related aspects


CSD (as CBF’s and CBL’s depository)

Custodian (as CBL’s depository)

Name

Malta Stock Exchange plc operating Maltaclear

Clearstream Banking AG, Frankfurt

FATCA GIIN

MRJBCF.99999.SL.470

N1V1GJ.00002.ME.276

LEI

5299009CKES2S5E3YG94

549300298FD7AS4PPU70

Country of incorporation

Malta

Germany

Account type

Omnibus account

Omnibus account

Legal Account name/holder

Clearstream Banking AG

Clearstream Banking SA

Operational arrangements

(CBL link to CBF for holding Maltese securities)

 

For CBL customers (link to CBF)

 

Yes/No

Remarks

Settlement in T2S

Yes


Settlement free of payment

Yes


Settlement against payment

Yes

Eligible settlement currency: Euro (EUR).

Settlement against payment in central bank money

Yes

Against payment settlement takes place on CBL’s DCA at the BcL.

Settlement penalty fees

No


Partial settlement

Yes


Hold and release

Yes


Allegements

Yes


Automatic compensation

Yes


Transaction Linking

Yes


Registered securities

Yes

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

Market claims

Yes


Transformation

Yes


Transaction management

Yes


Multi Market Securities

No


Lending and borrowing

Yes


Proxy voting

Yes


Investment Funds

No


Sale and purchase of rights

No


Repo services

No


Market restrictions

No


FTT

No


Daily reconciliation

Yes


Link eligible for use in Eurosystem credit operations

Yes


Moment of entry of instructions

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 of instructions

Transfer orders become irrevocable upon matching.

Finality of instructions

Settlement in T2S  is simultaneous, final and irrevocable

Legal Arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 11 August 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.


CBL link to CBF

No insolvency proceedings against the CSD

Confirmed

Liability for negligence

Confirmed

Book-entry regime with in rem rights

Confirmed

Recognition as direct CSD account-holder

Confirmed

Recognition of nominee concept

Confirmed

No right of retention for the CSD

Confirmed

Segregation of assets at the CSD

Confirmed

No right of use

Confirmed

No upper-tier attachments

Confirmed

Insolvency of 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