Market Link Guide – Malta (MSE)
The OneClearstream service level provides clients 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 clients, unless otherwise highlighted in the documentation.
Key features
CSD link as defined under CSDRa | Yes | |
Type of link | For CBF clients | Direct linkb to the Malta Stock Exchange plc (MSE). |
For CBL clients | Direct linkb to Clearstream Banking AG, Frankfurt for holding MSE/T2S eligible securities. | |
For LuxCSD clients | 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 | Custodian | Custodian | |
Name | Malta Stock Exchange plc operating Maltaclear | Clearstream Banking AG, | Clearstream Banking AG, |
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 clients Yes/No | For CBL clients Yes/No | For LuxCSD clients 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 | Yes | Yes | Yes | |
Partial settlement | Yes | Yes | Yes | |
Recycling | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | |
Bridge settlement | No | No | No | |
Hold and Release | Yes | Yes | Yes | Partial release available for CBF and LuxCSD |
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 clients (link to MSE) | For CBL clients (link to CBF) | For LuxCSD clients (link to CBF) | |
Date of legal opinion | 27 March 2023 | 22 June 2023 | 10 October 2023 |
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 |