Market Link Guide - Netherlands

09.04.2019

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.

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

Yesb

Type of link

For CBF customers

Direct link to Euroclear Nederland

For CBL customers

Direct linkc to Clearstream Banking AG for holding Euroclear Nederland and T2S eligible securities.

Direct operated link via BNP Paribas Securities Services, Paris,  to Euroclear Nederland for holding selected securities (not eligible in CBF).

Link to BNP Paribas Securities Services, Paris for holding securities that are not eligible in T2S nor Euroclear Nederland.

For LuxCSD customers

Direct linkc to Clearstream Banking AG for holding Euroclear Nederland and T2S eligible securities.

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

b. Non-T2S eligible securities that are held in custody in BNP Paribas Securities Services are not held under a CSD link.

c. Interoperable link for T2S-related aspects.

 

CSD (as CBF’s and CBL’s depository)

Custodian (as CBL’s depository)

Custodian (as LuxCSD’s depository)

Asset Service Provider for CBF, CBL and LuxCSD, Account Operator/custodian  for CBL a

Name

Euroclear Nederland, Amsterdam

Clearstream Banking AG, Frankfurt

Clearstream Banking AG, Frankfurt

BP2S, Paris

FATCA GIIN

1X6QDZ.00000.LE.056

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

1G159I.00207.ME.250

LEI

549300CBNW05DILT6870

549300298FD7AS4PPU70549300298FD7AS4PPU70

549300WCGB70D06XZS54

Country of incorporation

Netherlands

Germany

Germany

France

Account type

Omnibus account

Omnibus account

Omnibus account

Mirror omnibus account / omnibus account

Legal Account name/holder

Clearstream Banking AG

Clearstream Banking SA

Clearstream Banking SA

LuxCSD

Clearstream Banking AG

Clearstream Banking SA

a. BNP Paribas Securities Services continues to be CBL’s depository for all non-T2S eligible securities and CBL's account operator.

Operational arrangements

 

For CBF customers

For CBL customers(link to CBF)

For CBL customers (link to Euroclear Nederland/BNP Paribas Securities Services)

For LuxCSD customers (link to CBF)

 

Yes/No

Yes/No

Yes/No

Yes/No

Remarks

Settlement in T2S

Yes

Yes

Yes/No

Yes

Securities held with BP2S are non-T2S eligible

Settlement free of payment

Yes

Yes

Yes

Yes


Settlement against payment

Yes

Yes

Yes (EUR only)

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 against payment in central bank money

Yes

Yes

No. CBL holds a cash account at BNP Paribas Securities Services who uses its account at Banque de France for settlement and asset servicing

Yes


Settlement penalty fees

No

No

No

No

 

Partial settlement

Yes

Yes

Yes

Yes


Bridge settlement

No

Yes

Yes

No


Hold and Release

Yes

Yes

Yes

Yes

 

Allegements

Yes

Yes

Yes

Yes


Transaction Linking

Yes

Yes

Yes

Yes

 

Bilateral Cancellation

Yes

Yes

Yes

Yes

 

Registered securities

No

No

No

No

 

Transaction Management

Yes

Yes

Yes

Yes


Multi Market Securities

No

Limited

Limited

No

Limited to transfers to and from T2S Out CSDs

Lending and borrowing

Yes

Yes

Yes

Yes

Debt securities only

Proxy voting

Yes

Yes

Yes

Yes


Investment Funds

Yes

Yes

Yes

No

CSD-eligible investment funds only

Liquidity Hub Connect

No

No

No

No


Sale and purchase of rights

No

No

No

No

 

Repo services

Yes

Yes

Yes

Yes


Market restrictions

No

No

No

No


FTT

No

No

No

No

 

Daily reconciliation

Yes

Yes

Yes

Yes


Link eligible for use in Eurosystem credit operations

Yes

Yes

No

Yes


Moment of entry of instructions

The moment of entry of a transfer order in the CSD System is when the instruction has successfully passed the business validation of T2S

Irrevocability of instructions

The securities leg of an instruction shall be considered as irrevocable and thus may no longer be unilaterally amended or cancelled as from the moment such instruction is reported ‘matched’ on T2S

Finality of instructions

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 customer
(link to Euroclear Nederland)

For CBL customer
(link to CBF)

For CBL customer
(link to Euroclear Nederland)

For LuxCSD customer
(link to CBF)

Date of legal opinion

23 March 2018

11 August 2017

20 March 2019

11 August 2017

No insolvency proceedings against the account operator or CSD

Confirmed

Confirmed

Confirmed

Confirmed

Liability for negligence

Confirmed

Confirmed

Confirmed

Confirmed

Book-entry regime with in rem rights

Confirmed

Confirmed

Confirmed

Confirmed

No entitlement of the account operator or CSD

Confirmed

Confirmed

Confirmed

Confirmed

Recognition as direct CSD account-holder

Confirmed

Confirmed

Confirmed

Confirmed

Recognition of nominee concept

Confirmed

Confirmed

Confirmed

Confirmed

No right of retention to the account operator or CSD

Confirmed

Confirmed

Confirmed

Confirmed

Segregation of assets at the CSD

Confirmed

Confirmed

Confirmed

Confirmed

No right of use

Confirmed

Confirmed

Confirmed

Confirmed

No upper-tier attachments

Confirmed

Confirmed

Confirmed

Confirmed

Insolvency of agent with no impact on rights

Confirmed

Confirmed

Confirmed

Confirmed

Shortfall pro-rated among holders

Confirmed

Confirmed

Confirmed

Confirmed

Record keeping period of at least 10 years

Confirmed

Confirmed

Confirmed

Confirmed

Settlement finality in case of insolvency

Confirmed

Confirmed

Confirmed

Confirmed