Market Link Guide - Slovak Republic
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Direct Operated |
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
CSD | Account operator | |
Name | Centrálny depozitár cenných papierov SR (CDCP) | Ceskoslovenska obchodna banka (CSOB) |
FATCA GIIN | Not available | 5DHUWX.00008.ME.703 |
LEI | 097900BEFH0000000217 | Q5BP2UEQ48R75BOTCB92 |
Country of incorporation | Slovak Republic | Slovak Republic |
Account type | Omnibus account | Mirror omnibus account |
Legal account name / holder | Clearstream Banking SA | Clearstream Banking SA |
Operational arrangements
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 account of CBL/CBL customers | No | CBL holds a cash account at the account operator. Against payment settlement in EUR takes place on the DCA of CSOB at the Slovak National Bank. |
Partial settlement | No | |
Bridge settlement | Yes | |
Settlement penalty fees | Yes | There is a fee for failure of settlement on intended settlement date of EUR 0.25 paid by both buyer and seller. |
Hold and Release | No | Although Hold and Release service is offered by CDCP, the local market does not support pre-matching services. |
Allegements | Yes | |
Transaction Linking | Limited | Transaction linking is not possible, but the existing back-to-back service is available. |
Bilateral Cancellation | Yes | |
Registered securities | No | Equities are mostly bearer. But there could be some registered equities when the issuers may decide to re-materialise the shares through a corporate action. Customers will be notified accordingly. |
Transaction Management | No | |
Multi Market Securities | No | |
Lending and borrowing | Yes | |
Proxy voting | Yes | |
Investment Funds | No | |
Liquidity Hub Connect | No | |
Sale and purchase of rights | No | |
Repo services | Yes | Triparty Repo: bonds and equities. |
Market restrictions | No | |
FTT | No | |
Miscellaneous | Yes |
|
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | Yes |
| Moment of entry of instructions | The moment of successful validation and acknowledgement of instruction by T2S. |
| Irrevocability of instructions | The moment when the instruction is matched in T2S or matched status is assigned to the instruction in T2S. |
| Finality of instructions | Instructions are final and irrevocable upon settlement in T2S. |
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 14 December 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.
No insolvency proceedings against the account operator or the CSD | Confirmed |
Liability for negligence | Limitation of liability to gross negligence or wilful misconduct in the performance of CSD duties under the CSD Agreement and for incorrect, incomplete or delayed performance. |
Book-entry regime with in rem rights | Confirmed |
No entitlement of the account operator/CSD | Confirmed in respect of rights of ownership/in rem rights. |
Recognition as direct CSD account-holder | Confirmed. Liabilities/obligations as regards registration, transfer and custody of book-entry securities are only enforceable between Clearstream and the CSD. |
Recognition of nominee concept | Confirmed |
No right of retention to the account operator/CSD | Confirmed |
Segregation of assets at the CSD | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | Local laws do not prohibit upper tier attachments. |
Insolvency of account operator/CSD with no impact on CBL's rights | Confirmed |
Shortfall pro-rated among holders | Confirmed. Due to local law set-up, the CSD does not physically hold securities and consequently no shortfall should occur. |
| Record keeping period of at least 10 years | Confirmed |
Settlement finality in case of insolvency | Confirmed |