Market Link Guide - Slovak Republic
CSD link as defined under CSDRa
Type of link
a. CSD Regulation (EU) No 909/2014, Article 2(29).
Centrálny depozitár cenných papierov SR (CDCP)
Ceskoslovenska obchodna banka (CSOB)
Country of incorporation
Mirror omnibus account
Legal account name / holder
Clearstream Banking S.A.
Clearstream Banking S.A.
Settlement in T2S
Settlement free of payment
Settlement against payment
Eligible settlement currency: Euro (EUR).
|Settlement against payment in central bank money account of CBL/CBL customers|
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.
Settlement penalty fees
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
|Although Hold and Release service is offered by CDCP, the local market does not support pre-matching services.|
Transaction linking is not possible, but the existing back-to-back service is available.
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.
Multi Market Securities
Lending and borrowing
Liquidity Hub Connect
Sale and purchase of rights
Triparty Repo: bonds and equities.
|Link eligible for use in Eurosystem credit operations|
|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.
The below section is based on the legal opinion obtained by CBL that was issued on 2 November 2020. 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
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
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
No right of retention to the account operator/CSD
Segregation of assets at the CSD
No right of use
No upper-tier attachments
Local laws do not prohibit upper tier attachments.
Insolvency of account operator/CSD with no impact on CBL's rights
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|
Settlement finality in case of insolvency