Market Link Guide - Spain

13.01.2021

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

Yes

Type of link

For CBF customers

Direct linkb to Iberclear

For CBL customers

Direct linkb to Clearstream Banking AG, Frankfurt for holding Iberclear/T2S eligible securities

Indirect link via BBVA to Iberclear (All non T2S-eligible assets and multi-listed securities)

For LuxCSD customers

Direct linkb to Clearstream Banking AG, Frankfurt for holding Iberclear/T2S eligible securities

a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Interoperable link for T2S-related aspects

CSD
(as CBF’s depository)

Custodian
(as CBL’s depository)

Custodian
(as LuxCSD’s depository)

Asset Service Provider for CBF, CBL and LuxCSD

Custodian in CBL

Name

Iberclear

Clearstream Banking AG,
Frankfurt

Clearstream Banking AG,
Frankfurt

Banco Bilbao Vizcaza Argentaria (BBVA) 

FATCA GIIN

Not available

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

8DGQ38.00000.LE.724

LEI

959800DN0D5DXFUBNB37

5493004PP58SUE3G8M27

5493004PP58SUE3G8M27

K8MS7FD7N5Z2WQ51AZ71

Country of incorporation

Spain

Germany

Germany

Spain

Account Type

Omnibus account

Omnibus account

Omnibus account

Mirror omnibus account

Legal Account name / holder

Clearstream Banking AG,
Frankfurt

Clearstream Banking Luxemburg S.A.

LuxCSD S.A.

Clearstream Banking Luxemburg S.A. (non-T2S securities) and Clearstream Banking AG,
Frankfurt

Operational arrangements

 

For CBF customers

Yes/No

For CBL customers

Yes/No

For LuxCSD customers

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 mon

Yes

Yes. Against payment takes place on the DCA of CBL

Yes

CeBM in EUR only

Settlement penalty fees

No

No

No

 

Partial settlement

Yes

Yes, but limited to receipt instructions

Yes

 

Bridge settlement

No

Yes

No

 

Hold and Release

Yes

Yes

Yes

Partial release available for CBF and LuxCSD

Allegements

Yes

Yes

Yes

 

Transaction Linking

Yes

Yes

Yes

 

Transaction Management

Yes

Yes

Yes

 

Multi Market Securities

No

Limited

No

 

Lending and borrowing

Yes

Yes

Yes

 

Proxy voting

Yes

Yes

Yes

 

Investment Funds

Yes

Yes

Yes

 

Sale and purchase of rights

No

No

No

 

Repo services

Yes

Yes

Yes

 

Market restrictions

Yes

Yes

Yes

Customers are not allowed to hold Spanish stripped securities or zero-coupon bonds with Clearstream Banking on behalf of Spanish resident individual income tax payers.
There are no holding restrictions for beneficiary owners that are Spanish resident corporate income tax payers.

FTT

No

No

No

 

Daily reconciliation

Yes

Yes

Yes

 

Link eligible for use in Eurosystem credit operations

Yes

Yes

Yes

 

Bilateral cancellation

Yes

Yes

Yes

 

Moment of entry

Validation performed on the T2S platform, according to the T2S rules.


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 based on the legal opinion obtained by CBL that was issued on 3 April 2019. 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 customers (link to Iberclear)

For CBL customers (link to CBF)

For LuxCSD customers (link to CBF)

Date of legal opinion

20 October 2020

9 April 2020

3 May 2020

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

An upper-tier attachment may be sought, but should be lifted if the relevant account is designated as client account.

An upper-tier attachment may be sought, but should be lifted if the relevant account is designated as client account.

An upper-tier attachment may be sought, but should be lifted if the relevant account is designated as client account.

Insolvency of CSD with no impact on rights 

Confirmed

Confirmed

Confirmed

Shortfall pro-rated among holders

Confirmed in respect of securities with an equal ISIN code held by the custodian in an omnibus account with the Spanish CSD.

Confirmed in respect of securities with an equal ISIN code held by the custodian in an omnibus account with the Spanish CSD.

Confirmed in respect of securities with an equal ISIN code held by the custodian in an omnibus account with the Spanish CSD.

Record keeping of at least ten years

Confirmed

Confirmed

Confirmed

Settlement finality in case of insolvency

Confirmed

Confirmed

Confirmed