Market Link Guide - Spain
CSD link as defined under CSDRa
Type of link
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
|Banco Bilbao Vizcaza Argentaria (BBVA)|
Country of incorporation
Legal Account name / holder
|The account is in the name of Clearstream Banking SA under BBVA as custodian and Iberclear participant||Clearstream Banking SA|
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||No||CBL holds a cash account at the custodian. Againstpayment settlement in EURtakes place on the DCA of BBVA at the Bank of Spain.|
Settlement penalty fees
Only on receipt transactions.
Hold and Release
Registration under Clearstream Banking S.A.
Multi Market Securities
Lending and borrowing
Liquidity Hub Connect
Sale and purchase of rights
Available for bonds only.
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.
|Link eligible for use in Eurosystem credit operations||No|
Moment of entry of instructions
Transfer orders sent to the ARCO Settlement System shall be considered to be received and accepted as of the moment the TARGET2-Securities technical support states that they meet its validation requirements.
Irrevocability of instructions
The transfer orders may only be revoked by participants or third parties before the moment in which these orders are matched in the TARGET2-Securities technical support with those other orders that consitute their respective counterparties.
Finality of instructions
Settlement in T2S is simultaneous, final and irrevocable.
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.
No insolvency proceedings against the custodian
Custodian’s liability for negligence
Book-entry regime with in rem rights
Recognition of nominee concept
No right of retention to the custodian
Custodian has a right of retention on the securities in specific circumstances pursuant to the Agreement and under statute.
Segregation of assets at the custodian
No right of use
No upper-tier attachments
An upper-tier attachment may be sought, but should be lifted if the relevant account is designated as client account.
Insolvency of the custodian with no impact on CBL's rights
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.
Record keeping period of at least 10 years
Settlement finality in case of insolvency