Market Link Guide - Spain

01.08.2019

Key features

CSD link as defined under CSDRa

Yes

Type of link

Indirect

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


CSD

Custodian

Name

Iberclear

Banco Bilbao Vizcaza Argentaria (BBVA) 

FATCA GIIN

Not available

8DGQ38.00000.LE.724

LEI

959800DN0D5DXFUBNB37

K8MS7FD7N5Z2WQ51AZ71

Country of incorporation

Spain

Spain

Account type

Omnibus account

Omnibus account

Legal Account name / holder

The account is in the name of Clearstream Banking SA under BBVA as custodian and Iberclear participantClearstream 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 customersNoCBL 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

No

 

Partial settlement

Yes

Only on receipt transactions.

Bridge settlement

Yes


Hold and Release

Yes

 
Pre-matchingYes 
Linked InstructionsYes 

Allegements

No


Transaction Linking

Yes

 
Automatic compensation  

Registered securities

Yes

Registration under Clearstream Banking S.A.

Transaction Management

Yes


Multi Market Securities

Yes


Lending and borrowing

Yes

 

Proxy voting

Yes


Investment Funds

Yes

ETFs only.

Liquidity Hub Connect

No


Sale and purchase of rights

No

 

Repo services

Yes

Available for bonds only.

Market restrictions

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

 
Daily reconciliationYes 
Link eligible for use in Eurosystem credit operationsNo 

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.

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.

No insolvency proceedings against the custodian

Confirmed

Custodian’s liability for negligence

Confirmed

Book-entry regime with in rem rights

Confirmed

Recognition of nominee concept

Confirmed

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

Confirmed

No right of use

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.

Insolvency of the custodian with no impact on CBL's rights 

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.

Record keeping period of at least 10 years

Confirmed

Settlement finality in case of insolvency

Confirmed