T2S Link Guide - Spain

26.02.2020

Key features

CSD link as defined under CSDRa

Yes

Type of link

Directb

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

b. Interoperable link for T2S-related aspects.


CSD

Name

Iberclear  

FATCA GIIN

Not available

LEI

959800DN0D5DXFUBNB37

Country of incorporation

Spain

Account type

Omnibus account

Legal Account name / holder

Clearstream Banking AG

Operational arrangements

 Yes/NoRemarks
Settlement in T2SYes 

Settlement free of payment

Yes

 

Settlement against payment

Yes

Eligible settlement currency: Euro (EUR)

Settlement against payment in central bank money account of CBF customersYes 

Partial settlement

Yes

 

Settlement penalty fees

No

 

Pre-matching

Yes

 

Hold and release

Yes

Partial release available

Linked instructions

Yes


Allegements

Yes

 

Automatic compensation

Yes

 

Registered securities

No

 

Market claims

Yes

 

Transformations

Yes

 

Lending and borrowing

Yes

Debt securities only

Proxy voting

Yes

 

Investment Funds

No

 

Sale and Purchase of rights

No

 

Repo services

No

 

Market restrictions

No

 

FTT

No

 
Daily reconciliationYes 
Link eligible for use in Eurosystem credit operationsYes 

Moment of entry of instruction

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 constitute 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 CBF that was issued on 25 October 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  CSD

Confirmed

Liability for negligence

Confirmed

Book-entry regime with in rem rights

Confirmed

Recognition as direct CSD account-holder

Confirmed

Recognition of nominee concept

Confirmed

No right of retention for the CSD

Confirmed

Segregation of assets at the CSD

Confirmed

No right of use

Confirmed

No upper-tier attachments

Confirmed

Insolvency of CSD with no impact on CBF's rights 

Confirmed

Shortfall pro-rated among holders

Confirmed

Record keeping period of at least 10 years

Confirmed

Settlement finality in case of insolvency

Confirmed

CBF-eligible security types

  • Government bonds (Bonos y Obligaciones del Estado);
  • Treasury bills (Letras del Tesoro);
  • Regional bonds;
  • Listed corporate bonds;
  • Strips;
  • Zero-coupon bonds.

Depository

IBERCLEAR
Pedro Teixeira, 8
28020 Madrid
Spain

Cash correspondent details

Currency:Euro (EUR) via TARGET2
CCB name:Bundesbank
CBF account:RTGS account of a direct TARGET2 participant

Cash settlement in EUR will take place in T2S on DCAs that are maintained by the Bundesbank or any other National Central Bank participating in T2S. Funding of the DCA is done from the customer’s TARGET2 RTGS accounts.  In T2S, a DCA must be linked to one RTGS account in TARGET2 to which the remaining cash balances on the DCA is swept out at the End of Day (EoD). DCAs must have a zero balance at EoD. The link is only necessary for this purpose and various DCAs can be linked to one RTGS account.