T2S Link Guide - Spain
CSD link as defined under CSDRa
Type of link
a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Interoperable link for T2S-related aspects.
Country of incorporation
Legal Account name / holder
Clearstream Banking AG
|Settlement in T2S|
Settlement free of payment
Settlement against payment
Eligible settlement currency: Euro (EUR)
|Settlement against payment in central bank money account of CBF customers|
Settlement penalty fees
Hold and release
Partial release available
Lending and borrowing
Debt securities only
Sale and Purchase of rights
|Link eligible for use in Eurosystem credit operations|
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
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
Liability for negligence
Book-entry regime with in rem rights
Recognition as direct CSD account-holder
Recognition of nominee concept
No right of retention for the CSD
Segregation of assets at the CSD
No right of use
No upper-tier attachments
Insolvency of CSD with no impact on CBF's rights
Shortfall pro-rated among holders
Record keeping period of at least 10 years
Settlement finality in case of insolvency
CBF-eligible security types
- Government bonds (Bonos y Obligaciones del Estado);
- Treasury bills (Letras del Tesoro);
- Regional bonds;
- Listed corporate bonds;
- Zero-coupon bonds.
Pedro Teixeira, 8
Cash correspondent details
|Currency:||Euro (EUR) via TARGET2|
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.