Market Link Guide - International (CBF)
CSD link as defined under CSDRa
Type of link
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
Clearstream Banking S.A.
Country of incorporation
Legal Account name / holder
Clearstream Banking AG
Key services offered
Settlement free of payment
Settlement against payment
Eligible settlement currency: Euro (EUR) and non-EUR currencies eligible in CBL
Settlement against payment in central bank money / CBF customer
Against payment in EUR only. Against payment settlement in non-EUR currencies is settled via the related 6-series cash account in CBL securities settlement system using Commercial Bank Money (CoBM).
Settlement penalty fees
Multi Market Securities
Lending and borrowing
Liquidity Hub Connect
Sale and purchase of rights
Link eligible for use in Eurosystem credit operations
Moment of entry of instructions
Internal instructions are deemed to be introduced into the CBL securities
settlement system when they are successfully validated, in view of the matching and the settlement processes.
Irrevocability of instructions
Internal instructions become irrevocable under the CBL securities settlement system rules as soon as they are matched. Matched Internal instructions can only be bilaterally cancelled.
|Settlement finality of instructions||Internal instructions that have settled in the CBL settlement system are final.|
The below section is based on the legal opinion obtained by CBF that was issued on 12 February 2020. 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 to 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||Confirmed|
Settlement finality in case of insolvency
CBF-eligible security types
- Selected New Global Notes (NGNs);
- Selected Eurobonds;
- Selected Eurex-eligible securities;
- Selected LU-ISINs (ETF)s.
Clearstream Banking S.A.
42 Avenue John F. Kennedy
Cash correspondent details
Euro (EUR) via TARGET2
RTGS account of a direct TARGET2 participant
Pre-matching is possible on this market.
Matching is attempted directly in the CSD system and the results are reported to customers as “pre-settlement information”.
Free of payment instructions are required to be matched. This applies both to receipt and delivery instructions. The free of payment matching defaults set on the CBF customer’s account will be used; for example, active matchers must enter their instructions themselves and CASCADE automatically generates the matching instructions for passive matchers.
To ensure matching, CBF customers are recommended to inform their Creation counterparties to instruct with the BIC11 of the CBF counterparty in the second matching field.
Note: CBF recommends to agree on the usage of a common reference (:20C::COMM) with the counterparty in CBL to avoid cross-matching if it is populated in the settlement instructions of both parties.