Market Link Guide - International (CBF)

14.08.2019

Key features

CSD link as defined under CSDRa

Yes

Type of link

Direct

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


CSD

Name

Clearstream Banking S.A.

FATCA GIIN

N1V1GJ.00000.LE.442

LEI

549300OL514RA0SXJJ44

Country of incorporation

Luxembourg

Account type

Omnibus account

Legal Account name / holder

Clearstream Banking AG

Operational arrangements

Key services offered

 

Remarks

Settlement free of payment

Yes

 

Settlement against payment

Yes

Eligible settlement currency: Euro (EUR) and non-EUR currencies eligible in CBL

Settlement against payment in central bank money / CBF customer

Yes

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).

Bridge settlement

No

 

Shaping facility

No


Partial settlement

No


Settlement penalty fees

No


Pre-matching

No


Back-to-back processing

No

 

Allegements

No


Automatic compensation

Yes


Registered securities

No


Multi Market Securities

No


Lending and borrowing

No

 

Proxy voting

No


Investment Funds

Yes


Liquidity Hub Connect

No


Sale and purchase of rights

No


Repo services

No


Market restrictions

No


Bilateral Cancellation

Yes


Daily reconciliation

Yes


Link eligible for use in Eurosystem credit operations

Yes


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 instructionsInternal instructions that have settled in the CBL settlement system are final.

Legal Arrangements

The below section is based on the legal opinion obtained by CBF that was issued on 16 March 2018. 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 to 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 yearsConfirmed

Settlement finality in case of insolvency

Confirmed

CBF-eligible security types

  • Selected New Global Notes (NGNs);
  • Selected Eurobonds;
  • Selected Eurex-eligible securities;
  • Selected LU-ISINs (ETF)s.

Depository

Clearstream Banking S.A.
42 Avenue John F. Kennedy
L-1855 Luxembourg

Cash correspondent details

Currency:

Euro (EUR) via TARGET2

CCB name:

Bundesbank

CBF account:

RTGS account of a direct TARGET2 participant

Pre-matching service

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.