CFCL General information – Germany
Reference
CFCL eligible fund types
CSD link
Eligible funds
Investment funds that are eligible in The German CSD, or T2S can be made eligible in CFCL.
Exchange Traded Funds (ETFs)
Exchange-Traded Funds (ETFs) are permitted and can be traded within the German market.
Custody chain and depository
Germany is a T2S market.
The OneClearstream service level provides clients with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonization of asset services and connectivity channels between CFCL, CBL, and CEU. This service is available to all our clients via a single interface and log-on.
The service description is valid for CFCL clients, unless otherwise highlighted in the documentation.
CFCL utilises the T2S infrastructure platform to access Portugal’s CSD (Interbolsa) through the intermediaries of CBL.
CFCL uses CBL as a global custodian across all markets.
CSD (as CEU’s and CBL’s depository) | CBL (as CFCL’s depository) | |
Name | Clearstream Europe AG | Clearstream Banking S.A. |
FATCA GIIN | N1V1GJ.00002.ME.276 | N1V1GJ.00000.LE.442 |
LEI | 549300298FD7AS4PPU70 | 549300OL514RA0SXJJ44 |
Country of incorporation | Germany | Luxembourg |
Account type | Omnibus | Segregated |
Legal Account name/holder | Clearstream Fund Centre S.A. | Clearstream Fund Centre S.A. |
Depository
Depository | CSD | Physical deliveries | Depositary code |
CBL | CLEARSTREAM EUROPE AG | CLEARSTREAM EUROPE AG | 4G |
Operational arrangements
This section describes the operational arrangements of the German market:
Domestic Marke | Remarks | |
Yes/No | ||
Settlement in T2S | Yes | |
Settlement free of payment | Yes | |
Settlement against payment | Yes | Eligible settlement currencies (between CEU, CBL and CFCL counterparties only): AUD, CAD, CHFa , CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, SEK, SGD, TRY, USD and ZAR. |
Settlement against payment in central bank money | Yes (EUR) | |
Settlement penalty fees | Yes | |
Partial settlement | Yes | |
Recycling | Yes | |
Settlement with Euroclear | Yes | |
Hold and Release | Yes | |
Allegements | Yes | |
Transaction Linking | Yes | |
Bilateral Cancellation | Yes | |
Registered securities | Yes | |
Transaction Management | Yes | |
Proxy voting | Yes | |
Investment Funds | Yes | |
Liquidity Hub Connect | No | |
Sale and purchase of rights | No | |
Repo services | No | |
Market restrictions | Yes | |
FTT | No | |
Daily reconciliation | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | |
Moment of entry of instructions | A transfer order for payment and delivery transactions, issued to CEU for settlement in T2S is considered as entered into the CEU system, as soon as T2S discovers that the T2S validation rules have been met. With this binding booking the transfer order will then be processed in T2S. | |
Irrevocability of instructions | The transfer order is irrevocable, as soon as it is indicated as “matched” by T2S. | |
Finality of instructions | Settlement in T2S is simultaneous, final and irrevocable. | |
a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CEU.
Legal arrangements
The below section is valid on the date of the legal opinions that were issued and might be subject to change.
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.
As CBL is our sub-custodian, please refer to the Market Link Guide – Germany for the complete information about Legal arrangements.
Cash correspondent details
Currency: | Euro (EUR) via T2 RTGS |
CCB name: | Banque Centrale du Luxembourg |
CBL account: | |
Swift address: | TRGTXEPMRTG |