CFCL General information – Latvia
Reference
CFCL eligible fund types
CSD link
Eligible funds
Investment funds that are eligible in Latvia CSD, Nasdaq CSD SE (Latvia branch) or T2S can be made eligible in CFCL.
Exchange Traded Funds (ETFs)
Exchange-Traded Funds (ETFs) are permitted and can be traded within the Latvia market.
Custody chain and depository
Latvia 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 Latvia’s CSD (Nasdaq CSD SE) through the intermediaries of CBL. CFCL uses CBL as a global custodian across all markets.
Type of link | Direct linka to Clearstream Europe AG for holding Nasdaq CSD/T2S eligible securities. |
a. Interoperable link for T2S-related aspects.
CSD (as CEU’s and CBL’s depository) | Custodian (as CBL’s depository) | CBL (as CFCL’s depository) | |
Name | Nasdaq CSD SE (Latvia Branch) | Clearstream Europe AG | Clearstream Banking S.A. |
FATCA GIIN | Not available | N1V1GJ.00002.ME.276 | N1V1GJ.00000.LE.442 |
LEI | 485100001PLJJ09NZT59 | 5493004PP58SUE3G8M27 | 549300OL514RA0SXJJ44 |
Country of incorporation | Latvia | Germany | Luxembourg |
Account type | Omnibus | Omnibus | Segregated |
Legal Account name/holder | Clearstream Banking S.A. | Clearstream Fund Centre S.A. | Clearstream Fund Centre S.A. |
Depository
Depository | CSD/Local custodian/Agent |
CBL | All T2S eligible assets: CLEARSTREAM EUROPE AG Mergenthalerallee 61 D-65760 Eschborn Germany |
Operational arrangements
This section describes the operational arrangements of the Latvia market:
For CFCL clients | Remarks | |
Settlement in T2S | Yes | |
Settlement free of payment | Yes | |
Settlement against payment | Yes | Eligible settlement currencies (between CEU and CBL counterparties only): AUD, CAD, CHFa , CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR. |
Settlement against payment in central bank money | Yes | CeBM in EUR only. |
Short selling of entitlement | No | |
Settlement penalty fees | Yes | If settlement date (SD) is delayed, a service fee is applied at Nasdaq Baltic exchange. The service fee for the postponement of the SD due to the default of the transaction consists of a fixed proceeding fee (EUR 70) and an added percentage (0.1%) of the transaction value for each trading (business) day with a maximum up to EUR 500. The proceeding fee is a one-off fee, but the added percentage is applicable for each trading day by which the actual SD of the transaction differs from the initial SD (= Value Date) of the transaction. Any related service fees applied on any client late transactions will be debited to the impacted client as out of pocket fees. |
Partial settlement | Yes | |
Recycling | Yes | |
Settlement with Euroclear | No | |
Hold and Release | No | |
Allegements | Yes | |
Transaction Linking | Yes | |
Bilateral Cancellation | Yes | |
Registered securities | Yes | There is no register in Latvia. The proof of title of ownership is an entry in the securities account that the owner has opened with a custodian; except for nominee accounts. in such cases the ownership is registered by the nominee account holder. Securities and ownership transfer is an integrated process, that could not be separated. Transfer entry means that the ownership is passed to the buyer. |
Transaction Management | Yes | |
Proxy voting | Yes | |
Liquidity Hub Connect | No | |
Sale and purchase of rights | Yes | |
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 | Validation performed on the T2S platform, according to the T2S rules. | |
Irrevocability of instructions | Transfer orders become irrevocable upon matching. | |
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 – Latvia for the complete information about Legal arrangements.
Cash correspondent details
Currency: | Euro (EUR) via T2 RTGS | Euro (EUR) via CCB |
CCB name: | Banque centrale du Luxembourg | Deutsche Bank AG, Frankfurt |
CBL account: | DE44 5007 0010 0938 2250 00 | |
Swift address: | TRGTXEPMRTG | DEUTDEFFXXX |