Operational Information

CFCL General information – Spain

Spain CFCL

Reference

Service level
CFCL
Last Updated
21.10.2024

CFCL eligible fund types

Register market

The following types of investment funds is eligible in CFCL:

  • Investment Collective Schemes under Directive 2009/65/EC;
  • Hedge Funds / AIFMD funds / fondos de inversión libre ("FIL") under Law 35/2003 and RD 1082/2012;
  • Private Equity Funds / fondos de capital de riesgo ("FCR") under Law 22/2014.

CSD link

Please refer to the Market Link Guide – Spain for more details about funds on the CSD link.

Eligible funds

Investment funds that are eligible in T2S can be made eligible in CFCL.

Exchange Traded Funds (ETFs)

Exchange-Traded Funds (ETFs) are permitted and can be traded within the Spanish market.

Custody chain and depository


Type of link

Direct linka to Clearstream Europe AG for holding Iberclear/T2S eligible securities

Indirect link via BBVA to Iberclear (All non T2S-eligible assets and multi-listed securities)

a. Interoperable link for T2S-related aspects.

CSD 

Custodian (as CBL’s depository)

CBL (as CFCL’s depository)

Name

Iberclear

Clearstream Europe AG

Clearstream Banking S.A.

FATCA GIIN

Not available

N1V1GJ.00002.ME.276

N1V1GJ.00000.LE.442

LEI

959800DN0D5DXFUBNB37

549300298FD7AS4PPU70

549300OL514RA0SXJJ44

Country of incorporation

Spain

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

Asset Servicing local agent:

BANCO BILBAO VIZCAYA ARGENTARIA (BBVA)
BBVA-Institutional Custody
Ciudad BBVA
C/Sauceda, 28
Edificio Oceanía, Planta 1
28050 Madrid

Custodian (non-T2S securities):

BANCO BILBAO VIZCAYA ARGENTARIA (BBVA)
BBVA-Institutional Custody
Ciudad BBVA
C/Sauceda, 28
Edificio Oceanía, Planta 1
28050 Madrid

Operational arrangements

This section describes the operational arrangements of the Spanish market:

Domestic Market

For CFCL clients (link to CEU through CBL)

For CFCL clients (Indirect link via BBVA to Iberclear) (All non T2S-eligible assets and multi-listed securities)

Register Market

Remarks

Settlement in T2S

Yes

No

N/A

Settlement free of payment

Yes

Yes

Yes

Settlement against payment

Yes

Yes (EUR only)

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. Against payment takes place on the DCA of CBL

Yes

N/A

Settlement penalty fees

Yes

Yes

N/A

Partial settlement

Yes but limited to receipt instructions

Yes

N/A

Recycling

Yes

Yes

N/A

Settlement with Euroclear

Yes

No

N/A

Hold and Release

Yes

Yes

N/A

Allegements

Yes

Yes

N/A

Transaction Linking

Yes

Yes

N/A

Bilateral Cancellation

Yes

Yes

N/A

Transaction Management

Yes

Yes

N/A

Proxy voting

Yes

Yes

N/A

Sale and purchase of rights

No

No

N/A

Repo services

No

No

N/A

Market restrictions

Yes

Yes

N/A

FTT

Yes

Yes

N/A

Daily reconciliation

Yes

Yes

N/A

Link eligible for use in Eurosystem credit operations

Yes

Yes

N/A

Moments 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 CBL General information - Spain 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:

See T2 RTGS payment instructions

DE44 5007 0010 0938 2250 00

Swift address:

TRGTXEPMRTG

DEUTDEFFXXX