General information - UK
Reference
CFCL eligible fund types
Register market
The following funds are eligible in CFCL:
- Regulated Collective Investment Scheme (CIS);
- open-ended investment companies (OEIC);
- investment companies with variable capital (ICVC);
- authorised unit trusts (AUT);
- UCITS;
- Non-UCITS retail scheme (NURS);
- qualified investor scheme (QIS);
- alternative investment funds (AIF);
- Unregulated CIS (as a company or investment trust).
In general, a CIS can be
- Regulated or unregulated by the UK Financial Conduct Authority (FCA);
- Authorised or recognised, a mandatory requirement before the funds could be promoted to the retail investors in the UK;
- Established as either a company in which investors receive shares or investment trusts in which investors receive units.
Authorised CIS are established in the UK, and they can be classified as UCITS, non-UCITS retail scheme (NURS), and qualified investor scheme (QIS). Such authorised CIS usually take one of the following legal forms:
- Authorised Contractual Scheme (ACS);
- Authorised Unit Trust (AUT);
- Investment Company with Variable Capital (ICVC), also known as open-ended investment company (OEIC).
Recognised funds are established outside of UK, which could include UCITS or Alternative Investment Fund (AIFs).
CSD link
Please refer to the Market Link Guide - UK equities, corporate bonds and investment trusts for more information about funds available via the CSD link.
Eligible funds
Closed-ended investment funds that are eligible in the CREST system, an electronic book-entry settlement system operated by Euroclear UK & Ireland Ltd, may be made eligible in CFCL.
Exchange Traded Funds (ETFs)
Exchange-Traded Funds (ETFs) are permitted and can be traded within the British market.
Listed ETFs have the same settlement process as listed equities.
Custody chain and depository
Type of link | Indirect |
CSD | Custodian (as CBL’s depository) | CBL (as CFCL’s depository) | |
Name | Euroclear UK and International Ltd (EUI) | Citibank N.A., London Branch | Clearstream Banking S.A. |
FATCA GIIN | IWVIDJ.99999.SL.826 | NXUTG8.00000.BR.826 | N1V1GJ.00000.LE.442 |
LEI | 549300M5MYAD51WHJD55 | E57ODZWZ7FF32TWEFA76 | 549300OL514RA0SXJJ44 |
Country of incorporation | UK | U.S.A. | Luxembourg |
Account type | Omnibus account | Omnibus account | Segregated |
Legal Account name/holder | Citibank N.A, London Branch as EUI direct participant holding individually segregated participant IDs on behalf of CBL in the EUI Crest system. Securities are registered in the name of Vidacos Nominees Limited. | Clearstream Fund Centre S.A. | Clearstream Fund Centre S.A. |
Depository
Depository | CSD/Local custodian/Agent |
CBL | Citibank N.A, London Mailing address: Citigroup Centre Depository Code: 07 |
Operational arrangements
For CFCL clients | Register Market | Remarks | |
Settlement free of payment | Yes | Yes | |
Settlement against payment | Yes | Yes | Eligible settlement currencies: British Pound (GBP), Euro (EUR) and U.S. Dollar (USD). |
Settlement in T2S | No | N/A | |
Settlement against payment in central bank money | No | N/A | CBL (acting as a sub-custodian for CFCL) holds a cash account with the Custodian that settles against payment transactions in GBP, EUR, USD on behalf of CBL in Central Bank Money for GBP and EUR and CoBM for USD settlement. |
Settlement penalty fees | Yes | N/A | |
Shaping facility | No | N/A | |
Partial settlement | Yes | N/A | |
Pre-matching | Yes | N/A | |
Back-to-back processing | Yes | N/A | |
Automatic compensation | Yes | N/A | Market claims are automatically created and settled by Euroclear UK and International for both cash and securities disributions (including transformations). For further details see Entitlement Compensation Rules - UK. |
Recycling | Yes | N/A | |
Settlement with Euroclear | No | N/A | |
Hold and Release | Yes | N/A | |
Allegements | No | N/A | |
Transaction Linking | No | N/A | |
Bilateral Cancellation | Yes | N/A | |
Registered securities | Yes | N/A | |
Proxy voting | Yes | N/A | |
Sale and purchase of rights | No | N/A | |
Repo services | No | N/A | |
Market restrictions | No | N/A | |
FTT | No | N/A | |
Daily reconciliation | Yes | N/A | |
Link eligible for use in Eurosystem credit operations | No | N/A | |
Moment of entry of instructions | Settlement instruction is received by the CREST system. | ||
Irrevocability of instructions | Matched instructions are irrevocable and require bilateral cancellation. | ||
Finality of instructions | Settlement in the EUI Crest system is final and irrevocable. | ||
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 - UK equities, corporate bonds and investment trusts page for the complete information about legal arrangements.
Cash correspondent details
Currency | British Pound (GBP) | U.S. Dollar (USD) |
CCB name | Barclays Bank PLC, London | JPMorgan Chase Bank, New York |
CBL account | GB29 BARC 2032 5350 4088 59 | 001-1-573714 |
Swift address | BARCGB22 | CHASUS33 |
Currency | Euro (EUR) via CCB | Euro (EUR) via T2 RTGS |
CCB name | Deutsche Bank AG, Frankfurt | Banque centrale du Luxembourg |
CBL account | DE44 5007 0010 0938 2250 00 | |
Swift address | DEUTDEFFXXX | TRGTXEPMRTG |