Market Link Guide – Kenya
Reference
Key features
CSD link as defined under CSDR a | Yes |
Type of link | Indirect via Standard Chartered Bank Kenya Limited |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | DhowCSD operated by the Central Bank of Kenya | Standard Chartered Bank Kenya Limited |
FATCA GIIN | n/a – Not applicable | T04M9Y.00132.ME.404 |
LEI | 25490039BSO2ZF8JZ448 | 549300RBHWW5EJIRG629 |
Country of incorporation | Kenya | Kenya |
Account type | Omnibus account under a foreign nominee structure | Omnibus account |
Legal account name/ holder | Clearstream Banking S.A. | Clearstream Banking S.A. |
Operational arrangements
Yes/No | Remarks | |
Settlement free of payment | Yes | For NCBO transfers, only. See further details in section settlement services. |
Settlement against payment | Yes | Eligible settlement currency:
|
Settlement against payment in central bank money account of CBL/CBL clients | No | |
Bridge settlement | No | |
Shaping facility | No | |
Partial settlement | No | Partial settlements are not allowed in the Kenyan market. |
Settlement penalty fees | No | There are no penalty fees in Government securities. |
Pre-matching | No | |
Back-to-back processing | No | |
Allegements | No | |
Automatic compensation | No | |
Registered securities | No | |
Multi Market Securities | No | |
Lending and borrowing | No | |
Proxy voting | No | |
Investment Funds | No | |
Liquidity Hub Connect | No | |
Sale and purchase of rights | No | |
Repo services | No | |
Market restrictions | No | |
FTT | No | |
Daily reconciliation | Yes | |
Link eligible for use in Eurosystem credit operations | No |
Moment of entry | At the time orders enter the Automated Trading System (ATS). |
Irrevocability | Once the trade has been committed in the Automated Trading System (ATS), it cannot be revoked. |
Settlement finality | Settlement finality is achieved immediately once the trade is settled at Central Bank of Kenya and upon settlement of cash at the Central Bank of Kenya. |
Local legislation
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. The scope of the legal opinions is limited to the local legislation applicable to the relevant CSD (and intermediary, if any). For links using an intermediary located in another jurisdiction, please find a separate Local legislation section for the jurisdiction of the intermediary below. For clients accessing local markets via other Clearstream entities, please also review the Local legislation section in the relevant Market Link Guide for such Clearstream entity.
Local legislation of the CSD/Intermediary | |
Date of legal opinion | 8 April 2026 |
Nature of rights on securities | Substantive law of the jurisdiction will govern the nature of the rights on the Securities. Rights on the Securities are of other nature/type (chose in action, right to provide instructions to CSD on behalf of Clients, co-ownership rights, trustee rights, sui generis rights, etc.). Sub-accounts are not possible. |
Recognition of nominee concept | Nominee concept recognised under local law |
No right of retention to the CSD under local law | CSD does not have a lien or similar encumbrances on the Securities under local law. |
No upper-tier attachments | Securities would not be subject to Attachment |
No right of use without prior consent | Laws of the jurisdiction restrict CSD from using Securities without Clearstream’s prior consent |
Segregation of assets at the CSD | CSD is under legal/regulatory obligation to segregate the Securities held for each participant |
Loss of assets | CSD is under legal/regulatory obligation to segregate the Securities held for each participant |
Ability to recover client assets in the event of insolvency of CSD | Securities would be recoverable CSD does not hold Cash |
Ability to recover client assets in the event of insolvency of Agent | Securities would be recoverable in the event of insolvency of the Subcustodian Claim to Cash as a general creditor in case of insolvency of the Subcustodian Conclusions in the opinion generally apply to the indirect link model, subject to certain exceptions noted by counsel. |
Shortfall pro-rated among holders | Shortfall in the Securities may be allocated pro rata, but counsel noted certain nuances (including lack of provisions/guidance on allocation of shortfall under local law) |
Settlement finality in case of insolvency | Transfer orders are irrevocable and finality of settlement is assured |
