Market Link Guide ‒ Poland
Reference
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect via Bank Handlowy S.A., Warsaw to:
Direct Operated via Bank Handlowy S.A., Warsaw to:
|
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian/Account Operator | |
Name | National Bank of Poland (NBP) Krajowy Depozyt Papierów Wartościowych (KDPW) | Bank Handlowy S.A., Warsaw |
FATCA GIIN | NBP: Not available KDPW: 02JM6C.00000.LE.616 | NXUTG8.00324.ME.616 |
LEI | NBP: not available KDPW: 259400L3KBYEVNHEJF55 | XLEZHWWOI4HFQDGL4793 |
Country of incorporation | Poland | Poland |
Account type | Omnibus account | Omnibus account/mirror omnibus account for account operator service |
Legal account name/holder | NBP: Bank Handlowy S.A. as participant holds an individually segregated account for Clearstream Banking S.A. KDPW (indirect link): Bank Handlowy S.A. as participant holds an individually segregated account for Clearstream Banking S.A. KDPW (direct operated link): Clearstream Banking S.A. | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement in T2S | No | |
| Settlement free of payment | Yes | Stamp duty may be applicable. |
| Settlement against payment | Yes | Stamp duty may be applicable. Eligible settlement currencies: Polish Zloty (PLN); Euro (EUR) only for EUR denominated mortgage bonds. Equities/warrants/rights: Stock exchange and OTC settlement. |
| Settlement against payment in central bank money account of CBL/CBL clients | No/Yes | CBL holds a cash account at the custodian for against payment settlement in PLN that takes place on the cash account of Bank Handlowy S.A., Warsaw at National Bank of Poland. Against payment settlement in EUR (only for EUR denominated mortgage bonds) takes place on CBL's account in TARGET2. |
| Bridge settlement | Yes | Only for T-bonds and T-bills |
| Shaping facility | No | |
Hold and Release | No | |
| Partial settlement | Yes | Please see details in Settlement services |
Recycling | Yes | Please see details in Settlement services |
Bilateral cancellation | Yes | Please see details in Settlement services |
| Settlement penalty fees | Yes | |
| Pre-matching | Yes | |
| Back-to-back processing | No | |
| Allegements | Yes | |
| Automatic compensation | No | Only if transactions are executed with local broker or remote dealer on the WSE and are suspended by KDPW, KDPW will process automatic compensation. |
| Registered securities | No | |
| Multi Market Securities | Yes | |
| Lending and borrowing | Yes | ASL only. |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | Government bonds only. |
| Market restrictions | Yes | See holding restrictions. |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
| Moment of entry of instructions | NBP: Operations on T-bills are registered on the basis of orders entered and approved by the participant in the NBP system. Upon approval of the order by the participant, the order shall be deemed entered in the NBP system. KDPW: Settlement instruction is considered to have been introduced to the depository system from the moment it has been delivered to KDPW according, as appropriate, to the requirements defined in KDPW rules. |
| Irrevocability of instructions | NBP: When orders from buyer and seller are entered and approved by participants in the NBP system and if there is sufficient number of relevant T-bills, not blocked due to any title, on the deposit account of a participant acting as the seller, order cannot be revoked by participant. KDPW: The settlement instruction, introduced to the depository system by direct participants, may not be cancelled from the system from the moment KDPW has determined that the instruction matches with the corresponding instruction introduced to the depository system by a direct participant acting as the settlement counterparty. |
| Finality of instructions | NBP: When orders from buyer and seller are submitted to NBP system, system matched them and where there is sufficient number of relevant T-bills on the deposit account of a participant acting as the seller, it generates payment instruction and passes it to the system of current accounts. When there is enough money on buyer’s cash account, T-bills are moved in NBP system from seller’s deposit account to buyer’s deposit account. The transfer is final. KDPW: Settlement is final when the securities are transferred to the buyer’s account at KDPW and the cash is transferred to the selling participant’s account at the NBP. |
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 | 30 September 2025 |
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.). No differences in conclusions in case of sub-accounts for Clients within the Direct CSD Account. |
Recognition of nominee concept | Nominee concept not expressly recognised under local law, but possible to hold assets in name of another entity. |
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 | No general restrictions on ability to recover lost assets or on indemnification under local law, subject to certain exceptions noted by counsel (such as force majeure, no negligence by the CSD, liability caps, sovereign immunity, etc.). |
Ability to recover client assets in the event of insolvency of CSD | Securities would be recoverable. |
Ability to recover client assets in the event of insolvency of Agent | Securities would be recoverable in the event of insolvency of the Agent or Subcustodian. Claim to cash as a general creditor in case of insolvency of the Agent or Subcustodian. |
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. |
