Market Link Guide – South Africa

Key features

CSD link as defined under CSDR^a	Yes
Type of link	Indirect via Standard Chartered Bank - Johannesburg Branch to Strate Ltd for equities, warrants and bonds.

a. CSD Regulation (EU) No 909/2014, Article 2(29).

	CSD	Custodian
Name	Strate	Standard Chartered Bank, Johannesburg Branch
FATCA GIIN	66R8NP.99999.SL.710	JXJVJM.00000.LE.710
LEI	378900F4A0A690EA6735	RILFO74KP1CM8P6PCT96
Country of incorporation	South Africa	UK
Account type	Ominibus account	Ominibus account
Legal account name	Clearstream Banking S.A.	Clearstream Banking S.A.

Operational arrangements

	Yes/No	Remarks
Settlement free of payment	Yes
Settlement against payment	Yes	Eligible settlement currency: South African Rand (ZAR).
Settlement against payment in central bank money account of CBL/CBL clients	No	CBL holds a cash account at the custodian. Against payment settlement in ZAR takes place on the cash account of Standard Chartered Bank Johannesburg at the local central bank.
Bridge settlement	Yes	Debt securities only (government and corporate bonds).
Shaping facility	No
Partial settlement	No
Settlement penalty fees	Yes	Refer to the Settlement Services – South Africa.
Pre-matching	Yes
Back-to-back processing	Yes	For dematerialised securities.
Allegements	No
Automatic compensation	No	Refer to Entitlement Compensation Rules for South Africa.
Registered securities	No
Multi Market Securities	Yes	Refer to the Multi-Market Securities Guide.
Lending and borrowing	Yes	Debt securities only.
Proxy voting	Yes
Investment Funds	Yes
Liquidity Hub Connect	No
Sale and purchase of rights	No
Repo services	Yes	CBL Internal.
Market restrictions	Yes	Refer to Investment Regulation.
FTT	No
Daily reconciliation	Yes

Moment of entry of instructions	The CSD rules do not define the moment of entry within the meaning of the Settlement Finality Directive.
Irrevocability of instructions	Transactions that are with status matched and committed are irrevocable and require bilateral cancellation.
Finality of instructions	Settlement finality, by law, of both cash and securities is achieved upon settlement in the respective systems of Strate and the central bank SARB (South African Reserve Bank).

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 June 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 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	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 Subcustodian. Claim to cash as a general creditor in case of insolvency of the Subcustodian.
Shortfall pro-rated among holders	Shortfall in the securities would be allocated among the holders of the applicable securities pro rata to their respective ownership percentages.
Settlement finality in case of insolvency	Transfer orders may be revoked in certain circumstances.