Market Link Guide – UK equities, corporate bonds and investment trusts

Market Coverage | United Kingdom

Reference

Service level

CBL | 6-series account

Last Updated

03.11.2026

This page contains Governing Information.

Key features

CSD link as defined under CSDR^a	Yes
Type of link	Indirect

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

	CSD	Custodian
Name	Euroclear UK and International Ltd (EUI)	Citibank N.A., London Branch
FATCA GIIN	IWVIDJ.99999.SL.826	NXUTG8.00000.BR.826
LEI	549300M5MYAD51WHJD55	E57ODZWZ7FF32TWEFA76
Country of incorporation	UK	U.S.A.
Account type	Omnibus account	Omnibus account
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 registerd in the name of Vidacos Nominees Limited.	Clearstream Banking S.A.

Operational arrangements

	Yes/No	Remarks
Settlement free of payment	Yes
Settlement against payment	Yes	Eligible settlement currencies: British Pound (GBP), Euro (EUR) and U.S. Dollar (USD).
Settlement in T2S	No
Settlement against payment in central bank money account of CBL/CBL customers	No	CBL 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.
Bridge settlement	No
Shaping facility	No
Partial settlement	Yes	See Settlement services.
Settlement penalty fees	Yes	See Settlement services.
Pre-matching	Yes
Back-to-back processing	Yes	Book-entry equities only.
Allegements	No
Automatic compensation	Yes	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.
Registered securities	Yes
Multi Market Securities	Yes
Lending and borrowing	No
Proxy voting	Yes
Investment Funds	Yes	CREST eligible closed-end funds.
Liquidity Hub Connect	No
Sale and purchase of rights	No
Repo services	Yes
Market restrictions	No
FTT	No
Daily reconciliation	Yes
Link eligible for use in Eurosystem credit operations	No

Moment of entry	Settlement instruction is received by the CREST system.
Irrevocability	Matched instructions are irrevocable and require bilateral cancellation.
Settlement finality	Settlement in the EUI Crest system is final and irrevocable.

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	Local legislation of the intermediary
Date of the legal opinion	9 March 2026	9 March 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 ownership rights. No differences in conclusions in case of sub-accounts for Clients within the Direct CSD Account.	Substantive law of the jurisdiction will govern the nature of the rights on the securities. Rights on the securities are ownership rights. 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.	CSD has a lien or similar encumbrance under local law, but such lien could be contractually excluded or waived.
No upper-tier attachments	Securities would not be subject to attachment.	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.	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.	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.).	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.	Securities would be recoverable.
Ability to recover client assets in the event of insolvency of Agent	n/a	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	No conclusion provided by counsel on allocation of shortfall because there are no provisions/guidance on allocation of shortfall in the securities under local law.	No conclusion provided by counsel on allocation of shortfall because there are no provisions/guidance on allocation of shortfall in the securities under local law.
Settlement finality in case of insolvency	Transfer orders may be revoked in certain circumstances.