Market Link Guide – Argentina

02.01.2024

Key features

CSD link as defined under CSDRa

Yes

Type of link

Direct

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

CSD

Name

Caja de Valores S.A.

FATCA GIIN

84I80F.99999.SL.032

LEI

48510030C35RTMK7W149

Country of incorporation

Argentina

Account type

Omnibus account

Legal Account name/holder

Clearstream Banking S.A.

Operational arrangements

Yes/NoRemarks
Settlement free of payment

Yes

Settlement against payment

No

 
Settlement against payment in central bank money account of CBL/CBL client

Not available

 
Bridge settlement

Yes

 
Shaping facility

No

 
Partial settlement

No

 
Settlement penalty fees

No

 
Pre-matching

Yes

 
Back-to-back processingNo  
Allegements

No

 
Automatic compensation

No

 
Registered securities

Yes

 
Multi Market Securities

Yes

 
Lending and borrowing

Yes

For debt securities only.

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

 
Moment of entry of instructions

The CVSA rules do not define the moment of entry within the meaning of the Settlement Finality Directive.

Irrevocability of instructions

Transactions settled in CVSA are irrevocable.

Finality of instructions

CVSA provides for the intraday settlement finality. In particular, intraday settlement finality shall mean that a securities transfer order is immediately registered by CVSA, and is deemed final and irrevocable, once the transfer has been executed and the securities have been credited to the securities account.

Legal arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 19 December 2023. 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.

No insolvency proceedings against the  CSD

Confirmed

Liability for negligence

Confirmed

Book-entry regime with in rem rights

Confirmed

Recognition as direct CSD account-holder

Confirmed

Recognition of nominee concept

Argentinian law generally recognises the nominee concept, under the terms of the Agreement, where a foreign collective depository acts directly as a depositor (depositante) of the securities held with the CSD. However, the CSD only allows the subdivision of the account if the sub-accounts are opened exclusively in the name of the foreign collective depository. Consequently, the CSD will only open sub-accounts in the name of Clearstream (as comitente), and not in the name of different beneficial owners or comitentes. This means that CBL will act as both depositor (depositante) and beneficial/legal owner (comitente).

No right of retention to the CSD

Confirmed

Segregation of assets at the CSD

Confirmed

No right of use

Confirmed

No upper-tier attachments

The laws and regulations of Argentina allow upper tier attachment on the securities credited to the direct CSD account, if the petitioner of the upper tier attachment proves, by any means of evidence that the Argentine courts may consider admissible, that the specific securities deposited on the direct CSD account under the name of CBL are held for the benefit of the holder against whom the attachment is sought.

Insolvency of CSD with no impact on CBL's rights 

Confirmed.
Filing a petition for recovery in-kind of securities with the bankruptcy court is required.

Shortfall pro-rated among holders

Confirmed
Note: In order to determine the pro rata share of each co-owner, the nominal (par) value of the deposited securities will be taken into account.

Record keeping period of at least 10 years

Confirmed

Settlement finality in case of insolvency

Confirmed