CASCADE Link Guide – U.S.A.


Key features

CSD link as defined under CSDRa


Type of link

Direct CSD link to DTC

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






No GIIN required for a U.S. entity.



Country of incorporation

The U.S.A.

Account type

Omnibus account

Legal Account name / holder

Clearstream Banking AG

Operational arrangements

Settlement in T2S


Settlement free of paymentYes  
Settlement against payment


Settlement against payment in central bank money account of CBF customer


Bridge settlement


Shaping facility


Partial settlement


Settlement penalty fees




Back-to-back processing




Automatic compensation


Registered securities


All securities are registered in the name of DTC's nominee (CEDE & Co).

Multi Market Securities


The DTC/CDS link allows eligibility of certain Canadian securities.

Lending and borrowing


Proxy voting


Investment Funds


Liquidity Hub Connect


Sale and purchase of rights


Repo services


Market restrictions


Daily reconciliation



Moment of entry of instructions

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

Irrevocability of instructions

Once securities and funds settlement have been completed, settlement is final under the DTC Rules, and no reversals or revocations are possible.

For information on the matching services at the DTC, please refer to the Settlement Services section of the Market Profile.

Finality of instructions

A transfer free of payment is effective when the transferred securities have been debited from the account of the delivering participant and credited to the account of the receiving participant. Free transfers may occur at any time during the settlement day and, accordingly, may settle intraday.

For against payment transactions, settlement of a delivery or pledge versus payment is final, at the latest, when end-of-day system-wide net settlement has occurred. No reversals of transfers or payments are permitted after the end-of-day completion of settlement.

For information on the receiving party’s right to reverse (DK (don’t know) procedure), please refer to the Settlement Services section of the Market Profile.

Legal arrangements

The below section is based on the legal opinion obtained by CBF on 27 October 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

It is not customary to give this opinion, as there is no central register of bankruptcies or similar procedures in the U.S.A.

Liability for negligence

DTC limits its liability in various respects under DTC rules and applicable service documentation. The degree by which liability is limited depends on the specific service or provision.

Book-entry regime with in rem rights

The U.S.A. uses a book-entry regime but the nature of the securities regime is not based on common law property concepts. Instead, rights and interests arising out of the crediting of a security to a securities account are defined by statute.

Recognition as direct CSD account-holder


Recognition of nominee concept

While nominee relationships are permitted, applicable law does not regulate representative relationships

No right of retention for the CSD


Segregation of assets at the CSD

Except in limited circumstances, with respect to specific assets, DTC is not required to segregate securities or other financial assets that it holds for its own account from those it holds for entitlement holders.

No right of use

Confirmed, however DTC is not constrained from using excess securities and financial assets that are not necessary to satisfy securities entitlements.

No upper-tier attachments

As securities intermediaries are not required to identify financial assets in a fungible bulk to specific holdings in a securities account, it is not generally possible for upper-tier attachment to occur under US law.

Insolvency of CSD with no impact on CBF's rights 

A bankruptcy (or other insolvency proceeding) being initiated or filed against a CSD through which DTC holds a financial asset credited to a securities account kept by DTC would not affect the existence of the rights and interests that comprise the security entitlement that CBF would have with respect to that financial asset unless the financial assets of that kind held by DTC were insufficient to satisfy the interests of entitlement holders.

Shortfall pro-rated among holders


CBF-eligible security types

  • U.S. securities:
    • Selected debt instruments;
    • Selected equities and equity-linked securities; 
  • Selected German securities in collective safe custody.

Note: Eligible securities are securities that have been accepted bilaterally for cross-border transfer by both CBF and the relevant CSD. The eligibility of a given security, as well as the relevant CSD, can be checked by using the WSIS/CS function of CASCADE.


The Depository Trust Company (DTC)
55 Water Street
New York
NY 10041

Passive matching service

Receipt instruction is generated automatically for free of payment transactions in non-German securities in CASCADE. This is valid for accounts that are configured for passive matching as well as for accounts that are configured for active matching.
Receipt instruction is required for German securities. Passive matching service is available.

Settlement times

The deadline by which CBF must receive valid free of payment delivery instructions for same-day settlement with domestic counterparties is 18:00 CET (12:00 EST) on SD.

Timely settlement in CASCADE is dependent on the timely receipt of the settlement confirmation from the local CSD.

Domestic counterparties should note that their deliveries to CASCADE for booking on SD should be instructed in DTC before 17:00 CET (11:00 EST).

Important Note: As part of CBF’s internal compliance procedures, all incoming customer instructions will be automatically scanned before entering transaction processing. Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the Customer via their chosen media channel(s), until either being manually released for processing or rejected. In order to ensure that instructions being investigated do not miss the applicable deadlines, Customers are advised to input instructions at least 15 minutes before the associated deadline.

Procedures for domestic counterparties

Procedure for the domestic counterpartyDeadline
Receipt in CBF

Domestic counterparties delivering securities free of payment in favour of a CBF customer must indicate the following information in their instruction to the DTC:

Market deadline

Deliver to:

Account 2000 for U.S. securities
Account 6200 for German securities

In favour of:

Beneficiary's 4-digit account number in CASCADE (to be entered as Third Party (TRAG))

Delivery from CBF

Domestic counterparties receiving securities free of payment from a CBF customer must indicate the following information in their settlement confirmation of DTC:

Market deadline

Receive from:

Account 2000 (non-German securities)
Account 6200 (German securities)

In favour of:

Beneficiary's account number at the DTC

Allowed countervalue difference

Allowed countervalue difference is not applicable as the link is for free of payment transactions only.