Market Link Guide – Australia

07.07.2025

 Key features

CSD link as defined under CSDRa

Yes

Type of link

Indirect link via BNP Paribas Australia Branch, to:

  • ASX Settlement and CHESS (Clearing House Electronic Subregister System), Sydney
  • Austraclear, Sydney (unlisted corporate bonds, sovereign bonds)

Physical or book-entry settlement at registrar (for unlisted equities only).

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

CSD

Custodian

Name

ASX Settlement / CHESS as subregister

Austraclear

BNP Paribas Australia branch

FATCA GIIN

CHESS: Not available

Austraclear: IPRD0Z.99999.SL.036

1G159I.00207.BR.036

LEI

CHESS: Not available

Austraclear: 549300SW1A0SWG24LO05

R0MUWSFPU8MPRO8K5P83

Country of incorporation

Australia

France

Account type

Omnibus account

Omnibus account

Legal Account name/ holder


All CHESS eligible securities are registered in the name of BNP Paribas Nominees Pty Ltd

All Austraclear eligible securities are registered in the name of Austraclear Limited.

BNP Paribas (Australia branch) as the participant in CHESS and Austraclear, holds securities under the name BNP Paribas Nominees Pty Ltd with a dedicated account qualifier for CBL as follows:

CHESS: BNP Paribas Nominees Pty Ltd ACF Clearstream

Austraclear: BNP Paribas Australia Branch
Mnemonic: BPSS21

Clearstream Banking S.A.

Operational arrangements

Yes/NoRemarks
Settlement free of paymentYes 
Settlement against paymentYes Eligible settlement currency: Australian Dollar (AUD).
No internal settlement or transfer restrictions within CBL.
Settlement against payment in central bank money account of CBL/CBL clients

No

CBL holds a cash account at the custodian. Against payment settlement takes place on BNP’s single account in CHESS and a single account in Austraclear. 
Bridge settlement

Yes

Only for Australian debt securities that fulfil Australia's Public Offer test and hence qualify for withholding tax exemption.

Shaping facility

No

 
Partial settlement

No

Except when the local CSD imposes the partial delivery of securities.

Settlement penalty fees

No

 
Pre-matchingYes 

Subject to counterparty availability.

Back-to-back processingYes  
Allegements

No

 
Automatic compensationYes 

For equities only (CSD automatic compensation for on market transactions only).

Registered securitiesYes 
  • For dematerialised securities, registration takes place automatically upon settlement.
  • For physical securities, manual intervention will be required and registration is not automatic.
Multi Market SecuritiesYes Refer to the Multi-securities Guide.
Lending and borrowingYes 

Internal. Debt securities only.

Proxy votingYes  
Investment FundsYes 

ETF and Listed Managed Funds only.

Liquidity Hub Connect

No

 
Sale and purchase of rights

No

 
Repo servicesYes 

Internal Repo service for Bonds and Equities (refer to Cmax Product Guide). 

External Repo service for Bonds (refer to Repo Trades in Austraclear under Settlement Services - Australia).

Market restrictions

No

 
FTT

No

 
Daily reconciliation

Yes

 
Moment of entry of instructions

The CHESS or Austraclear rules do not define the moment of entry within the meaning of the Settlement Finality Directive.

Irrevocability of instructions

Matched instructions are irrevocable and require bilateral cancellation.

Finality of instructions

Settlement is considered final once cash and securities are exchanged and a confirmation is received from the CSD.

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 2024

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 rights in rem.

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.).

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.

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.