Market Link Guide – Australia


 Key features

CSD link as defined under CSDRa


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).




ASX Settlement / CHESS as subregister


BNP Paribas Australia branch


CHESS: Not available

Austraclear: IPRD0Z.99999.SL.036



CHESS: Not available

Austraclear: 549300SW1A0SWG24LO05


Country of incorporation



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

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


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


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

Shaping facility


Partial settlement


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

Settlement penalty fees



Subject to counterparty availability.

Back-to-back processingYes  


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


Sale and purchase of rights


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




Daily reconciliation


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.

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 custodian


Liability for negligence


Book-entry regime with in rem rights

Book-entry regime is not provided by local laws but would be recognised if contractually agreed.

Recognition of nominee concept


No right of retention to the custodian

Confirmed, except when the custodian has liabilities over CBL for acting as its trustee.

Segregation of assets at the custodian

Confirmed, though the custodian could be dispensed from segregating assets in the case where it would be inappropriate for reasons of increased costs to account holders without materially increasing any risk. However, if the custodial property is not held separately, the custodian has a number of obligations including, among other things, having a written policy setting out reasons why that policy is appropriate and reviewing such policy, maintaining records, and performing reconciliation procedures.

No right of use

Local law does not prohibit the use of securities without consent.

No upper-tier attachments

Confirmed, though upper tier attachment is allowed only in limited circumstances (for example where the lower tier intermediary refuses, fails or is unable to initiate proceedings against the upper tier intermediary in respect of securities in which the account holder has a beneficial interest).

Insolvency of the Custodian with no impact on CBL's rights 


Shortfall pro-rated among holders


Record keeping period of at least 10 years


Settlement finality in case of insolvency

Local law does not prescribe circumstances in which non-provisional transfers will be irrevocable and unconditional.