Market Link Guide – Australia
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect link via BNP Paribas Australia Branch, to:
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 | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | 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-matching | Yes | Subject to counterparty availability. |
| Back-to-back processing | Yes | |
| Allegements | No | |
| Automatic compensation | Yes | For equities only (CSD automatic compensation for on market transactions only). |
| Registered securities | Yes |
|
| Multi Market Securities | Yes | Refer to the Multi-securities Guide. |
| Lending and borrowing | Yes | Internal. Debt securities only. |
| Proxy voting | Yes | |
| Investment Funds | Yes | ETF and Listed Managed Funds only. |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | 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. |