Market Link Guide - Indonesia
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect via Citibank N.A., Jakarta to:
|
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | KSEI: equities and non-government fixed income Bank Indonesia: operator of system for government fixed income | Citibank N.A., Jakarta Branch |
FATCA GIIN | Not available | NXUTG8.00000.BR.360 |
LEI | KSEI: 254900S3M4RPY4ZKHJ38 Bank Indonesia: OUB893BYM4R6CVFWWL56 | E57ODZWZ7FF32TWEFA76 |
Country of incorporation | Indonesia | USA |
Account type | KSEI: Segregated account Bank Indonesia: Omnibus account | Omnibus (equities) Segregated (government fixed income) |
Legal Account name/holder | KSEI: Securities are registered in the name of Clearstream Banking SA. Bank Indonesia: Recorded under omnibus account of Citibank N.A. Jakarta at Bank Indonesia (Central Depository) and further under that, allocated under the name of the beneficial owner in the books of the Bank Indonesia platform. | Omnibus (equities): Clearstream Banking SA Segregated (government fixed income): Securities are registered in the name of the account holder in the books of Citibank N.A. Jakarta. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | Government bonds and treasury bills: settlement against payment only, except in certain circumstances detailed in this document. |
| Settlement against payment | Yes | Eligible settlement currency: Indonesian Rupiah (IDR). Government bonds and treasury bills: settlement against payment only, except in certain circumstances detailed in this document. |
| Settlement against payment in central bank money account of CBL/CBL client | No | CBL holds a cash account at the custodian. Against payment settlement takes place on the cash account of Citibank NA, Jakarta at Bank Indonesia. |
| Bridge settlement | No | |
| Shaping facility | No | |
| Partial settlement | No | |
| Settlement penalty fees | Yes | Refer to Market Profile. |
| Pre-matching | Yes | |
| Back-to-back processing | No | |
| Allegements | Yes | |
| Automatic compensation | No | Refer to Entitlement Compensation Rules. |
| Registered securities | No | |
| Multi Market Securities | No | |
| Lending and borrowing | No | |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | CBL Internal. |
| Market restrictions | Yes | Refer to Investment Regulation. |
| FTT | No | |
| Daily reconciliation | Yes |
Moment of entry | Bank Indonesia: entry of settlement instructions into BI-SSSS by the participant KSEI: approval of transfer orders by the participant in KSEI's settlement system (C-BEST Next Generation). |
Irrevocability | Bank Indonesia: settlement instructions can be revoked either unilaterally if the counterparty has not yet sent the settlement instruction into BI-SSSS or bilaterally if settlement instructions have entered into BI-SSSS but are not yet settled. KSEI: settled transfer orders are irrevocable. |
Settlement finality | Bank Indonesia: settled instructions which can no longer be cancelled nor revoked are final. KSEI: settled instructions which can no longer be cancelled nor revoked are final. |
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 17 July 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 | Confirmed |
Liability for negligence | Confirmed |
Book-entry regime with in rem rights | Confirmed |
Recognition of nominee concept | Local laws and regulations do not recognise the nominee concept. CBL is recognised as the legal and beneficial owner of the securities held in the accounts. |
No right of retention to the custodian | Confirmed |
Segregation of assets at the custodian | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | Local law does not prohibit upper tier attachment. |
Insolvency of the custodian with no impact on CBL's rights | Confirmed |
Shortfall pro-rated among holders | Local law does not provide for a shortfall regime. |
Settlement finality in case of insolvency | Local law does not provide for a settlement finality regime. |