Market Link Guide - New Zealand
CSD link as defined under CSDRa
Type of link
a. CSD Regulation (EU) No 909/2014, Article 2(29).
BNP Paribas Australia Branch
Country of incorporation
All NZCSD eligible securities are registered in the name of BNP Paribas Nominees Pty Ltd
BNP Paribas Australia Branch as the participant in NZCSD, holds securities under the name BNP Paribas Nominees Pty Ltd with a dedicated account qualifier for CBL as follows:
BNP Paribas Nominees NZ Limited Mnemonic: BPSS42
Clearstream Banking S.A.
|Settlement free of payment
|Settlement against payment
Eligible settlement currency: New Zealand Dollar (NZD).
|Settlement against payment in central bank money account of CBL/CBL customer
Against payment settlement takes place on the cash account of BNP Paribas Australia Branch. Only CSD-member banks can have an account at the local central bank.
Except when the local CSD imposes the partial delivery of securities.
|Settlement penalty fees
Subject to counterparty availability.
|Multi Market Securities
|Refer to the Multi-securities Guide.
|Lending and borrowing
|Liquidity Hub Connect
|Sale and purchase of rights
|Internal Repo service for Bonds and Equities (refer to Cmax Product Guide).
|Holding restrictions apply.
|Link eligible for use in Eurosystem credit operations
|Moment of entry of instructions
The CSD 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. It is not possible to unwind completed settlement.
The below section is based on the legal opinion obtained by CBL that was issued on 21 September 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
Local laws do not explicitly provide for in rem rights. Despite the lack of a local court decision, based on common law principles, CBL should have in rem rights to the securities deposited with the custodian.
Recognition of nominee concept
No right of retention to the custodian
Segregation of assets at the CSD
No statutory requirement for the custodian to segregate its own assets from the assets held for its account holders.
No right of use
No upper-tier attachments
Insolvency of custodian with no impact on CBL's rights
In the case of liquidation, statutory management or voluntary administration being initiated or filed against the custodian, such procedure may, depending on the factual circumstances, impact on CBL's rights on the assets.
Shortfall pro-rated among holders
Share of shortfall on a pro rata basis is the most likely outcome.
|Record keeping period of at least 10 years
No minimum retention period under the local laws. CBL makes it an obligation in the Agreement.
Settlement finality in case of insolvency
Local laws do not provide for the irrevocability and unconditionality of non-provisional transfers of securities.