Market Link Guide – Singapore
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect via Standard Chartered Bank (Singapore) Ltd. to:
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a. CSD Regulation (EU) No 909/2014, Article 2 (29).
CSD | Custodian | |
Name | CDP (equities and corporate bonds) MAS (government bonds) | Standard Chartered Bank (Singapore) Ltd. |
FATCA GIIN | Not available | T04M9Y.00165.ME.702 |
LEI | CDP: 549300CMH3J8ASUM8N29 MAS: 54930035WQZLGC45RZ35 | 549300MDYVVHJ8D1DW28 |
Country of incorporation | Singapore | Singapore |
Account type | Omnibus account | Omnibus account |
Legal Account name / holder | CDP: in the name of Raffles Nominees (Pte) Ltd. MAS: in the name of Standard Chartered Bank (Singapore) Limited Standard Chartered Bank (Singapore) Limited as the participant in MAS does not hold an individually segregated account for CBL at MAS. | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | Eligible settlement currency: Singapore Dollar (SGD); |
| Settlement against payment in central bank money account of CBL/CBL clients | Yes | CBL holds a cash account at the depository. Against payment settlement in CDP takes place on the cash account of SCBSG at the settlement banks. Against payment settlement in SGD in MAS takes place on the SCBSG cash account in MEPS+ system of the MAS. |
| Bridge settlement | Yes | Except USD denominated Singapore corporate bonds |
| Shaping facility | No | |
| Partial settlement | Yes | |
| Settlement penalty fees | Yes | Refer to the Market Profile. |
| Pre-matching | Yes | |
| Back-to-back processing | Yes | |
| Allegements | Yes | |
| Automatic compensation | No | |
| Registered securities | Yes | Registration takes place automatically upon settlement. |
| Multi-market securities | Yes | Refer to the Multi-Market Securities Guide. |
| Lending and borrowing | Yes | Available only within Clearstream. Debt securities only. |
| Proxy voting | Yes | |
| Investment funds | Yes | Exchange Traded Funds. |
| Liquidity Hub Connect | Yes | |
| Sale and purchase of rights | No | |
| Repo services | Yes | Internal. Refer to the CmaX Product Guide. |
| Market restrictions | Yes | Holding restrictions apply. |
| FTT | No | |
| Daily reconciliation | Yes | |
Moment of entry | CDP: The moment of entry for transfer orders (instructions for the transfer of money and securities in settlement of trades) submitted by participants is when the transfer orders are received in the pre-settlement matching system for DVP Settlement. The settlement system will only act on the transfer orders when they are matched and validated. MAS: Payments, Singapore Government Securities and MAS Bills (SGSMB), transactions, and net cheque, Interbank GIRO (IBG) and Fast And Secure Transfers (FAST) obligations are deemed entered into the CSD system from the moment they are validated by the host system. | |
Irrevocability | CDP: Bilateral cancellation is mandatory before the settlement date’s settlement cut-off time of 12:00 SGT for matched instructions. MAS: Unilateral cancellation is allowed prior to settlement. The transfer of funds into and out of an account of a participant, settlement of any payment obligations in CSD system or settlement and transfer of book-entry shall be final and irrevocable. |
Settlement finality | CDP: Finality takes place after the night batch, once securities are transferred. MAS: Finality is simultaneous and real time upon confirmation of securities and cash movement. |
Legal arrangements
The below section is based on the legal opinion that was issued on 15 May 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 | Although local law does not explicitly provide for a book entry regime, book-entry transfers of fungible securities deposited with the custodian should be upheld by a local court. |
Recognition of nominee concept | Confirmed |
No right of retention to the custodian | Confirmed |
Segregation of assets at the custodian | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | Confirmed. Local laws and regulations do not explicitly prohibit upper tier attachment of the securities credited to the accounts. If the custodian holds the securities for CBL and its clients "on-trust", upper-tier attachment is prohibited. |
Insolvency of the custodian with no impact on CBL's rights | Confirmed |
Shortfall pro-rated among holders | Local laws and regulations do not provide that shortfall will be borne by all relevant account holders. However, the local court may decide to allocate remaining securities on a pro rata basis. |
Record keeping period of at least 10 years | Under local laws the record keeping period is five years. However, pursuant to a Side Letter, the local custodian has the obligation to maintain for a period of at least ten years all its records of the services and activities recorded. |
Settlement finality in case of insolvency | Local law does not provide for restrictions on the reversals of debit or credit entries to relevant accounts and for settlement finality. |