Market Link Guide – Ireland – Equities and corporate bonds – Euroclear Bank
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect link to Euroclear Banka |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | Euroclear Bank | Citibank N.A., London Branch |
FATCA GIIN | 1X6QDZ.00000.LE.056 | NXUTG8.00000.BR.826 |
LEI | 549300OZ46BRLZ8Y6F65 | E57ODZWZ7FF32TWEFA76 |
Country of incorporation | Belgium | The U.S.A. |
Account type | Omnibus account | Omnibus account |
Legal Account name/holder | Citibank N.A, London Branch as Euroclear Bank direct participant hold individually segregated accounts for CBL. | Clearstream Banking S.A. |
Operational arrangements
Yes/No | Remarks | |
Settlement in T2S | No | |
Settlement free of payment | Yes | |
Settlement against payment | Yes | Eligible settlement currencies: British Pounds (GBP), Euro (EUR) and U.S. Dollars (USD). |
Settlement against payment in central bank money account of CBL/CBL clients | No | CBL holds a cash account with the custodian that settles against payment transactions on behalf of CBL in Commercial Bank Money at Euroclear Bank. |
Bridge settlement | No | Selected corporate bonds are Bridge eligible. Irish equities are not Bridge eligible. |
Shaping facility | No | |
Partial settlement | Yes | Please see details in Settlement services. |
Hold and Release | No | Please see details in Settlement services. |
Recycling | Yes | Please see details in Settlement services. |
Bilateral cancellation | Yes | Please see details in Settlement services. |
Settlement penalty fees | Yes | Please see details in Settlement services. |
Pre-matching | Yes | |
Back-to-back processing | Yes | Only available for Bridge transactions (not currently available on the indirect link via Citibank) |
Allegements | No | |
Automatic compensation | Yes | See Entitlement Compensation Rules - Ireland for further details. |
Registered securities | Yes | Legal title to Irish corporate securities held in Euroclear Bank is recorded by the registrars in the name of Euroclear Bank’s Nominee. |
Multi-market securities | No | |
Lending and borrowing | Yes | Debt securities only. Internal securities lending and borrowing services (refer to Clearstream website). |
Proxy voting | Yes | |
Investment funds | Yes | For Irish investment funds please refer to Investment Fund Market Guide – Ireland |
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). |
Market restrictions | No | |
FTT | No | |
Daily reconciliation | Yes | |
Link eligible for use in Eurosystem credit operations | No | |
Moment of entry | An instruction shall be deemed to be entered into the Euroclear System when it is deemed to be received by Euroclear Bank. |
Irrevocability |
Instructions subject to matching become irrevocable once they are matched or (if not yet matched) at the input deadline, whichever is the earliest. Matched instructions require bilateral cancellation. |
Settlement finality |
Real-time processing – at the moment of successful execution and the simultaneous credit/debit of accounts |
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 2 November 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 | The custodian is not established under local law, but under U.S. law. Under U.S. law, it is not customary to give an opinion on insolvency, as there is no central register of bankruptcies or similar procedures. |
Custodian’s liability for negligence | Confirmed |
Book-entry regime with in rem rights | CBL has a beneficial proprietary interest (as tenant in common) in its pro rata share of securities held by the custodian for its clients in accordance with its interest in securities recorded in and represented by the omnibus account. |
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 |
Insolvency of the custodian with no impact on CBL's rights | Confirmed |
Shortfall pro-rated among holders | Confirmed |
Record keeping of at least ten years | The local law does not regulate retention periods. The custodian has committed to a record keeping period of at least 7 years and 10 years in relation to records of securities held by the custodian. |
Settlement finality in case of insolvency | Confirmed |