Market Link Guide – Ireland – Equities – Euroclear UK & International
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect link to the CREST system of Euroclear UK and Internationala |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | Euroclear UK and International Ltd (EUI) | Citibank N.A., London Branch |
FATCA GIIN | IWVIDJ.99999.SL.826 | NXUTG8.00000.BR.826 |
LEI | 549300M5MYAD51WHJD55 | E57ODZWZ7FF32TWEFA76 |
Country of incorporation | United Kingdom | The U.S.A. |
Account type | Omnibus account | Omnibus account |
Legal Account name/holder | Citibank N.A, London Branch as EUI direct participant hold individually segregated participant IDs on behalf of CBL in the EUI Crest system. | 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 Central Bank Money for GBP and EUR and in Commercial Bank Money for USD. |
| Bridge settlement | No | Irish equities are not Bridge eligible. |
| Shaping facility | No | |
| Partial settlement | Yes | See Settlement services. |
| Settlement penalty fees | Yes | See Settlement services. |
| Pre-matching | Yes | |
| Back-to-back processing | Yes | |
| Allegements | No | |
| Automatic compensation | Yes | Market claims are automatically created and settled by Euroclear UK and International for both cash and securities distributions (including transformations). For further details see Entitlement Compensation Rules - Ireland. |
| Registered securities | Yes | |
| Multi Market Securities | Yes | |
| Lending and borrowing | No | |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | |
| Market restrictions | No | |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
| Moment of entry | Settlement instruction is received by the CREST system. |
| Irrevocability | Matched instructions are irrevocable and require bilateral cancellation. |
Settlement finality | Settlement in EUI’s CREST system is final and irrevocable. |
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 29 June 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 Securities are held by Citibank N.A., acting through its London branch with Euroclear UK & International that is a UK entity (and not an Irish one). |
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 |