Market Link Guide ‒ Poland
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect via Bank Handlowy S.A., Warsaw to:
Direct Operated via Bank Handlowy S.A., Warsaw to:
|
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian/Account Operator | |
Name | National Bank of Poland (NBP) Krajowy Depozyt Papierów Wartościowych (KDPW) | Bank Handlowy S.A., Warsaw |
FATCA GIIN | NBP: Not available KDPW: 02JM6C.00000.LE.616 | NXUTG8.00324.ME.616 |
LEI | NBP: not available KDPW: 259400L3KBYEVNHEJF55 | XLEZHWWOI4HFQDGL4793 |
Country of incorporation | Poland | Poland |
Account type | Omnibus account | Omnibus account/mirror omnibus account for account operator service |
Legal account name/holder | NBP: Bank Handlowy S.A. as participant holds an individually segregated account for Clearstream Banking S.A. KDPW (indirect link): Bank Handlowy S.A. as participant holds an individually segregated account for Clearstream Banking S.A. KDPW (direct operated link): Clearstream Banking S.A. | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement in T2S | No | |
| Settlement free of payment | Yes | Stamp duty may be applicable. |
| Settlement against payment | Yes | Stamp duty may be applicable. Eligible settlement currencies: Polish Zloty (PLN); Euro (EUR) only for EUR denominated mortgage bonds. Equities/warrants/rights: Stock exchange and OTC settlement. |
| Settlement against payment in central bank money account of CBL/CBL customers | No/Yes | CBL holds a cash account at the custodian for against payment settlement in PLN that takes place on the cash account of Bank Handlowy S.A., Warsaw at National Bank of Poland. Against payment settlement in EUR (only for EUR denominated mortgage bonds) takes place on CBL's account in TARGET2. |
| Bridge settlement | Yes | Only for T-bonds and T-bills |
| Shaping facility | No | |
Hold and Release | No | |
| Partial settlement | Yes | 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 | |
| Pre-matching | Yes | |
| Back-to-back processing | No | |
| Allegements | Yes | |
| Automatic compensation | No | Only if transactions are executed with local broker or remote dealer on the WSE and are suspended by KDPW, KDPW will process automatic compensation. |
| Registered securities | No | |
| Multi Market Securities | Yes | |
| Lending and borrowing | Yes | ASL only. |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | Government bonds only. |
| Market restrictions | Yes | See holding restrictions. |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
| Moment of entry of instructions | NBP: Operations on T-bills are registered on the basis of orders entered and approved by the participant in the NBP system. Upon approval of the order by the participant, the order shall be deemed entered in the NBP system. KDPW: Settlement instruction is considered to have been introduced to the depository system from the moment it has been delivered to KDPW according, as appropriate, to the requirements defined in KDPW rules. |
| Irrevocability of instructions | NBP: When orders from buyer and seller are entered and approved by participants in the NBP system and if there is sufficient number of relevant T-bills, not blocked due to any title, on the deposit account of a participant acting as the seller, order cannot be revoked by participant. KDPW: The settlement instruction, introduced to the depository system by direct participants, may not be cancelled from the system from the moment KDPW has determined that the instruction matches with the corresponding instruction introduced to the depository system by a direct participant acting as the settlement counterparty. |
| Finality of instructions | NBP: When orders from buyer and seller are submitted to NBP system, system matched them and where there is sufficient number of relevant T-bills on the deposit account of a participant acting as the seller, it generates payment instruction and passes it to the system of current accounts. When there is enough money on buyer’s cash account, T-bills are moved in NBP system from seller’s deposit account to buyer’s deposit account. The transfer is final. KDPW: Settlement is final when the securities are transferred to the buyer’s account at KDPW and the cash is transferred to the selling participant’s account at the NBP. |
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 10 October 2023 (for both the indirect link and the direct operated link).
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/account operator | Confirmed. |
Liability for negligence | Confirmed. The CSD is liable for lost profit if such loss results from the CSD's wilful misconduct or gross negligence. |
Book-entry regime with in rem rights | CBL has no right in rem on the securities credited to the omnibus account at the CSD (direct operated link) or the custodian (indirect link). The persons indicated by CBL to the custodian as being entitled to the securities will be considered as the person having a right in rem. |
No entitlement of the account operator/CSD | Confirmed in respect of securities credited to direct account of CBL |
Recognition as direct CSD account-holder | Confirmed in respect of securities credited to direct account of CBL. |
Recognition of nominee concept | Confirmed. |
No right of retention to the custodian/account operator | Confirmed. |
Segregation of assets at the custodian/account operator/CSD | Confirmed in respect of securities. |
No right of use | Confirmed. |
No upper-tier attachments | Confirmed. |
Insolvency of the custodian /agent with no impact on CBL's rights | Confirmed. |
Shortfall pro-rated among holders | There are no clear provisions regulating shortfall. |
| Record keeping period of at least 10 years | Local law requirements of five years. |
Settlement finality in case of insolvency | Confirmed. |