Market Link Guide - Sweden
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | Euroclear Sweden AB | Skandinaviska Enskilda Banken (SEB), Stockholm |
FATCA GIIN | 6XWELL.00000.LE.752 | 6BRL9A.00000.LE.752 |
LEI | 5493006WLDSUHWHCT321 | F3JS33DEI6XQ4ZBPTN86 |
Country of incorporation | Sweden | Sweden |
Account type | Fixed income (PM system): Equities (AM system): | Omnibus account |
Legal Account name / holder | Fixed income (PM system): Equities (AM 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 currency: Swedish Krona (SEK). Securities quoted and registered in EUR settle in EUR. |
| Settlement against payment in central bank money account of CBL/CBL clients | No | CBL holds a cash account at the custodian. Against payment settlement takes place on the cash account of SEB at the Swedish central bank for SEK and at Euroclear Sweden’s TARGET2 account with the Central Bank of Finland for EUR. |
Short selling of entitlement | No | Short selling of income or corporate actions proceeds is not authorised for settlement in CBL. Please refer to section 4.5 of the CBL Client Handbook. |
| Bridge settlement | Yes | |
| Shaping facility | No | |
Hold and Release | No | Please see details in Settlement services |
| Partial settlement | Yes | Please refer to Settlement process and 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 | No | |
| Allegements | Yes | |
| Automatic compensation | Yes | |
| Registered securities | Yes | Book-entry securities owned by Clearstream (as foreign investor). In Euroclear Sweden, equities are registered in the name of Skandinaviska Enskilda Banken as nominee. Fixed income instruments are registered nominee account in the name of SEB for Clearstream. |
| Multi Market Securities | Yes | |
| Lending and borrowing | Yes | All Swedish debt securities eligible in CBL qualify for CBL's securities lending and borrowing programme. Equities and warrants are not eligible for CBL's securities lending and borrowing programme. |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | Yes | |
| Repo services | Yes | |
| Market restrictions | Yes | Refer to Other services - Sweden. |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
Bilateral cancellation | Matched over-the-counter (OTC) equity instructions can be cancelled unilaterally if the cancellation instruction is received by 16:00 CET SD-1. After this deadline cancellations must be bilateral and can only be cancelled when the instruction’s status is pending settlement. Fixed income and equity instructions matched in the CSD’s settlement system must be bilaterally cancelled at all times. |
Settlement finality | Settlement in Euroclear Sweden is simultaneous, final and irrevocable. |
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 27 March 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 |
Custodian’s liability for negligence | Confirmed |
Book-entry regime with in rem rights | Confirmed Note: For CBL underlying clients in rem rights are determined on a case-by-case basis, mainly depending on the register chosen to record client names and their location. |
Recognition of nominee concept | Confirmed |
No right of retention for the custodian | Confirmed |
Segregation of assets at the custodian | Confirmed |
No right of use | Confirmed Note: A written consent for the right of use might not be required in certain circumstances. |
No upper-tier attachments | Local law does not regulate ‘upper tier attachment’ on securities and there is no Swedish case law in this respect. The position in Swedish doctrine is that local law would not allow upper tier attachment on securities credited to a securities account. |
Insolvency of the custodian with no impact on CBL's rights | Confirmed |
Shortfall pro-rated among holders | Confirmed Note: No case law exists in this respect. |
Record keeping period of at least 10 years | Confirmed |
Settlement finality in case of insolvency | Confirmed |