Market Link Guide – UK equities, corporate bonds and investment trusts
CSD link as defined under CSDRa
Type of link
a. CSD Regulation (EU) No 909/2014, Article 2(29).
Euroclear UK and International Ltd (EUI)
Citibank N.A., London Branch
Country of incorporation
Legal Account name/holder
Citibank N.A, London Branch as EUI direct participant holding individually segregated participant IDs on behalf of CBL in the EUI Crest system.
Securities are registerd in the name of Vidacos Nominees Limited.
Clearstream Banking S.A.
|Settlement free of payment
|Settlement against payment
Eligible settlement currencies: British Pound (GBP), Euro (EUR) and U.S. Dollar (USD).
|Settlement in T2S
|Settlement against payment in central bank money account of CBL/CBL customers
CBL holds a cash account with the Custodian that settles against payment transactions in GBP, EUR, USD on behalf of CBL in Central Bank Money for GBP and EUR and CoBM for USD settlement.
|See Settlement services.
|Settlement penalty fees
|See Settlement services.
Book-entry equities only.
Market claims are automatically created and settled by Euroclear UK and International for both cash and securities disributions (including transformations). For further details see Entitlement Compensation Rules - UK.
|Multi Market Securities
|Lending and borrowing
CREST eligible closed-end funds.
|Liquidity Hub Connect
|Sale and purchase of rights
|Link eligible for use in Eurosystem credit operations
|Moment of entry
Settlement instruction is received by the CREST system.
Matched instructions are irrevocable and require bilateral cancellation.
Settlement in the EUI Crest system is final and irrevocable.
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
Liability for negligence
Book-entry regime with in rem rights
Under local laws and regulations, 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 Custody Account.
Recognition of nominee concept
No right of retention to the Custodian/CSD
Segregation of assets at the CSD
No right of use
No upper-tier attachments
As long as the substantive law applicable to the securities credited to the custody account remains in local law, then an upper tier attachment should not occur but is subject to the discretion of the English courts.
Insolvency of Custodian with no impact on CBL's rights
Shortfall pro-rated among holders
|Record keeping of at least 10 years
The local law does not regulate retention periods. The custodian has committed to record keeping period of at least seven (7) and 10 years in relation to records of securities held by the custodian.
Settlement finality in case of insolvency