Market Link Guide – Finland
The OneClearstream service level provides clients with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between Clearstream Banking AG (CBF), Clearstream Banking S.A. (CBL) and LuxCSD S.A.
This Market Link Guide represents Clearstream Banking’s and LuxCSD’s joint efforts to streamline their custody network and improve asset servicing and collateral management services in the T2S environment. The service description is valid for CBF, CBL and LuxCSD clients, unless otherwise highlighted.
Key features
CSD link as defined under CSDRa | Yes | |
Type of link | For CBL clients | Direct operated link to Euroclear Finland |
For CBF clients | Direct link to Clearstream Banking S.A., Luxembourg, for holding Finnish T2S-eligible securities | |
For LuxCSD clients | Direct link to Clearstream Banking AG, Frankfurt, for holding Finnish T2S-eligible securities | |
a. CSD Regulation (EU) No 909/2014 Article 2(29).
CSD (as CBL's depository) | Custodian (as CBF's depository) | Custodian (as LuxCSD's depository) | Account operator for CBL | |
Name | Euroclear Finland (EFI) | Clearstream Banking S.A., Luxembourg | Clearstream Banking AG, | Citibank Europe PLC |
FATCA GIIN | G7IYVV.99999.SL.246 | N1V1GJ.00000.LE.442 | N1V1GJ.00002.ME.276 | NXUTG8.00192.ME.372 |
LEI | 74370020ZOTVC5EOAA37 | 549300OL514RA0SXJJ44 | 549300298FD7AS4PPU70 | N1FBEDJ5J41VKZLO2475 |
Country of incorporation | Finland | Luxembourg | Germany | Ireland |
Account type | Custodial nominee account | Omnibus account | Omnibus account | Mirror omnibus account |
Legal account name/holder | Clearstream Banking S.A. | Clearstream Banking AG | LuxCSD S.A. |
Operational arrangements
| For CBL clients | For CBF clients | For LuxCSD clients | Remarks | |
Yes/No | Yes/No | Yes/No | ||
Settlement in T2S | Yes | Yes | Yes | For CBF and LuxCSD clients, the cross-CSD settlement with Euroclear is not possible. |
| Settlement free of payment | Yes | Yes | Yes | |
| Settlement against payment | Yes | Yes | Yes | Eligible settlement currency: Euro (EUR). |
| Settlement against payment in central bank money | No | Yes | Yes | CBL holds a cash account at the account operator. Against payment settlement in EUR takes place on the Citibank Europe PLC Dedicated Cash Account (DCA). For CBF and LuxCSD clients, the cross-CSD settlement with Euroclear is not possible. |
| Bridge settlement | Yes | Yes | Yes | |
Hold and release | Yes | Yes | Yes | |
| Partial settlement | Yes | Yes | Yes | Limited only to receipt instructions. |
Recycling | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | |
| Settlement penalty fees | Yes | No | No | |
| Pre-matching | Yes | Yes | Yes | Immediate release flag. |
| Transaction linking | Yes | No | No | |
| Allegements | No | No | No | |
| Registered securities | Yes | Yes | Yes | Registration takes place automatically upon settlement. |
| Multi-market securities | Yes | No | No | |
| Lending and borrowing | Yes | No | No | |
| Proxy voting | Yes | Yes | Yes | |
| Investment funds | No | No | No | |
| Liquidity Hub Connect | No | No | No | |
| Sale and purchase of rights | No | No | No | |
| Repo services | Yes | No | No | |
| Market restrictions | Yes | Yes | Yes | Securities that are beneficially owned by Finnish nationals or Finnish tax residents cannot be held in Clearstream Banking and LuxCSD. |
| FTT | No | No | No | |
| Daily reconciliation | Yes | Yes | Yes | |
| Link eligible for use in Eurosystem credit operations | Yes | Yes | Yes |
| Moment of entry of instructions | The moment of successful validation in T2S. |
| Irrevocability of instructions | The moment when the instruction receives “matched” status in T2S. |
| Finality of instructions | The moment when the instruction receives “settled” status in T2S. |
Legal arrangements
The below section is valid on the date of the legal opinions that were issued and might be subject to change. 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.
For CBL clients | For CBF clients | For LuxCSD clients | |
Date of legal opinion | 3 October 2023 | 5 October 2023 | 10 October 2023 |
No insolvency proceedings against the account operator or the CSD | Confirmed | Confirmed | Confirmed |
Liability for negligence | Confirmed | Confirmed | Confirmed |
Book-entry regime within rem rights | Confirmed | Confirmed | Confirmed |
No entitlement of the account operator/CSD | Confirmed | Confirmed | Confirmed |
Recognition as direct CSD account holder | Confirmed | Confirmed | Confirmed |
Recognition of nominee concept | Confirmed | Confirmed | Confirmed |
No right of retention to the account operator/CSD | Confirmed | Confirmed | Confirmed |
Segregation of assets at the CSD | Confirmed | Confirmed | Confirmed |
No right of use | Under Finnish law, the CSD holds a statutory right of pledge to book-entry securities registered in a commission as security for the settlement obligations, that the settlement system has assumed in accordance with the rules of the settlement system. | Confirmed | Confirmed |
No upper-tier attachments | Confirmed | Confirmed | Confirmed |
Insolvency with no impact on CBL's rights | Local law does not contain explicit provisions for the means of recovery of securities held in the book-entry system maintained by the CSD if the CSD would be subject to insolvency proceedings. | Confirmed | Confirmed |
Shortfall pro-rated among holders | Confirmed | Confirmed | Confirmed |
| Record keeping period of at least 10 years | Confirmed | Confirmed | Confirmed |
Settlement finality in case of insolvency | Confirmed | Confirmed | Confirmed |