Market Link Guide - Hungary
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Direct link at KELER Ltd. operated by Raiffeisen Bank International AG |
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
CSD | Account operator | |
Name | KELER Ltd., Budapest | Raiffeisen Bank International AG, Vienna |
FATCA GIIN | HG4QEN.00000.LE.348 | 28CWN4.00000.LE.040 |
LEI | 529900MPT6BHOJRPB746 | 9ZHRYM6F437SQJ6OUG95 |
Country of incorporation | Hungary | Austria |
Account type | Omnibus account | Mirror omnibus account |
Legal account name / holder | Clearstream Banking SA | Clearstream Banking S.A. |
Operational arrangements
| Settlement in T2S | No | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | In HUF only |
| Settlement against payment in central bank money account of CBL/CBL clients | No | |
| Bridge settlement | Yes | Only for corporate and government bonds. |
| Shaping facility | No | |
| Partial settlement | Yes | Please see details in Settlement services |
| Settlement penalty fees | No | Please see details in Settlement services |
Hold and Release | Yes | Please see details in Settlement services |
Recycling | Yes | Please see details in Settlement services |
Bilateral cancellation | Yes | Please see details in Settlement services |
| Pre-matching | Yes | |
| Back-to-back processing | No | |
| Allegements | Yes | |
| Automatic compensation | No | |
| Registered securities | Yes | Only equities and some corporate bonds are registered - all the other instruments are bearer. |
| Multi-Market Securities | No | |
| Lending and borrowing | Yes | |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo Services | Yes | Triparty Repo: bonds and equities. |
| Market restrictions | Yes | Refer to the Market Profile. |
| FTT | Yes | Please refer to Announcement A22085. |
| Moment of entry of instructions | KELER considers the order for the value date concerned received order (either submitted on the same day or with value dating or recycled from earlier) on the day if the order:
|
| Irrevocability of instructions | When settlement actually takes place in KELER's systems. |
| Finality of instructions | When settlement actually takes place in KELER's systems. |
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 2 October 2023 (supplemented by an Austrian conflict of laws analysis issued on 3 October 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 account operator / CSD | Confirmed |
Liability for negligence | Confirmed |
Book-entry regime with in rem rights | Confirmed |
No entitlement of the account operator / CSD | Confirmed |
Recognition as direct CSD account-holder | Confirmed |
Recognition of nominee concept | Confirmed |
No right of retention for the account operator / CSD | Confirmed |
Segregation of assets at the CSD | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | Confirmed |
Insolvency of account operator / CSD with no impact on CBL's rights | Confirmed |
Shortfall pro-rated among holders | Confirmed |
Settlement finality in case of insolvency | Confirmed |
Record keeping period of at least 10 years | Confirmed |