Market Link Guide – Slovak Republic

18.03.2024

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 CBF, CBL and LuxCSD.

CBL and LuxCSD are using CBF as single gateway into T2S markets, allowing seamless transfer between CSD and ICSD counterparties.

This Market Link Guide represents Clearstream’s efforts to streamline our custody network and improve our asset servicing and collateral management services in the new T2S environment. The service description is valid for CBF, CBL and LuxCSD clients, unless otherwise highlighted in the documentation.

Key features

CSD link as defined under CSDR a

Yes


Type of link

For CBL clients

Direct link b to Clearstream Banking AG, Frankfurt, for holding CDCP/T2S-eligible securities

For CBF clients

Direct link to CDCP for holding Slovak Republic-eligible securities

For LuxCSD clients

Direct link b to Clearstream Banking AG, Frankfurt, for holding CDCP/T2S-eligible securities

a. CSD Regulation (EU) No 909/2014 Article 2(29).

b. Interoperable link for T2S-related aspects.

CSD 

(as CBF's depository)

Custodian 

(as CBL's depository)

Custodian

(as LuxCSD's depository)

Asset Service Provider for CBF, CBL and LuxCSD

Account operator for CBL

Name

Centrálny depozitár cenných papierov SR (CDCP)Clearstream Banking AG,
Frankfurt
Clearstream Banking AG,
Frankfurt
Ceskoslovenska obchodna banka (CSOB)

FATCA GIIN

Not availableN1V1GJ.00002.ME.276N1V1GJ.00002.ME.2765DHUWX.00008.ME.703

LEI

097900BEFH0000000217

549300298FD7AS4PPU70549300298FD7AS4PPU7052990096Q5LMCH1WU462

Country of incorporation

Slovak RepublicGermany

Germany

Slovak Republic

Account type

Omnibus account

Omnibus account

Omnibus account

Mirror omnibus account

Legal account name/holder

Clearstream Banking AG, Frankfurt

Clearstream Banking S.A.

LuxCSD S.A.

Clearstream Banking S.A.

Operational arrangements

For CBF clients


For CBL clients
(link to CBF)

For CBL clients
​(link to CDCP CSD)

For LuxCSD clients

Remarks

Yes/NoYes/NoYes/NoYes/No

Settlement in T2S

Yes

Yes

No

Yes

 

Settlement free of payment

Yes

Yes

Yes

Yes

 

Settlement against payment

Yes

Yes

Yes (EUR only)

Yes (EUR only)

Eligible settlement currencies(between CBF and CBL counterparties only): AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR.

Settlement in central bank money

Yes

Yes. Against payment takes place on the DCA of CBL

No. The account operator settles on its DCA and uses the DCA to collect cash proceeds from asset servicing.

Yes

CeBM in EUR only

Settlement penalty fees

YesYes

Yes

Yes 

Partial settlement

YesYesYesYes 

Bridge settlement

No

Yes

Yes

No

 

Hold and Release

YesYesYesYes

Partial release available for CBF and LuxCSD

Recycling

YesYes

Yes

Yes 

Bilateral cancellation

YesYes

Yes

Yes

 

Allegements

Yes

Yes

Yes

Yes

 

Transaction linking

Yes

Yes

Yes

Yes

 

Registered securities

No

No

No

No

Equities are mostly bearer shares. But there could be some registered shares when the issuers may decide to re-materialise the shares through a corporate action. Clients will be notified accordingly.

Transaction management

No

No

No

No

 

Multi-market securities

No

Limited

Limited

No

 

Lending and borrowing

Yes

Yes

Yes

Yes

 

Proxy voting

Yes

Yes

Yes

Yes

 

Investment funds

No

No

No

No

 

Liquidity Hub Connect

No

No

No

No

 

Sale and purchase of rights

No

No

No

No

 

Repo services

Yes

Yes

Yes

Yes

Triparty Repo: bonds and equities.

Market restrictions

No

No

No

No

 

FTT

No

No

No

No

 

Daily reconciliation

Yes

Yes

Yes

Yes

 

Link eligible for use in Eurosystem credit operations

Yes

Yes

No

Yes

 

Moment of entry of instructions

The moment of successful validation and acknowledgement of instruction by T2S.

Irrevocability of instructions

The moment when the instruction is matched in T2S or matched status is assigned to the instruction in T2S.

Finality of instructions

Instructions are final and irrevocable upon settlement 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 CBF clients

For CBL clients
(link to CBF)

For CBL clients
(link to CDCP CSD)

For LuxCSD clients
(link to CBF)

Date of legal opinion

9 Februrary 202422 June 2023

24 November 2023

10 October 2023

No insolvency proceedings against the CSD

Confirmed

Confirmed

Confirmed

Confirmed

Liability for negligence

Confirmed

Confirmed

Confirmed

Confirmed

Book-entry regime with in rem rights

ConfirmedConfirmed

Confirmed

Confirmed

Recognition as direct CSD account-holder

ConfirmedConfirmed

Confirmed

Confirmed

Recognition of nominee concept

ConfirmedConfirmed

Confirmed

Confirmed

No right of retention for the CSD

ConfirmedConfirmed

Confirmed

Confirmed

Segregation of assets at the CSD

ConfirmedConfirmed

Confirmed

Confirmed

No right of use

ConfirmedConfirmed

Confirmed

Confirmed

No upper-tier attachments

ConfirmedConfirmed

Confirmed

Confirmed

Insolvency of CSD with no impact on CBF's rights 

ConfirmedConfirmed

Confirmed

Confirmed

Shortfall pro-rated among holders

ConfirmedConfirmed

Confirmed

Confirmed
Record keeping period of at least 10 yearsConfirmedConfirmed

Confirmed

Confirmed

Settlement finality in case of insolvency

ConfirmedConfirmed

Confirmed

Confirmed