T2S Link Guide - Spain
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Directb |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Interoperable link for T2S-related aspects.
CSD | |
Name | Iberclear |
FATCA GIIN | Not available |
LEI | 959800DN0D5DXFUBNB37 |
Country of incorporation | Spain |
Account type | Omnibus account |
Legal Account name / holder | Clearstream Banking AG |
Operational arrangements
| Yes/No | Remarks | |
| Settlement in T2S | Yes | |
Settlement free of payment | Yes | |
Settlement against payment | Yes | Eligible settlement currency: Euro (EUR) |
| Settlement against payment in central bank money account of CBF customers | Yes | |
Partial settlement | Yes | |
Settlement penalty fees | No | |
Pre-matching | Yes | |
Hold and release | Yes | Partial release available |
Linked instructions | Yes | |
Allegements | Yes | |
Automatic compensation | Yes | |
Registered securities | No | |
Market claims | Yes | |
Transformations | Yes | |
Lending and borrowing | Yes | Debt securities only |
Proxy voting | Yes | |
Investment Funds | No | |
Sale and Purchase of rights | No | |
Repo services | No | |
Market restrictions | No | |
FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | Yes |
Moment of entry of instruction | Transfer orders sent to the ARCO Settlement System shall be considered to be received and accepted as of the moment the TARGET2-Securities technical support states that they meet its validation requirements. |
Irrevocability of instructions | The transfer orders may only be revoked by participants or third parties before the moment in which these orders are matched in the TARGET2-Securities technical support with those other orders that constitute their respective counterparties. |
Finality of instructions | Settlement in T2S is simultaneous, final and irrevocable |
Legal arrangements
The below section is based on the legal opinion obtained by CBF that was issued on 25 October 2019. 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 CSD | Confirmed |
Liability for negligence | Confirmed |
Book-entry regime with in rem rights | Confirmed |
Recognition as direct CSD account-holder | Confirmed |
Recognition of nominee concept | Confirmed |
No right of retention for the CSD | Confirmed |
Segregation of assets at the CSD | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | Confirmed |
Insolvency of CSD with no impact on CBF's rights | Confirmed |
Shortfall pro-rated among holders | Confirmed |
Record keeping period of at least 10 years | Confirmed |
Settlement finality in case of insolvency | Confirmed |
CBF-eligible security types
- Government bonds (Bonos y Obligaciones del Estado);
- Treasury bills (Letras del Tesoro);
- Regional bonds;
- Listed corporate bonds;
- Strips;
- Zero-coupon bonds.
Depository
IBERCLEAR
Pedro Teixeira, 8
28020 Madrid
Spain
Cash correspondent details
| Currency: | Euro (EUR) via TARGET2 |
| CCB name: | Bundesbank |
| CBF account: | RTGS account of a direct TARGET2 participant |
Cash settlement in EUR will take place in T2S on DCAs that are maintained by the Bundesbank or any other National Central Bank participating in T2S. Funding of the DCA is done from the customer’s TARGET2 RTGS accounts. In T2S, a DCA must be linked to one RTGS account in TARGET2 to which the remaining cash balances on the DCA is swept out at the End of Day (EoD). DCAs must have a zero balance at EoD. The link is only necessary for this purpose and various DCAs can be linked to one RTGS account.