South Korea: New direct link


Clearstream Banking1 is pleased to inform clients that effective 

1 July 2024

a new direct link to the South Korean market for the purpose of settling and safekeeping Korean government bonds, including Korean Treasury Bonds (KTBs), and Monetary Stabilisation Bonds (MSBs) in an omnibus account structure will be introduced.

Clearstream Banking will have its own foreign nominee omnibus account opened with the local Korean central securities depository (CSD), Korean Securities Depository (KSD). The link will be also be operated by KSD as Clearstream Banking’s agent.

Agent details

Korea Securities Depository

Busan International Finance Center
40, Munhyeongeumyung-ro, Nam-gu
Busan, 48400
Republic of Korea

Depository Code: 2K
Clearstream Banking securities account number with KSD: 006930-0000-02

Clearstream Banking Investor Registration Certificate Number (IRC): 27028

Cash correspondent and settlement bank details


Korean Won (KRW)

CCB name:

The Hongkong and Shanghai Banking Corporation Limited, Seoul Branch

Clearstream Banking account:


Swift address:


Eligible security types

  • Korean government bonds, which include Korea Treasury Bonds (KTBs), treasury bills, Foreign Exchange Stabilisation Fund Bonds (FX SFBs) denominated in KRW, National Housing Bonds (NHBs) Type 1)
  • Monetary Stabilisation Bonds (MSBs)

Eligibility criteria

Before accessing Clearstream Banking’s new direct link to South Korea:

  • Clearstream Banking clients must already have an existing IRC number or LEI.
  • Clearstream Banking clients who wish to hold Korean government bonds and MSBs as proprietary assets must first obtain the necessary beneficial owner (BO) tax exemption.
  • Clearstream Banking clients who wish to act as an intermediary and hold Korean government bonds and MSBs for underlying clients who are BOs must first obtain a Qualified Foreign Intermediary (QFI) status and QFI tax exemption and their underlying clients who are BOs must obtain the necessary BO tax exemption.

Note: South Korean nationals and residents of South Korea are not allowed on the link. BOs that are individuals are also not allowed on the link.

Existing Clearstream Banking clients, who are already registered as BOs via an existing IRC number or LEI and are already holding Korean government bonds and MSBs in the domestic South Korean market, will be able to transfer their holdings to Clearstream Banking via free of payment NCBO transfers from their domestic South Korean account at a local custodian to Clearstream Banking’s omnibus account at the KSD. The necessary BO tax exemption must be obtained before these free of payment NCBO transfers take place.

Note: Clearstream Banking S.A. and Clearstream Banking AG have been approved as Qualified Foreign Intermediaries (QFI) by the Korean National Tax Service (NTS) on 28 April 2023 and 15 April 2024 respectively.

Brief overview of services

Free of payment domestic settlement (limited to NCBO portfolio transfers only) and against payment domestic settlement in KRW are possible.

Internal settlement of South Korean government bonds and MSBs is allowed in Clearstream Banking, in any eligible settlement currency except KRW. KRW is not allowed for internal settlement.

Bridge transactions are not possible.

The standard services of asset servicing, including income and redemption payment processing will be available.

Collateral Management Services, including triparty repo and pledge will be available. Securities borrowing and lending, however, will not be available as these activities are not allowed in Clearstream Banking by the Korean authorities.

FX services will be supported for KRW.

Further details, including tax exemption eligibility and QFI application requirements, cash and settlement deadlines, settlement instruction formats and disclosure requirements will be made available in due course.

Further information

In the meantime, clients are invited to contact their Relationship Manager for further information.

Clients should note that this new link will be offered in addition to Clearstream Banking’s existing products and services that are supported in the South Korean market, which can be found in the Market Link Guide – South Korea.  Clearstream Banking will therefore continue to support listed equities and corporate bonds via Depository Code 1K.

1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG clients using Creation accounts), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.