Market Link Guide – Cyprus
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 to The Central Depository and Central Registry (CDCR) |
For CBF clients | Direct link to Clearstream Banking S.A., Luxembourg, for holding Cypriot T2S-eligible securities | |
For LuxCSD clients | Direct link to Clearstream Banking AG, Frankfurt, for holding Cypriot T2S-eligible securities |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Account Operator | Custodian (as CBF’s depository) | Custodian (as LuxCSD’s depository) | |
Name | The Central Depository and Central Registry (CDCR) | Citibank Europe plc, Greece Branch | Clearstream Banking S.A., Luxembourg | Clearstream Banking AG, Frankfurt |
FATCA GIIN | Not available | NXUTG8.00382.BR.300 | N1V1GJ.00000.LE.442 | N1V1GJ.00002.ME.276 |
LEI | Not available | N1FBEDJ5J41VKZLO2475 | 549300OL514RA0SXJJ44 | 549300298FD7AS4PPU70 |
Country of incorporation | Cyprus | Ireland | Luxembourg | Germany |
Account type | Omnibus account | Mirror omnibus account | Omnibus account | Omnibus account |
Legal Account name/holder | Clearstream Banking S.A. | Clearstream Banking S.A. | Clearstream Banking AG | LuxCSD S.A. |
Operational arrangements
For CBL clients | For CBF clients | For LuxCSD clients | ||
Yes/No | Yes/No | Yes/No | Remarks | |
Settlement in T2S | No | Yes | Yes | |
Settlement free of payment | Yes | Yes | Yes | |
Settlement against payment | Yes | Yes | No | Eligible settlement currency: Euro (EUR). |
Settlement against payment in central bank money account of CBL or CBL clients | No | Yes | No | CBL holds a cash account at the Account Operator. Against payment settlement in EUR takes place on the cash account of Citibank Europe Plc Greece branch at the Bank of Greece. |
Bridge settlement | No | No | No | |
Shaping facility | No | No | No | |
Partial settlement | No | No | No | Please see details in Settlement services |
Hold and Release | No | No | No | Please see details in Settlement services |
Recycling | Yes | Yes | Yes | Please see details in Settlement services |
Bilateral cancellation | Yes | Yes | Yes | Please see details in Settlement services |
Settlement penalty fees | Yes | No | No | Please see details in Settlement services |
Pre-matching | Yes | Yes | Yes | Immediate release flag. |
Back-to-back processing | No | No | No | |
Allegements | Yes | No | No | |
Automatic compensation | No | No | No | |
Registered securities | Yes | Yes | Yes | Registration takes place automatically upon settlement. |
Multi-market securities | No | No | No | |
CBL lending and borrowing and collateral management services | Yes | No | No | Debt securities only. Internal securities lending and borrowing services (refer to Clearstream website). |
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 | Internal Repo service for Bonds and Equities (refer to CmaX Product Guide). |
Market restrictions | Yes | Yes | Yes | Clients are not allowed to hold Cypriot financial instruments, except government debt securities,in CBL for underlying beneficial owners that are Cypriot residents or legal entities that are incorporated in Cyprus. Please refer to Other services - Cyprus for further details. |
FTT | No | No | No | |
Daily reconciliation | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | No | No |
Moment of entry of instructions | The time of entry of a security transfer order in the CSD is determined as the time of registration of the security which is the object in the transfer order, in the relevant Investors Security Account to which the transfer is conducted. |
Irrevocability of instructions | Matched instructions are irrevocable and require bilateral cancellation. |
Finality of instructions | Securities transfers become final immediately after settlement and cannot be revoked. |
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 15 March 2024. 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 | Confirmed |
Account Operator liability for negligence | Confirmed |
Book-entry regime with in rem rights | Confirmed |
Recognition of nominee concept | Confirmed |
No right of retention to the Account Operator | Confirmed |
Segregation of assets at the Account Operator | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | Confirmed |
Insolvency of the Account Operator with no impact on CBL'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 |