Market Link Guide – Austria

24.06.2025

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 CSDRa

Yes

Type of link

For CBF clients

Direct linkb to Österreichische Kontrollbank CSD GmbH (OeKB CSD)

For CBL clients

Direct link to Clearstream Banking AG, Frankfurt for holding OeKB CSD (T2S-eligible securities)

Direct link via Erste Group Bank AG to OeKB CSD (All non T2S-eligible securities)

For LuxCSD clients

Direct linkb to Clearstream Banking AG, Frankfurt for holding OeKB CSD/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

OeKB

Clearstream Banking AG,
Frankfurt

Clearstream
Banking AG,
Frankfurt

Erste Group
Bank AG, Vienna

FATCA GIIN

YS6GTM.00003.ME.040

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

L99T2F.00000.LE.040

LEI

529900UXJ594WXFBTF87

549300298FD7AS4PPU70

549300298FD7AS4PPU70

PQOH26KWDF7CG10L6792

Country of incorporation

Austria

Germany

Germany

Austria

 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 OeKB 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, CHFa, 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

There is a table outlining the penalties that maybe charged for late delivery by the Austrian Securities Authority. Generally it is 0.5% of market value and buy-in costs plus EUR 350 handling fee.

CSDR SDR Cash penalties apply

 

Partial settlement

Yes

Yes

Yes

Yes

 

Bridge settlement

No

Yes

Yes

No

 

Hold and Release

Yes

Yes

Yes

Yes

Partial release available for CBF and LuxCSD

Recycling

Yes

Yes

Yes

Yes

 

Bilateral cancellation

Yes

Yes

Yes

Yes

 

Allegements

Yes

Yes

Yes

Yes

 

Transaction Linking

Yes

Yes

Yes

Yes

 

Registered securities

According to the provisions of the amendment to the Austrian Company Act (AktG) passed in 2011 (GesRÄG 2011), shares should as a rule be registered shares (Section 9 (1) AktG (Corporate Law)). The following exceptions apply:

Bearer shares are exceptionally allowed for Stock Exchange listed companies or when the corporate statutes provide for the shares being listed at a Stock Exchange.

A company whose shares were traded on the Third Market on
1 August 2011 is considered for the duration of the inclusion of the shares in the Third Market as a Stock Exchange listed company.

 

Transaction Management

Yes

Yes

Yes

Yes

 

Multi Market Securities

No

Limited

Limited

No

 

Lending and borrowing

Yes

Yes

Yes

Yes

 

Proxy voting

Yes

Yes

Yes

Yes

 

Investment Funds

Yes

Yes

No

Yes

 

Liquidity Hub Connect

No

No

No

No

 

Sale and purchase of rights

No

No

No

No

 

Repo services

Yes

Yes

Yes

Yes

 

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

On the T2S IT platform OeKB CSD validates instructions for their compliance with the T2S technical rules. An instruction is deemed issued to OeKB CSD as soon as its validation has been concluded on the T2S IT platform.

Irrevocability of instructions

A securities account holder can only cancel an instruction for which matching has already occurred if the counterparty also cancels the already issued counterparty instruction.

Finality of instructions

Settlement in T2S is simultaneous, final and irrevocable.

a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CBF.

Local legislation

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. The scope of the legal opinions is limited to the local legislation applicable to the relevant CSD (and intermediary, if any). For links using an intermediary located in another jurisdiction, please find a separate Local legislation section for the jurisdiction of the intermediary below. For clients accessing local markets via other Clearstream entities, please also review the Local legislation section in the relevant Market Link Guide for such Clearstream entity.

Local legislation of the CSD

Local legislation of the intermediary – only for non T2S eligible securities.

Date of legal opinion

April 30, 2024

April 30, 2024

Nature of rights on securities

Substantive law of the jurisdiction will govern the nature of the rights on the Securities.

Rights on the Securities are rights in rem.

Rights on the Securities are of other nature/type (chose in action, right to provide instructions to CSD on behalf of Clients, co-ownership rights, trustee rights, sui generis rights, etc.).

Substantive law of the jurisdiction will govern the nature of the rights on the Securities.

Rights on the Securities are rights in rem.

Rights on the Securities are of other nature/type (chose in action, right to provide instructions to CSD on behalf of Clients, co-ownership rights, trustee rights, sui generis rights, etc.).

Recognition of nominee concept

Nominee concept recognized under local law.

Nominee concept recognized under local law.

No right of retention to the CSD under local law 

CSD has a lien or similar encumbrance under local law, but such lien could be contractually excluded or waived.

CSD has a lien or similar encumbrance under local law, but such lien could be contractually excluded or waived.

No upper-tier attachments

Securities would not be subject to Attachment.

Securities would not be subject to Attachment.

No right of use without prior consent

Laws of the jurisdiction restrict CSD from using Securities without Clearstream’s prior consent.

Laws of the jurisdiction restrict CSD from using Securities without Clearstream’s prior consent.

Segregation of assets at the CSD

CSD is under legal/regulatory obligation to segregate the Securities held for each participant.

CSD is under legal/regulatory obligation to segregate the Securities held for each participant.

Loss of assets

No general restrictions on ability to recover lost assets or on indemnification under local law, subject to certain exceptions noted by counsel (such as force majeure, no negligence by the CSD, liability caps, sovereign immunity, etc.).

No general restrictions on ability to recover lost assets or on indemnification under local law, subject to certain exceptions noted by counsel (such as force majeure, no negligence by the CSD, liability caps, sovereign immunity, etc.).

Ability to recover client assets in the event of insolvency of CSD

Securities would be recoverable.

Securities would be recoverable.

Ability to recover client assets in the event of insolvency of Agent

Securities would be recoverable in the event of insolvency of the Agent.

Claim to Cash as a general creditor in case of insolvency of the Agent.

Securities would be recoverable in the event of insolvency of the Agent.

Claim to Cash as a general creditor in case of insolvency of the Agent.

Shortfall pro-rated among holders

Shortfall in the Securities would be allocated among the holders of the applicable Securities pro rata to their respective ownership percentages.

Shortfall in the Securities would be allocated among the holders of the applicable Securities pro rata to their respective ownership percentages.

Settlement finality in case of insolvency

Transfer orders are irrevocable and finality of settlement is assured.

Transfer orders are irrevocable and finality of settlement is assured.