Market Link Guide – Austria
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 | Custodian | Custodian | Asset Service Provider for CBF, CBL and LuxCSD Account Operator for CBL | ||
Name | OeKB | Clearstream Banking AG, | Clearstream | Erste Group | |
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, | Clearstream Banking S.A. | LuxCSD S.A. | Clearstream Banking S.A. | |
Operational arrangements
For CBF clients | For CBL clients | For CBL clients | For LuxCSD clients | Remarks | |
| Yes/No | Yes/No | Yes/No | Yes/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 | ||||
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.
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 (link to OeKB CSD) | For CBL clients (link to CBF) | For CBL clients (link to OeKB CSD) | For LuxCSD clients (link to CBF) | |
Date of legal opinion | 30 April 2024 | 30 April 2024 | 30 April 2024 | 30 April 2024 |
No insolvency proceedings against the CSD | Confirmed | Confirmed | Confirmed | Confirmed |
Liability for negligence | Confirmed | Confirmed | Confirmed | Confirmed |
Book-entry regime with in rem rights | Confirmed | Confirmed | Confirmed | Confirmed |
Recognition as direct CSD account-holder | Confirmed | Confirmed | Confirmed | Confirmed |
Recognition of nominee concept | Confirmed | Confirmed | Confirmed | Confirmed |
No right of retention for the CSD | Confirmed | Confirmed | Confirmed | Confirmed |
Segregation of assets at the CSD | Confirmed | Confirmed | Confirmed | Confirmed |
No right of use | Confirmed | Confirmed | Confirmed | Confirmed |
No upper-tier attachments | Confirmed | Confirmed | Confirmed | Confirmed |
Insolvency of CSD with no impact on CBF's rights | Confirmed | Confirmed | Confirmed | Confirmed |
Shortfall pro-rated among holders | Confirmed | Confirmed | Confirmed | Confirmed |
| Record keeping period of at least 10 years | Confirmed | Confirmed | Confirmed | Confirmed |
Settlement finality in case of insolvency | Confirmed | Confirmed | Confirmed | Confirmed |