Market Link Guide ‒ Croatia
Key features
CSD link as defined under CSDRa | Yes | |
Type of link | For CBL clients | Direct operated link to CDCC via Erste Group Bank Vienna and Erste & Steiermärkische d.d. Zagreb |
For CBF clients | Direct link to Clearstream Banking S.A., Luxembourg, for holding Croatia T2S-eligible securities | |
For LuxCSD clients | Direct link to Clearstream Banking AG, Frankfurt, for holding Croatian T2S-eligible securities | |
- CSD Regulation (EU) No 909/2014 art. 2 (29)
CSD | Custodian | Custodian | Account operator for CBL | |
Name | Central Depository & Clearing Company Inc. (CDCC) | Clearstream Banking S.A., Luxembourg | Clearstream Banking AG, | Erste Group Bank AG Vienna Erste & Steiermärkische d.d. Zagreb |
FATCA GIIN | Not available | N1V1GJ.00000.LE.442 | N1V1GJ.00002.ME.276 | L99T2F.00000.LE.040 L99T2F.00032.ME.191 |
LEI | 747800V0CCQGC89GOW91 | 549300OL514RA0SXJJ44 | 549300298FD7AS4PPU70 | PQOH26KWDF7CG10L6792 549300A2F46GR0UOM390 |
Country of incorporation | Croatia | Luxembourg | Germany | Account Operator: Austria Sub- Account Operator: Croatia |
Account type | Omnibus account | Omnibus account | Omnibus account | Custodian: Omnibus account Account Operators: Omnibus account |
Legal Account name / holder | Clearstream Banking SA | Clearstream Banking AG | LuxCSD S.A. | Clearstream Banking SA |
Operational arrangements
For CBL clients | For CBF clients | For LuxCSD clients | Remarks | |
Yes/No | Yes/No | Yes/No | ||
Settlement in T2S | Yes | Yes | Yes | For CBF and LuxCSD clients, the cross-CSD settlement with Euroclear is not possible. |
Settlement free of payment | Yes | Yes | Yes | |
Settlement against payment | Yes | Yes | No | |
Settlement against payment in central bank money account of CBL/CBL clients | No | Yes | Yes | |
Bridge settlement | No | No | No | |
Shaping facility | No | No | No | |
Partial settlement | No | No | No | |
Settlement penalty fees | Yes | No | No | Failing to meet cash obligations to the CDCC (SELL OUT): Not available. Failing to meet the obligation to deliver securities to the CDCC (BUY IN):
|
Pre-matching | Yes | Yes | Yes | |
Back-to-back processing | Yes | Yes | Yes | |
Allegements | Yes | Yes | Yes | |
Automatic compensation | No | No | No | |
Registered securities | No | No | No | |
Multi Market Securities | No | No | No | |
Lending and borrowing | No | No | No | |
Proxy voting | No | No | No | |
Investment Funds | Yes | Yes | Yes | |
Liquidity Hub Connect | No | No | No | |
Sale and purchase of rights | No | No | No | In Croatia the market practice of right trading does not exist. |
Repo services | No | No | No | |
Market restrictions | No | No | No | |
FTT | No | No | No | |
Daily reconciliation | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes | Yes |
Moment of entry of instructions | Settlement instructions that are directly entered into the CDCC system by the participants are considered to have been accepted in the system at the time of approval. |
Irrevocability of instructions | The moment of irrevocability of settlement instruction (transfer order) to be settled in the CDCC system will be at “matching” of those transfer orders. Participant members are allowed to cancel settlement instructions unilaterally prior to matching. After this moment, CDCC shall allow only bilateral cancellations for matched instructions |
Finality of instructions | The moment of finality of settlement instruction will be the moment of the processing of the settlement. Against payment settlement instructions are settled in the CDCC system at the time of transfer of securities to the securities account and the creation of a payment order on the relevant cash account. Settlement instructions free of payment are settled at the time of transfer of securities to the securities account. |
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 | |
Date of legal opinion | 30 April 2025 |
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 Customers, co-ownership rights, trustee rights, sui generis rights, etc.). |
Recognition of nominee concept | Nominee concept not expressly recognized under local law, but possible to hold assets in name of another entity. |
No right of retention to the CSD under local law | CSD does not have a lien or similar encumbrances on the Securities under local law. |
No upper-tier attachments | 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. |
Segregation of assets at the CSD | 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.). |
Ability to recover client assets in the event of insolvency of CSD | 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. |
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. |
Settlement finality in case of insolvency | Transfer orders are irrevocable and finality of settlement is assured. |
Local legislation of the intermediary (Austria)
Local legislation of the intermediary | |
Date of legal opinion | 30 April 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 Customers, co-ownership rights, trustee rights, sui generis rights, etc.). |
Recognition of nominee concept | 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. |
No upper-tier attachments | 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. |
Segregation of assets at the CSD | 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.). |
Ability to recover client assets in the event of insolvency of CSD | 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. |
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. |
Settlement finality in case of insolvency | Transfer orders are irrevocable and finality of settlement is assured. |