Market Link Guide ‒ Croatia

24.06.2025

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

  1. CSD Regulation (EU) No 909/2014 art. 2 (29)

CSD 
(as CBL's depository)

Custodian 
(as CBF's depository)

Custodian
(as LuxCSD's depository)

Account operator for CBL

Name

Central Depository & Clearing Company Inc. (CDCC)

Clearstream Banking S.A., Luxembourg

Clearstream Banking AG, 
Frankfurt

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):

  • If the member fails to deliver securities by the beginning of first batch of contractual settlement daily cycle  on the intended settlement date (08:30 CET on SD),  the CDCC will initiate buy-in procedure. Every day the CDCC will automatically charge a penalty fee.
  • If the member fails to deliver securities before the initiation of the first batch of contractual settlement daily cycle on the third working day following the intended settlement date (08:30 CET on S+3), the CDCC will suspend the member and buy-in the securities.

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.