Market Link Guide – Finland

21.07.2025

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 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 link to Euroclear Finland

For CBF clients

Direct link to Clearstream Banking S.A., Luxembourg, for holding Finnish T2S-eligible securities

For LuxCSD clients

Direct link to Clearstream Banking AG, Frankfurt, for holding Finnish T2S-eligible securities

a. CSD Regulation (EU) No 909/2014 Article 2(29).

CSD 

(as CBL's depository)

Custodian 

(as CBF's depository)

Custodian

(as LuxCSD's depository)

Account operator for CBL

Name

Euroclear Finland (EFI)

Clearstream Banking S.A., Luxembourg

Clearstream Banking AG, 
Frankfurt

Citibank Europe PLC

FATCA GIIN

G7IYVV.99999.SL.246

N1V1GJ.00000.LE.442

N1V1GJ.00002.ME.276

NXUTG8.00192.ME.372

LEI

74370020ZOTVC5EOAA37

549300OL514RA0SXJJ44

549300298FD7AS4PPU70

N1FBEDJ5J41VKZLO2475

Country of incorporation

Finland

Luxembourg

Germany

Ireland

Account type

Custodial nominee account

Omnibus account

Omnibus account

Mirror omnibus account

Legal account name/holder

Clearstream Banking S.A.

Clearstream Banking AG

LuxCSD S.A.

 

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 paymentYes 

Yes

Yes

Settlement against paymentYes 

Yes

Yes

Eligible settlement currency: Euro (EUR).

Settlement against payment in central bank money

No

Yes

Yes

CBL holds a cash account at the account operator. Against payment settlement in EUR takes place on the Citibank Europe PLC Dedicated Cash Account (DCA). For CBF and LuxCSD clients, the cross-CSD settlement with Euroclear is not possible.

Bridge settlement

Yes

Yes

Yes

Hold and release

Yes

Yes

Yes

Partial settlement

Yes

Yes

Yes

Limited only to receipt instructions.

Recycling

Yes

Yes

Yes

Bilateral cancellation

Yes

Yes

Yes

Settlement penalty fees

Yes

No

No

Pre-matching

Yes

Yes

Yes

Immediate release flag.

Transaction linking

Yes

No

No

Allegements

No

No

No

Registered securities

Yes

Yes

Yes

Registration takes place automatically upon settlement.

Multi-market securities

Yes

No

No

Lending and borrowing

Yes

No

No

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

Market restrictions

Yes

Yes

Yes

Securities that are beneficially owned by Finnish nationals or Finnish tax residents cannot be held in Clearstream Banking and LuxCSD.

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

The moment of successful validation in T2S.

Irrevocability of instructions

The moment when the instruction receives “matched” status in T2S.

Finality of instructions

The moment when the instruction receives “settled” status in T2S.

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

Date of legal opinion

30 September 2024

30 March 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 nominee rights/legal ownership.

No differences in conclusions in case of sub-accounts for Clients within the Direct CSD account.

Substantive law of the jurisdiction will not govern the nature of the rights on the Securities.

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.).

No differences in conclusions in case of sub-accounts for Clients within the Direct CSD account.

Recognition of nominee concept

Nominee concept recognised under local law.

Nominee concept recognised under local law.

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.

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.

Securities would not be subject to attachment.

No right of use without prior consent

Use not restricted under local law, but contractual restriction would be enforceable.

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.

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

Securities would be recoverable.

n/a

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

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

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

Shortfall pro-rated among holders

Shortfall in the Securities may be allocated pro rata, but counsel noted certain nuances.

n/a

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.