Market Link Guide – Greece – ATHEXCSD
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | Hellenic Central Securities Depository (ATHEXCSD) | Citibank Europe plc, Greece branch |
FATCA GIIN | C0K19U.00001.ME.300 | NXUTG8.00192.BR.300 |
LEI | 213800T8UR2VI6Q2RH18 | N1FBEDJ5J41VKZLO2475 |
Country of incorporation | Greece | Ireland |
Account type | Omnibus | Omnibus |
Legal account name/holder | Citibank Europe plc, Greece branch, holds an individually segregated account in AthexCSD in the name of Clearstream Banking S.A. | Clearstream Banking S.A. |
Operational arrangements
Yes/No | Remarks | |
Settlement in T2S | No | |
Settlement free of payment | Yes | |
Settlement against payment | Yes | Eligible settlement currency: Euro (EUR). |
Settlement against payment in central bank money account of CBL/CBL clients | No | Against payment settlement takes place on the cash account of Citibank Europe plc, Greece branch at Bank of Greece. |
Bridge settlement | No | |
Shaping facility | No | |
Partial settlement | No | |
Hold and Release | No | Please see details in Settlement services |
Recycling | Yes | Please see details in Settlement services |
Bilateral cancellation | Yes | Please see details in Settlement services |
Settlement penalty fees | Yes | Please see details in Settlement services |
Pre-matching | Yes | Immediate release flag. |
Back-to-back processing | No | |
Allegements | Yes | |
Automatic compensation | No | |
Registered securities | Yes | Registration takes place automatically upon settlement. |
Multi Market Securities | Yes | |
Lending and borrowing | Yes | |
Proxy voting | Yes | |
Investment Funds | Yes | CSD eligible ETFs |
Liquidity Hub Connect | No | |
Sale and purchase of rights | No | |
Market restrictions | No | |
FTT | Yes | Greece: Sales Tax |
Daily reconciliation | Yes | |
Link eligible for use in Eurosystem credit operations | No | |
| Moment of entry | On-exchange transactions concluded at ATHEX securities market: defined as irrevocable from their conclusion at ATHEX regardless of the moment of entry of the respective file to AΤΗΕΧCSD. OTC transactions: defined as irrevocable from their conclusion regardless of the moment of entry of the respective settlement instructions to AΤΗΕΧCSD. | |
Irrevocability | Identical to moment of entry (see above). | |
Finality | For securities, finality takes place when the transfer of ownership takes place, for instance, when securities are debited/credited to investor accounts, within the batch, and for cash, when a cash credit/debit takes place, at the end of the batch. From an indebtedness point of view, the CSD rules refer to the “settlement moment", for example, the moment under which the settlement (credits/debits) takes place. |
Legal arrangements
The below section is based on the legal opinions obtained by CBL that were issued on 10 October 2023. 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.
No insolvency proceedings against the custodian | Confirmed |
Custodian’s liability for negligence | Liability of the custodian limited to direct losses/damages, to the extent permitted by local law. |
Book-entry regime with in rem rights | Confirmed |
Recognition of nominee concept | Confirmed. Although there is no general distinction under Greek law between legal and beneficial ownership, Greek law acknowledges the fact that the securities held in a client account are held on behalf of the underlying clients/final investors of the custodian. |
No right of retention to the custodian | Confirmed |
Segregation of assets at the custodian | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | Confirmed |
Insolvency of the custodian with no impact on CBL's rights | Confirmed |
Shortfall pro-rated among holders | Local law does not expressly provide for shortfall rules. |
| Record keeping period of at least 10 years | Confirmed |
Settlement finality in case of insolvency | Confirmed |