Market Link Guide – Greece – BOGS

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 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 link to Bank of Greece settlement system (BOGS).

For CBL clients

Direct link to Clearstream Banking AG, Frankfurt for holding BOGS/T2S eligible securities.

For LuxCSD clients

Direct link to Clearstream Banking AG, Frankfurt for holding BOGS/T2S eligible securities.

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

CSD (as CBF’s depository)

Custodian (as CBL’s depository)

Custodian (as LuxCSD’s depository)

Asset Service Provider for CBF, CBL and LuxCSD

Name

BOGS

Clearstream Banking AG,
Frankfurt

Clearstream Banking AG,
Frankfurt

Citibank Europe plc, Greece Branch

FATCA GIIN

36D2MK.99999.SL.300

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

NXUTG8.00192.BR.300

LEI

529900SL3K21WAN6X611

549300298FD7AS4PPU70

549300298FD7AS4PPU70

N1FBEDJ5J41VKZLO2475

Country of incorporation

Greece

Germany

Germany

Ireland

Account Type

Omnibus account

Omnibus account

Omnibus account

Mirror omnibus account

Legal Account name/holder

Clearstream Banking AG,
Frankfurt

Clearstream Banking S.A.

LuxCSD S.A.

Clearstream Banking AG, Frankfurt

Operational arrangements

For CBF clients

Yes/No

For CBL clients

Yes/No

For LuxCSD clients

Yes/No

Remarks

Settlement in T2S

Yes

Yes

Yes

Settlement free of payment

Yes

Yes

Yes

 

Settlement against payment

Yes

Yes

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

Yes

CeBM in EUR only.

Settlement penalty fees

Yes

Yes

Yes

 

Partial settlement

Yes

Yes

Yes

Counterparties that access T2S as ICP via BOGS, the default setting is no Partial settlement (NPAR) but it is still possible for counterparties to instruct Partial settlement (PART) in T2S.

Recycling

Yes

Yes

Yes

 

Bilateral cancellation

Yes

Yes

Yes

 

Bridge settlement

No

Yes

No

 

Hold and Release

Yes

Yes

Yes

Partial release available for CBF and LuxCSD

Allegements

Yes

Yes

Yes

 

Transaction Linking

Yes

Yes

Yes

 

Registered securities

No

No

No

 

Transaction Management

Yes

Yes

Yes

 

Multi Market Securities

No

No

No

 

Lending and borrowing

Yes

Yes

Yes

 

Proxy voting

No

No

No

 

Investment Funds

No

No

No

 

Liquidity Hub Connect

No

No

No

 

Sale and purchase of rights

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

BOGS checks the completeness of the instructions according to the system requirements. If instructions are found to meet all formal requirements, BOGS shall transmit them to T2S for validation checks. The time of entry of an instruction into BOGS shall be the time of receipt by BOGS from T2S of confirmation of completion of the validation checks for the instruction.

Irrevocability

The transfer order is irrevocable, as soon as it is indicated as matched by T2S.

Settlement finality

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.

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/Intermediary

Date of legal opinion

21 March 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.

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.

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.

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.