Market Link Guide - Italy
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. Clearstream refers to CBF, CBL and LuxCSD unless otherwise stated.
Key features
CSD link as defined under CSDRa | Yes | |
Type of link | For CBF clients | Direct linkb to Monte Titoli. |
For CBL clients | Direct link to Clearstream Banking AG, Frankfurt for holding Monte Titoli T2S-eligible securities. Direct operated link via Intesa Sanpaolo for holding Monte Titoli non T2S-eligible securities. | |
For LuxCSD clients | Direct linkb to Clearstream Banking AG, Frankfurt for holding Monte Titoli T2S eligible securities. | |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Interoperable link for T2S-related aspects
CSD (as CBF’s and CBL’s depository) | Custodian (as CBL’s depository) | Custodian (as LuxCSD’s depository) | Asset Service Provider for CBF, CBL and LuxCSD Account operator for CBL | |
Name | Monte Titoli, Milan | Clearstream Banking AG, Frankfurt | Clearstream Banking AG, Frankfurt | Intesa Sanpaolo, Milan |
FATCA GIIN | 4FK4AX.00008.ME.380 | N1V1GJ.00002.ME.276 | N1V1GJ.00002.ME.276 | D9I1IN.00000.LE.380 |
LEI | 8156009CEEE1B8C7C646 | 549300298FD7AS4PPU70 | 549300298FD7AS4PPU70 | 2W8N8UU78PMDQKZENC08 |
Country of incorporation | Italy | Germany | Germany | Italy |
Account type | Omnibus account | Omnibus account | Omnibus account | Mirror omnibus account |
Legal Account name/holder | Clearstream Banking AG Clearstream Banking S.A. | Clearstream Banking S.A. | LuxCSD | Mirror omnibus account |
Operational arrangements
For CBF clients | For CBL clients (link to CBF) | For CBL clients (link to Monte Titoli) | For LuxCSD clients (link to CBF) | ||
Yes/No | Yes/No | Yes/No | Yes/No | Remarks | |
Settlement in T2S | Yes | Yes | Yes | Yes | |
Settlement free of payment | Yes | Yes | Yes | Yes | |
Settlement against payment | Yes | Yes | Yes (EUR only) | 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 against payment in central bank money | Yes | Yes | No. The account operator settles on its DCA and uses the DCA to collect cash proceeds from asset servicing. | Yes | CeBM in EUR only |
Settlement penalty fees | Yes | Yes | Yes | Yes | |
Partial settlement | Yes | Yes | Yes | Yes | |
Recycling | Yes | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | Yes | |
Bridge settlement | No | Yes | Yes | No | |
Hold and Release | Yes | Yes | Yes | Yes | Partial release available for CBF and LuxCSD |
Allegements | Yes | Yes | Yes | Yes | |
Transaction Linking | Yes | Yes | Yes | Yes | |
Registered securities | Yes | Yes | Yes | Yes | |
Transaction Management | Yes | Yes | Yes | Yes | |
Multi Market Securities | No | Limited | Limited | No | Limited to transfers to and from T2S Out-CSDs if the home market is in T2S. |
Lending and borrowing | No | No | No | No | |
Proxy voting | Yes | Yes | Yes | Yes | |
Investment Funds | No | No | No | No | |
Liquidity Hub Connect | No | No | No | No | |
Sale and purchase of rights | No | No | No | No | |
Repo services | No | No | No | No | |
Market restrictions | No | No | No | No | |
FTT | Yes | Yes | Yes | Yes | CBF, CBL and LuxCSD assume no role in the collection of FTT in Italy. |
Miscellaneous | No | No | No | No | |
Daily reconciliation | Yes | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes | No | Yes | |
| Bilateral Cancellation | Yes | Yes | Yes | Yes | |
| Moment of entry of instructions | The moment of the entry into the system of settlement instructions occurs with the validation performed on the T2S platform, according to the T2S rules. | ||||
| Irrevocability of instructions | The moment of the irrevocability of settlement instructions introduced in the system and properly validated occurs with the matching performed in T2S. | ||||
Settlement finality | The time of settlement finality occurs with the settlement processed in T2S. | ||||
a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CBF.
Legal arrangements
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.
For CBF clients | For CBL clients (link to CBF) | For CBL clients (link to Monte Titoli) | For LuxCSD clients (link to CBF) | |
Date of legal opinion | 20 September 2023 | 22 June 2023 | 29 November 2022 | 5 March 2020 |
No insolvency proceedings against the account operator or the CSD | Confirmed | Confirmed | Confirmed | Confirmed |
Liability for negligence | Confirmed for losses that are the immediate and a direct consequence of the CSD’s wilful misconduct or gross negligence and subject to the relevant client having informed of the loss-producing event within 10 calendar days. | Confirmed | Confirmed for losses that are the immediate and a direct consequence of the CSD’s wilful misconduct or gross negligence and subject to the relevant client having informed of the loss-producing event within 10 calendar days. | Confirmed |
Book-entry regime with in rem rights | Confirmed | Confirmed | Confirmed | Confirmed |
No entitlement of the account operator/CSD | Not available | Not available | Confirmed. | Not available |
Recognition as direct CSD account-holder | Confirmed. | Confirmed | Confirmed. | Confirmed |
Recognition of nominee concept | Confirmed | Confirmed | Confirmed | Confirmed |
No right of retention to the account operator/CSD | Confirmed | Confirmed | Confirmed | Confirmed |
Segregation of assets at the CSD | Confirmed | Confirmed | Confirmed | Confirmed |
No right of use | Confirmed | Confirmed | Confirmed | Confirmed |
No upper-tier attachments | Confirmed | Confirmed | Confirmed | Confirmed |
Insolvency of account operator with no impact on CBL's rights | Confirmed | Confirmed | Confirmed | Confirmed |
Shortfall pro-rated among holders | Confirmed for the case of an insolvency of the CSD, provided the CSD respected the asset separation requirements. | Confirmed | Confirmed for the case of an insolvency of the CSD, provided the CSD respected the asset separation requirements. | Confirmed |
Settlement finality in case of insolvency | Confirmed | Confirmed | Confirmed | Confirmed |
| Record keeping period of at least 10 years | Statutory law requires the CSD to maintain records for a period of 5 years, only. | Confirmed | Confirmed | Confirmed |