Market Link Guide – Portugal
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 linkb to Interbolsa |
For CBL clients | Direct linkb to Clearstream Banking AG, Frankfurt for holding Interbolsa/T2S eligible securities Indirect link via BNP Paribas S.A. to Interbolsa (All non T2S-eligible assets and some T2S eligible securities that require specific handling or reporting for example investment funds) Link to BNP Paribas S.A. for holding securities that are not eligible in T2S and in Interbolsa. | |
For LuxCSD clients | Direct linkb to Clearstream Banking AG, Frankfurt for holding Interbolsa/T2S eligible securities | |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Interoperable link for T2S-related aspects.
CSD | Custodian | Custodian | Asset Service Provider for CBF, CBL and LuxCSD Custodian in CBL | |
Name | Interbolsa | Clearstream Banking AG, | Clearstream Banking AG, | BNP Paribas S.A. |
FATCA GIIN | Not available | N1V1GJ.00002.ME.276 | N1V1GJ.00002.ME.276 | 1G159I.00269.BR.528 |
LEI | 529900LG70TCAGWCXT47 | 5493004PP58SUE3G8M27 | 5493004PP58SUE3G8M27 | R0MUWSFPU8MPRO8K5P83 |
Country of incorporation | Portugal | Germany | Germany | France |
Account Type | Omnibus account | Omnibus account | Omnibus account | Mirror omnibus account |
Legal Account name / holder | Clearstream Banking AG, | Clearstream Banking Luxemburg S.A. | LuxCSD S.A. | Clearstream Banking Luxemburg S.A. |
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, but limited to receipt instructions | Yes | |
Bridge settlement | No | Yes | No | |
Hold and Release | Yes | Yes | Yes | Partial release available for CBF and LuxCSD |
Recycling | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | |
Allegements | Yes | Yes | Yes | |
Transaction Linking | Yes | Yes | Yes | |
Transaction Management | Yes | Yes | Yes | |
Multi Market Securities | No | Limited | No | |
Lending and borrowing | Yes | Yes | Yes | Debt securities only |
Proxy voting | Yes | Yes | Yes | |
Investment Funds | Yes | Yes | Yes | Interbolsa eligible Investment Funds only |
Sale and purchase of rights | No | No | No | |
Repo services | No | No | No | |
Market restrictions | Yes | Yes | Yes | According to Portuguese Decree Law 193/2005 and in order to allow the holding of Portuguese debt securities, clients must provide a Portuguese Debt Securities - One-time Declaration of Beneficial Ownership certifying that the final beneficial owners do not fall into the market-specific categories that are not entitled to exemption from Portuguese withholding tax. Note: Law 83/2013, which removed the restrictions on holdings by or on behalf of non-exempt beneficial owners at the ICSDs, remains applicable only to securities still falling under the previous wording of Decree Law 193/2005. |
FTT | No | No | No | |
Daily reconciliation | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | No | No | No | |
Bilateral cancellation | Yes | Yes | Yes | |
Moment of entry | 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 | 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.
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 | 23 May 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 securities entitlements or contractual rights. No differences in conclusions in case of sub-accounts for Customers within the Direct CSD Account. |
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 has a lien or similar encumbrance under local law, and it is questionable that 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 | N/A |
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 may be revoked in certain circumstances. |
Local legislation of the intermediary (France)
Local legislation of the intermediary | |
Date of legal opinion | 23 May 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 securities entitlements or contractual rights. No differences in conclusions in case of sub-accounts for Customers within the Direct CSD Account. |
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. |
Ability to recover client assets in the event of insolvency of CSD | Securities would be recoverable in the event of insolvency of the Subcustodian. Claim to Cash as a general creditor in case of insolvency of the Subcustodian. |
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. |