Market Link Guide - Slovenia
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 CSDR a | Yes | |
Type of link | For CBL clients | Direct link b to Clearstream Banking AG, Frankfurt, for holding KDD/T2S-eligible securities |
For CBF clients | Direct link to KDD for holding Slovak Republic-eligible securities | |
For LuxCSD clients | Direct link b to Clearstream Banking AG, Frankfurt, for holding KDD/T2S-eligible securities | |
a. CSD Regulation (EU) No 909/2014 Article 2(29).
b. Interoperable link for T2S-related aspects.
CSD (as CBF's depository) | Custodian (as CBL's depository) | Custodian (as LuxCSD's depository) | |
Name | Centralna klirinško depotna družba d.d. (KDD) | Clearstream Banking AG, | Clearstream Banking AG, |
FATCA GIIN | Not available | N1V1GJ.00002.ME.276 | N1V1GJ.00002.ME.276 |
LEI | 48510000JZ17NWGUA510 | 549300298FD7AS4PPU70 | 549300298FD7AS4PPU70 |
Country of incorporation | Slovenia | Germany | Germany |
Account type | Omnibus account | Omnibus account | Omnibus account |
Legal account name/holder | Clearstream Banking AG, Frankfurt | Clearstream Banking S.A. | LuxCSD S.A. |
Operational arrangements
| For CBL clients | For CBL clients | For LuxCSD clients | Remarks | |
Yes/No | Yes/No | Yes/No | Yes/No | ||
Settlement in T2S | Yes | Yes | No | 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, CHF, 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 | 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 | |
Bridge settlement | No | Yes | Yes | No | |
Hold and Release | Yes | Yes | Yes | Yes | Partial release available for CBF and LuxCSD |
Recycling | Yes | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | Yes | |
Allegements | Yes | Yes | Yes | Yes | |
Transaction linking | Yes | Yes | Yes | Yes | |
Registered securities | No | No | No | No | Equities are mostly bearer shares. But there could be some registered shares when the issuers may decide to re-materialise the shares through a corporate action. Clients will be notified accordingly. |
Transaction management | No | No | No | No | |
Multi-market securities | No | Limited | Limited | No | |
Lending and borrowing | Yes | Yes | Yes | Yes | |
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 | Yes | Yes | Yes | Yes | Triparty Repo: bonds and equities. |
Market restrictions | No | No | No | No | |
FTT | No | No | No | No | |
Daily reconciliation | Yes | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes | No | Yes |
Moment of entry of instructions | The moment of successful validation and acknowledgement of instruction by T2S. |
Irrevocability of instructions | The moment when the instruction is matched in T2S or matched status is assigned to the instruction in T2S. |
Finality of instructions | Instructions are final and irrevocable upon settlement in T2S. |
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 | For CBL clients | For LuxCSD clients | |
Date of legal opinion | 15 June 2024 | 15 June 2024 | 15 June 2024 | 15 June 2024 |
No insolvency proceedings against the CSD | Confirmed | Confirmed | Confirmed | Confirmed |
Liability for negligence | Confirmed | Confirmed | Confirmed | Confirmed |
Book-entry regime with in rem rights | Confirmed | Confirmed | Confirmed | Confirmed |
Recognition as direct CSD account-holder | Confirmed | Confirmed | Confirmed | Confirmed |
Recognition of nominee concept | Confirmed | Confirmed | Confirmed | Confirmed |
No right of retention for the 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 CSD with no impact on CBF's rights | Confirmed | Confirmed | Confirmed | Confirmed |
Shortfall pro-rated among holders | Confirmed | Confirmed | Confirmed | Confirmed |
Record keeping period of at least 10 years | Confirmed | Confirmed | Confirmed | Confirmed |
Settlement finality in case of insolvency | Confirmed | Confirmed | Confirmed | Confirmed |