Market Link Guide - Slovak Republic
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Direct Operated |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Account operator | |
Name | Centrálny depozitár cenných papierov SR (CDCP) | Ceskoslovenska obchodna banka (CSOB) |
FATCA GIIN | Not available | 5DHUWX.00008.ME.703 |
LEI | 097900BEFH0000000217 | 52990096Q5LMCH1WU462 |
Country of incorporation | Slovak Republic | Slovak Republic |
Account type | Omnibus account | Mirror omnibus account |
Legal account name / holder | Clearstream Banking S.A. | Clearstream Banking S.A. |
Operational arrangements
Yes/No | Remarks | |
Settlement in T2S | Yes | |
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 customers | No | CBL holds a cash account at the account operator. Against payment settlement in EUR takes place on the DCA of CSOB at the Slovak National Bank. |
Partial settlement | No | |
Bridge settlement | Yes | |
Settlement penalty fees | Yes | There is a fee for failure of settlement on intended settlement date of EUR 0.25 paid by both buyer and seller. |
Hold and Release | No | Although Hold and Release service is offered by CDCP, the local market does not support pre-matching services. |
Allegements | Yes | |
Transaction Linking | Limited | Transaction linking is not possible, but the existing back-to-back service is available. |
Bilateral Cancellation | Yes | |
Registered securities | No | Equities are mostly bearer. But there could be some registered equities when the issuers may decide to re-materialise the shares through a corporate action. Customers will be notified accordingly. |
Transaction Management | No | |
Multi Market Securities | No | |
Lending and borrowing | Yes | |
Proxy voting | Yes | |
Investment Funds | No | |
Liquidity Hub Connect | No | |
Sale and purchase of rights | No | |
Repo services | Yes | Triparty Repo: bonds and equities. |
Market restrictions | No | |
FTT | No | |
Miscellaneous | Yes |
|
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | 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 based on the legal opinion obtained by CBL that was issued on 2 November 2020. 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 account operator or the CSD | Confirmed |
Liability for negligence | Limitation of liability to gross negligence or wilful misconduct in the performance of CSD duties under the CSD Agreement and for incorrect, incomplete or delayed performance. |
Book-entry regime with in rem rights | Confirmed |
No entitlement of the account operator/CSD | Confirmed in respect of rights of ownership/in rem rights. |
Recognition as direct CSD account-holder | Confirmed. Liabilities/obligations as regards registration, transfer and custody of book-entry securities are only enforceable between Clearstream and the CSD. |
Recognition of nominee concept | Confirmed |
No right of retention to the account operator/CSD | Confirmed |
Segregation of assets at the CSD | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | Local laws do not prohibit upper tier attachments. |
Insolvency of account operator/CSD with no impact on CBL's rights | Confirmed |
Shortfall pro-rated among holders | Confirmed. Due to local law set-up, the CSD does not physically hold securities and consequently no shortfall should occur. |
| Record keeping period of at least 10 years | Confirmed |
Settlement finality in case of insolvency | Confirmed |