Market Link Guide – Argentina
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Direct |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | |
Name | Caja de Valores S.A.a |
FATCA GIIN | 84I80F.99999.SL.032 |
LEI | 48510030C35RTMK7W149 |
Country of incorporation | Argentina |
Account type | Omnibus account |
Legal Account name/holder | Clearstream Banking S.A. |
a. Caja de Valores S.A. is hereafter referred to as "CVSA"
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | No | |
| Settlement against payment in central bank money account of CBL/CBL client | Not available | |
| Bridge settlement | Yes | |
| Shaping facility | No | |
| Partial settlement | No | |
| Settlement penalty fees | No | |
| Pre-matching | Yes | |
| Back-to-back processing | No | |
| Allegements | No | |
| Automatic compensation | No | |
| Registered securities | Yes | |
| Multi Market Securities | Yes | |
| Lending and borrowing | Yes | For debt securities only. |
| Proxy voting | No | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | No | |
| Market restrictions | No | |
| FTT | No | |
| Daily reconciliation | Yes |
| Moment of entry of instructions | The CVSA rules do not define the moment of entry within the meaning of the Settlement Finality Directive. |
| Irrevocability of instructions | Transactions settled in CVSA are irrevocable. |
| Finality of instructions | CVSA provides for the intraday settlement finality. In particular, intraday settlement finality shall mean that a securities transfer order is immediately registered by CVSA, and is deemed final and irrevocable, once the transfer has been executed and the securities have been credited to the securities account. |
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 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 | 30 November 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 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 not expressly recognised 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, but 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. |
Ability to recover client assets in the event of insolvency of CSD | Securities would be recoverable. Cash 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. |