Market Link Guide - Uruguay
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect link through Banco Itaú Uruguay S.A. to: Central Bank of Uruguay as Central Depository for government debt. |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | Central Bank of Uruguay, “CBU” | Banco Itaú Uruguay S.A. |
FATCA GIIN | Not available | DI5KU3.00040.ME.858 |
LEI | Not available | 549300M5MYAD51WHJD55 |
Country of incorporation | Uruguay | Uruguay |
Account type | Omnibus account | Omnibus account |
Legal account name/holder | Banco Itaú Uruguay S.A. Account opened for third parties and known as “Non Resident” assets. Banco Itaú as the participant in the Central Bank of Uruguay does not hold an individually segregated account for CBL. | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | |
| Settlement against payment in central bank money account of CBL/CBL clients | No | CBL holds a cash account at the custodian. Against payment settlement takes place on the custodian’s account at at the local central bank. |
| Bridge settlement | No | |
| 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 | No | |
| 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 | Yes | |
| Market restrictions | No | |
| FTT | No | |
| Daily reconciliation | Yes |
Moment of entry | Moment of entry is determined when the transaction has been accepted into the system. |
| Irrevocability | Instructions can be cancelled unilaterally. Settled instructions are irrevocable. |
Settlement finality | Settlement in the Central Bank of Uruguay system is final and irrevocable. |
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/intermediary | |
Date of legal opinion | 31 March 2025 |
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 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 | Use not restricted under local law, but contractual restriction would be enforceable. |
Segregation of assets at the CSD | Segregation obligation not expressly required under local law. |
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 | 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. |
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. |