Market Link Guide – Taiwan
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 | Taiwan Depository & Clearing Corporation (TDCC). | Deutsche Bank AG, Taipei Branch |
FATCA GIIN | U5357L.99999.SL.158 | Y0M5J7.00000.BR.158 |
LEI | 5493002M0I148C9XLF52 | 25490016G0WR60ANOK04 |
Country of incorporation | Taiwan | Germany |
Account type | Participant account | Mirror account |
Legal Account name/holder | Clearstream Banking S.A. | Clearstream Banking S.A. |
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 clients | Not available | No DVP settlement |
| Bridge settlement | No | |
| Shaping facility | No | |
| Partial settlement | No | Except when the local CSD imposes the partial delivery of securities. |
| Settlement penalty fees | No | |
| Pre-matching | Yes | Only for matched trades, subject to availability of a trade execution report from the broker. |
| Back-to-back processing | No | |
| Allegements | No | |
| Automatic compensation | No | |
| Registered securities | Yes | Registration takes place automatically upon settlement. |
| Multi Market Securities | No | |
| Lending and borrowing | No | |
| Proxy voting | No | There is typically no meeting set up for international bonds. Only on very rare occasions will there be a meeting. |
| 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 CSD rules do not define the moment of entry within the meaning of the Settlement Finality Directive. |
| Irrevocability of instructions | All trades in TWSE and TPEx are irrevocable. |
| Finality of instructions | All trades in TWSE's and TPEx’s markets are locked-in. The settlement of funds and securities from securities firms to TWSE/TPEx 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 | 30 June 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 | Laws of the jurisdiction restrict CSD from using securities without Clearstream’s prior consent. |
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. |
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 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 | No provisions on settlement finality under local law. |