Market Link Guide – Armenia
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 | Central Depository of Armenia |
FATCA GIIN | 3W9I7K.99999.SL.051 |
LEI | 253400ML866V3CRYT079 |
Country of incorporation | Armenia |
Account type | Omnibus account designated as nominee account |
Legal Account name / holder | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement in T2S | No | |
| 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 | No | |
| Shaping facility | No | |
| Partial settlement | No | |
| Settlement penalty fees | No | |
| Pre-matching | No | |
| Back-to-back processing | No | |
| Allegements | Yes | |
| Automatic compensation | No | |
| Registered securities | Not available | |
| Multi Market Securities | No | |
| Lending and borrowing | No | |
| 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 | |
| Link eligible for use in Eurosystem credit operations | No |
| Moment of entry of instructions | Market participants insert the instructions in the CSD system. When the instructions match, CSD system generates the batch and makes the final settlement. |
| Irrevocability of instructions | Starting the moment of Final settlement, the instructions are irrevocable. Before the final settlement, each party can cancel its instruction. |
| Finality of instructions | Transfers become final after settlement. |
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 | |
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. No differences in conclusions in case of sub-accounts for Clients within the Direct CSD account. |
Recognition of nominee concept | Nominee concept recognised under local law. |
No right of retention to the CSD under local law | CSD does not have a lien or similar encumbrances on the securities under local law. |
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, 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 | n/a |
Shortfall pro-rated among holders | Shortfall in the securities may be allocated pro rata, but counsel noted certain nuances. |
Settlement finality in case of insolvency | Transfer orders are irrevocable and finality of settlement is assured. |