Market Link Guide – Hungary
Key features
CSD link as defined under4:15 CSDRa | Yes |
Type of link | Direct link at KELER Ltd. operated by Raiffeisen Bank International AG |
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
CSD | Account operator | |
Name | KELER Ltd., Budapest | Raiffeisen Bank International AG, Vienna |
FATCA GIIN | HG4QEN.00000.LE.348 | 28CWN4.00000.LE.040 |
LEI | 529900MPT6BHOJRPB746 | 9ZHRYM6F437SQJ6OUG95 |
Country of incorporation | Hungary | Austria |
Account type | Omnibus account | Mirror omnibus account |
Legal account name / holder | Clearstream Banking SA | Clearstream Banking S.A. |
Operational arrangements
| Settlement in T2S | No | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | In HUF only |
| Settlement against payment in central bank money account of CBL/CBL clients | No | |
| Bridge settlement | Yes | Only for corporate and government bonds. |
| Shaping facility | No | |
| Partial settlement | Yes | Please see details in Settlement services |
| Settlement penalty fees | No | Please see details in Settlement services |
Hold and Release | Yes | Please see details in Settlement services |
Recycling | Yes | Please see details in Settlement services |
Bilateral cancellation | Yes | Please see details in Settlement services |
| Pre-matching | Yes | |
| Back-to-back processing | No | |
| Allegements | Yes | |
| Automatic compensation | No | |
| Registered securities | Yes | Only equities and some corporate bonds are registered - all the other instruments are bearer. |
| 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 | Yes | Refer to the Market Profile. |
| FTT | Yes | Please refer to Announcement A22085. |
| Moment of entry of instructions | KELER considers the order for the value date concerned received order (either submitted on the same day or with value dating or recycled from earlier) on the day if the order:
|
| Irrevocability of instructions | When settlement actually takes place in KELER's systems. |
| Finality of instructions | When settlement actually takes place in KELER's systems. |
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 | Local legislation of the intermediary (Austria) | |
Date of legal opinion | 18 December 2024 | 18 December 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 securities entitlements or contractual rights. No differences in conclusions in case of sub-accounts for Customers within the Direct CSD Account. | Substantive law of the jurisdiction will govern the nature of the rights on the Securities. Rights on the Securities are rights in rem. Rights on the Securities are of other nature/type (chose in action, right to provide instructions to CSD on behalf of Customers, co-ownership rights, trustee rights, sui generis rights, etc.). |
Recognition of nominee concept | Nominee concept recognized under local law. | Nominee concept recognized 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. | 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. | 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. | 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. | 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. | 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. | 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. Claim to Cash as a general creditor in case of insolvency of the Agent. | Securities would be recoverable in the event of insolvency of the Agent. Claim to Cash as a general creditor in case of insolvency of the Agent. |
Shortfall pro-rated among holders | Shortfall in the Securities may be allocated pro rata, but counsel noted certain nuances. | 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. | Transfer orders are irrevocable and finality of settlement is assured. |