Market Link Guide – Romania
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Direct link to the National Bank of Romania (NBR) operated by BRD Groupe Société Générale S.A |
Indirect link via BRD Groupe Société Générale S.A to the CSD Depozitarul Central S.A. |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Account operator | |
Name | National Bank of Romania | BRD Groupe Société Générale S.A |
Settlement method | National Bank of Romania (NBR) for government bonds and bills via SaFIR (NBR settlement system) | |
FATCA GIIN | Not available | QQA6ZW.00076.ME.642 |
LEI | 259400VHILGGKLBNL383 | 5493008QRHH0XCLJ4238 |
Country of incorporation | Romania | Romania |
Account type | Omnibus account | Mirror omnibus account |
Legal account name/ holder | Clearstream Banking S.A. | Clearstream Banking S.A. |
CSD | Custodian | |
Name | DEPOZITARUL CENTRAL S.A. | BRD Groupe Société Générale S.A |
Settlement method | Depozitarul Central S.A. (CSD) for RON denominated municipal and corporate bonds and equities via ArenaPT (CSD settlement system) | |
FATCA GIIN | Not available | QQA6ZW.00076.ME.642 |
LEI | 254900LXHEVKYGERER05 | 5493008QRHH0XCLJ4238 |
Country of incorporation | Romania | Romania |
Account type | Omnibus account | Omnibus account |
Legal account name/ holder | Clearstream Banking S.A. | Clearstream Banking S.A. |
CSD | Custodian | |
Name | DEPOZITARUL CENTRAL S.A. | BRD Groupe Société Générale S.A. |
Settlement method | Depozitarul Central S.A. (CSD) for T2S eligible EUR denominated bonds (CSD T2S settlement system) | |
FATCA GIIN | Not available | QQA6ZW.00076.ME.642 |
LEI | 254900LXHEVKYGERER05 | 5493008QRHH0XCLJ4238 |
Country of incorporation | Romania | Romania |
Account type | Omnibus account | Omnibus account |
Legal account name/holder |
Operational arrangements
| Yes/No | Remarks | |
| Settlement in T2S | Yes | Depozitarul Central S.A. (CSD) offers T2S settlement for eligible EUR denominated bonds. In CBL eligibility is restricted to 2 ISIN codes ROIIBKDBC049 and ROAB22JS4SS1. Settlement with domestic counterparties is available in FOP only. |
| Settlement free of payment | Yes | Restricted to portfolio transfers only. |
| Settlement against payment | Yes | Eligible settlement currency: Romanian Leu (RON) and Euro (EUR) for SaFIR (NBR) eligible securities. RON only for ArenaPT (CSD) eligible securities. |
| Bridge settlement | Yes/No | SaFIR eligible securities are Bridge eligible. Depozitarul Central S.A. (CSD) eligible instruments are not Bridge eligible. |
| Settlement against payment in central bank money | Yes | EUR against payment for EUR denominated SaFIR (NBR) eligible instruments. |
| Shaping facility | No | |
Hold and Release | No | |
| Partial settlement | No | Partial settlement is not applicable in the Romanian market. |
Recycling | Yes | Please see details in Settlement services |
Bilateral cancellation | Yes | Please see details in Settlement services |
| Settlement penalty fees | Yes | Please see details in Settlement services |
| Pre-matching | Yes | Local pre-matching is market practice, clients are strongly recommended to use the immediate release flag in their settlement instructions. |
| Allegements | Yes | |
| Automatic compensation | No | Automatic compensation by the local CSDs. |
| Registered securities | Yes | NBR is the registrar for government securities. The nominee concept is recognised at the NBR. In Depozitarul Central S.A., the nominee concept is recognised. |
| Multi Market Securities | No | |
| Lending and borrowing | Yes/No | Not available for ArenaPT (CSD) eligible securities. |
| Proxy voting | Yes | |
| Investment Funds | Yes | Investment Funds and ETFs eligible at Depozitarul Central S.A. (CSD) |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | The account operator offers Repo services for outstanding T-bonds. |
| Market restrictions | No | |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
Moment of entry | According to Depozitarul Central Rulebook: Art. 1371 (1) The time at which the transfer orders are considered placed in the Depozitarul Central’s settlement system, being valid/irrevocable and binding on third parties, producing legal effects between the Participants, is the time at which the transaction is registered in Depozitarul Central’s system according to the provisions of 137 par. (1). (2) Starting with the time mentioned at par. (1), the transfer orders registered in the system may not be revoked by a Participant to Depozitarul Central’s system or by a third party, being protected according to the provisions of Law no. 253/2004 on the final nature of settlement in payment systems and settlement systems for securities operations and Law 297/2004, even in case an insolvency procedure is initiated against a Participant. (3) After the time mentioned at par. (1) the transfer orders registered in Depozitarul Central’s system may be changed and/or revoked only by Depozitarul Central according to the provisions of the present Code. |
Irrevocability | Matched instructions are irrevocable and require bilateral cancellation. Only unmatched instructions in SaFIR (NBR) can be cancelled unilaterally. Only instructions that have not been uploaded into ArenaPT (CSD) or instructions have not been matched, can be cancelled unilaterally. |
Settlement finality | Yes According to Depozitarul Central Rulebook: Art. 142 (1) After the completion of securities settlement operations, the transaction settlement is considered final and irrevocable. Depozitarul Central will send notices regarding the settlement confirmation to the participants involved and/or to Clearing participants, as the case may be. (2) After Depozitarul Central confirms the completion of settlement, the Clearing participants and the participants involved have the obligation and exclusive liability to deposit, on the settlement date, in the credit accounts, the amount needed for settling the transaction on a gross basis. (3) The respective Participants are fully liable for making the funds transfer. |
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 Depozitarul Central S.A./Intermediary | Local legislation of the National Bank of Romania (NBR)/Intermediary | |
Date of legal opinion | 5 May 2025 | 5 May 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 rights in rem. Counsel noted differences in conclusions in case of sub-accounts for Clients 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. Counsel noted 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. | Nominee concept recognised under local law. |
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. | 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, subject to specific potential exceptions. | Securities would not be subject to attachment, subject to specific potential exceptions. |
No right of use without prior consent | Laws of the jurisdiction restrict CSD from using securities without Clearstream’s 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. | 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.). | 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 | Indirect DC S.A. Securities would be recoverable in the event of insolvency of the Subcustodian. Conclusions in the opinion generally apply to the indirect link model, subject to certain exceptions noted by counsel. Claim to cash as a general creditor in case of insolvency of the Subcustodian. | Direct Conclusions in the opinion generally apply to the direct link operated by agent model, subject to certain exceptions noted by counsel. 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 (including lack of provisions/guidance on allocation of shortfall under local law). | Shortfall in the securities may be allocated pro rata, but counsel noted certain nuances (including lack of provisions/guidance on allocation of shortfall under local law). |
Settlement finality in case of insolvency | Transfer orders are irrevocable and finality of settlement is assured. | Transfer orders are irrevocable and finality of settlement is assured. |