Market Link Guide – Spain
The OneClearstream service level provides clients with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between CEU, CBL and LuxCSD.
CBL and LuxCSD are using CEU as single gateway into T2S markets, allowing seamless transfer between CSD and ICSD counterparties.
This Market Link Guide represents Clearstream’s efforts to streamline our custody network and improve our asset servicing and collateral management services in the new T2S environment. The service description is valid for CEU, CBL and LuxCSD clients, unless otherwise highlighted in the documentation.
Key features
CSD link as defined under CSDRa | Yes | |
Type of link | For CEU clients | Direct linkb to Iberclear |
For CBL clients | Direct linkb to Clearstream Europe AG for holding Iberclear/T2S eligible securities Indirect link via BBVA to Iberclear (All non T2S-eligible assets and multi-listed securities) | |
For LuxCSD clients | Direct linkb to Clearstream Europe AG for holding Iberclear/T2S eligible securities | |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Interoperable link for T2S-related aspects
CSD | Custodian | Custodian | Asset Service Provider for CEU, CBL and LuxCSD Custodian in CBL | ||
Name | Iberclear | Clearstream Europe AG | Clearstream Europe AG | Banco Bilbao Vizcaza Argentaria (BBVA) | |
FATCA GIIN | Not available | N1V1GJ.00002.ME.276 | N1V1GJ.00002.ME.276 | 8DGQ38.00000.LE.724 | |
LEI | 959800DN0D5DXFUBNB37 | 5493004PP58SUE3G8M27 | 5493004PP58SUE3G8M27 | K8MS7FD7N5Z2WQ51AZ71 | |
Country of incorporation | Spain | Germany | Germany | Spain | |
Account Type | Omnibus account | Omnibus account | Omnibus account | Mirror omnibus account | |
Legal Account name / holder | Clearstream Europe AG | Clearstream Banking Luxemburg S.A. | LuxCSD S.A. | Clearstream Banking Luxemburg S.A. (non-T2S securities) and Clearstream Europe AG |
Operational arrangements
For CEU clients Yes/No | For CBL clients Yes/No | For LuxCSD clients Yes/No | Remarks | |
Settlement in T2S | Yes | Yes | Yes | |
Settlement free of payment | Yes | Yes | Yes | |
Settlement against payment | Yes | Yes | Yes (EUR only) | Eligible settlement currencies (between CEU and CBL counterparties only): AUD, CAD, CHFa, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR. |
Settlement in central bank mon | Yes | Yes. Against payment takes place on the DCA of CBL | Yes | CeBM in EUR only |
Settlement penalty fees | Yes | Yes | Yes | |
Partial settlement | Yes | Yes, but limited to receipt instructions | Yes | |
Recycling | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | |
Bridge settlement | No | Yes | No | |
Hold and Release | Yes | Yes | Yes | Partial release available for CEU and LuxCSD |
Allegements | Yes | Yes | Yes | |
Transaction linking | Yes | Yes | Yes | |
Transaction management | Yes | Yes | Yes | |
Multi-market securities | No | Limited | No | |
Lending and borrowing | Yes | Yes | Yes | |
Proxy voting | Yes | Yes | Yes | |
Investment funds | Yes | Yes | Yes | |
Sale and purchase of rights | No | No | No | |
Repo services | Yes | Yes | Yes | |
Market restrictions | Yes | Yes | Yes | Zero-coupon with maturity over 12 months are not eligible with Clearstream Banking. Clients are not allowed to hold Spanish stripped securities or zero-coupon bonds with Clearstream Banking on behalf of Spanish resident individual income tax payers. There are no holding restrictions for beneficiary owners that are Spanish non-resident income tax payers. |
FTT | Yes | Yes | Yes | |
Daily reconciliation | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | |
Moment of entry | Validation performed on the T2S platform, according to the T2S rules. | |||
Irrevocability | Transfer orders become irrevocable upon matching. | |||
Settlement finality | Settlement in T2S is simultaneous, final and irrevocable. | |||
a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CEU.
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 – only for non T2S-eligible assets and multi-listed securities. | |
Date of legal opinion | 30 June 2024 | 30 June 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 of other nature/type (chose in action, right to provide instructions to CSD on behalf of Clients, co-ownership rights, trustee rights, sui generis rights, etc.). No 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 of other nature/type (chose in action, right to provide instructions to CSD on behalf of Clients, co-ownership rights, trustee rights, sui generis rights, etc.). 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. | 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. | 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 | 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 | Securities would be recoverable in the event of insolvency of the Subcustodian. | Securities would be recoverable in the event 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. | 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 may be revoked in certain circumstances. |