Market Link Guide – Ukraine
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Operated link |
a.CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Operator | |
Name | National Bank of Ukraine | JSC Citibank |
FATCA GIIN | Non-reporting FI: Not available | NXUTG8.00375.ME.804 |
LEI | 254900V6U1GCBZZAUS26 | 549300E0ROTI7ACBZH02 |
Country of incorporation | Ukraine | Ukraine |
Account type | Omnibus account under a nominee structure | Omnibus account under a nominee structure |
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 | No | |
| Bridge settlement | No | |
| Shaping facility | No | |
| Partial settlement | No | |
| Settlement penalty fees | No | |
| Pre-matching | No | |
| Back-to-back processing | No | |
| Allegements | No | |
| Automatic compensation | No | |
| Registered securities | Yes | Securities are fully dematerialised and held onto the account of Clearstream Banking S.A. at the National Bank of Ukraine and recorded under the name of Clearstream Banking S.A. in the books of the National Bank of Ukraine. |
| 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 |
| Bilateral cancellation | No |
| Settlement finality | Transactions settled in the books of the CSD are final and irrevocable |
Moment of entry of instructions | Instructions are considered to be entered into SSD NBU's depository system after successful validation. |
Irrevocability of instructions | Matched instructions are irrevocable in SSD NBU's depository system. |
Settlement finality of instructions | Instructions settled in SSD NBU's depository system are final. Local custodians are obliged to record every transaction in their books on client accounts in order to finalise the transaction. |
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 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 nominee rights/legal ownership. Sub-accounts are not possible. |
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 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 | Use not restricted under local law, but contractual restriction would be enforceable. |
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 | Laws of the jurisdiction do not contain any provision for a shortfall in the securities. |
Settlement finality in case of insolvency | No. Precision from local counsel that local law does not provide for settlement finality. |