Market Link Guide – Belgium (Euroclear Belgium)
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 CBF, CBL and LuxCSD.
CBL and LuxCSD are using CBF 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 CBF, CBL and LuxCSD clients, unless otherwise highlighted in the documentation.
Key features
CSD link as defined under CSDRa | Yesb | |
Type of link | For CBF clients | Direct linkc to Euroclear Belgium |
For CBL clients | Direct link to CBF (All T2S eligible assets) for holding Euroclear Belgium T2S eligible securities, except cases below. Direct operated link via BNP Paribas S.A to Euroclear Belgium for holding selected securities (not eligible in CBF). | |
For LuxCSD clients | Direct linkc to CBF for holding Euroclear Belgium T2S eligible securities | |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Non-T2S eligible securities that are held in custody with BNP Paribas S.A. are not held under a CSD link
c. Interoperable link for T2S-related aspects.
CSD (as CBF’s depository) | Custodian (as CBL’s depository) | Custodian (as LuxCSD’s depository) | Asset Service Provider for CBF, CBL and LuxCSDa Account operator for CBL | |
Name | Euroclear Belgium, Brussels | Clearstream Banking AG, Frankfurt | Clearstream Banking AG, Frankfurt | BNP Paribas S.A, Paris |
FATCA GIIN | 1X6QDZ.00000.LE.056 | N1V1GJ.00002.ME.276 | N1V1GJ.00002.ME.276 | 1G159I.00269.BR.528 |
LEI | 549300CBNW05DILT6870 | 549300298FD7AS4PPU70 | 549300298FD7AS4PPU70 | R0MUWSFPU8MPRO8K5P83 |
Country of incorporation | Belgium | Germany | Germany | France |
Account type | Omnibus account | Omnibus account | Mirror omnibus account | |
Legal Account name / holder Account | Clearstream Bank S.A. | LuxCSD | Clearstream Banking AG Clearstream Banking S.A. |
a. BNP Paribas S.A. continues to be CBL’s depository for all non-T2S eligible securities.
Operational arrangements
For CBF clients | For CBL clients (link to CBF) | CBL clients (link to Euroclear Belgium) | For LuxCSD clients (link to CBF) | ||
Yes/No | Yes/No | Yes/No | Yes/No | Remarks | |
Settlement in T2S | Yes | Yes | Yes | Yes | |
Settlement free of payment | Yes | Yes | Yes | Yes | |
Settlement against payment | Yes | Yes | Yes (EUR only) | Yes (EUR only) | Eligible settlement currencies (between CBF 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 against payment in central bank money | Yes | Yes | No. CBL holds a cash account at BP2S who uses its account at Banque de France for settlement and asset servicing | Yes (EUR only) | |
Short selling of entitlement | No | No | No | No | Short selling of income or corporate actions proceeds is not authorised for settlement in CBL. Please refer to section 4.5 of the CBL Client Handbook. |
Settlement penalty fees | Yes | Yes | Yes | Yes | |
Partial settlement | Yes | Yes | Yes | Yes | |
Bridge settlement | No | Yes | Yes | No | |
Hold and Release | Yes | Yes | Yes | Yes | Partial release available for CBF and LuxCSD |
Allegements | Yes | Yes | Yes | Yes | |
Recycling | Yes | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | Yes | |
Transaction linking | Yes | Yes | Yes | Yes | |
Registered securities | Yes | Yes | Yes | Yes | The remaining registered shares are generally kept in the books of the issuing agents. |
Transaction management | Yes | Yes | Yes | Yes | |
Multi-market securities | No | Limited | Limited | No | Limited to transfers to and from T2S Out-CSDs if the home market is in T2S. |
Lending and borrowing | Yes | Yes | Yes | Yes | |
Proxy voting | Yes | Yes | Yes | Yes | |
Investment funds | Yes | Yes | Yes | Yes | CSD-eligible investment funds only |
Liquidity Hub Connect | No | No | No | No | |
Sale and purchase of rights | No | No | No | No | |
Repo services | No | No | Yes | No | |
Market restrictions | No | No | No | No | |
FTT | No | No | No | No | |
Miscellaneous | No | No | No | No | |
Daily reconciliation | Yes | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes | No | Yes | |
Moment of entry of instructions | The moment of entry of a transfer order in the CSD system is when the instruction has successfully passed the business validation of T2S | ||||
Irrevocability of instructions | The securities leg of an instruction shall be considered as irrevocable and thus may no longer be unilaterally amended or cancelled as from the moment such instruction is reported ‘matched’ on T2S | ||||
Finality of instructions | 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 CBF.
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 | 31 March 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. 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.). |
Recognition of nominee concept | Nominee concept not expressly recognized 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. |
No upper-tier attachments | 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. |
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 | 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 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 are irrevocable and finality of settlement is assured. |
Local legislation of the intermediary (France)
Local legislation of the intermediary | |
Date of legal opinion | 31 March 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 securities entitlements or contractual rights. No differences in conclusions in case of sub-accounts for Clients within the Direct CSD Account. |
Recognition of nominee concept | Nominee concept not expressly recognized 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 | 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. |
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 | 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 are irrevocable and finality of settlement is assured. |