Market Link Guide – Denmark
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 | Yes. | |
Type of link | For CBF clients | Direct linkb to Euronext Securities Copenhagen. |
For CBL clients | Direct linkb to Clearstream Banking AG, Frankfurt for ES-CPH/T2S-eligible securities. | |
For LuxCSD clients | Direct linkb to Clearstream Banking AG, Frankfurt for ES-CPH/T2S-eligible securities. | |
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
b. Interoperable link for T2S-related aspects.
CSD (as CBF’s depository in Denmark) | Custodian (as CBL’s depository) | Custodian (as LuxCSD’s depository) | |
Name | VP Securities A/S | Clearstream Banking AG, | Clearstream Banking AG, |
FATCA GIIN | MM0S16.00000.LE.208 | N1V1GJ.000 | N1V1GJ.000 |
LEI | 529900HDNBQ2DD0QHJ07 | 5493004PP5 | 5493004PP5 |
Country of incorporation | Denmark | Germany | Germany |
Account type | Omnibus account | Omnibus account | Omnibus account |
Legal account name / holder | Clearstream Banking AG, Frankfurt | Clearstream Banking S.A. | LuxCSD S.A. |
Operational arrangements
For CBF 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 CBF and CBL counterparties only): AUD, CAD, CHFa, CNY, CZK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR. | |
Settlement against payment in central bank money account | Yes | Yes. Against payment (EUR and DKK) takes place on the DCA of CBL | Yes | CeBM in EUR only | |
Bridge settlement | Yes | Yes | Yes | ||
Partial settlement | Yes | Yes | Yes | ||
Recycling | Yes | Yes | Yes | ||
Bilateral cancellation | Yes | Yes | Yes | ||
Settlement penalty fees | Yes | Yes | Yes | ||
Hold and release | Yes | Yes | Yes | T2S: The hold and release feature available in T2S will be used by CBL for pre-matching only. | |
Transaction linking (back-to-back processing) | Yes | Yes | Yes | ||
Allegements | Yes | Yes | Yes | ||
Registered securities | Yes | Yes | Yes | ||
Transaction management | Yes | Yes | Yes | ||
Multi-market securities | No | No | No | ||
Lending and borrowing | Yes | Yes | Yes | Debt securities only | |
Proxy voting | Yes | Yes | Yes | ||
Investment funds | Yes | Yes | Yes | ||
Liquidity Hub Connect | No | No | No | ||
Sale and purchase of rights | No | No | No | ||
Market restrictions | Yes | Yes | Yes | ||
FTT | No | No | No | ||
Daily reconciliation | Yes | Yes | Yes | ||
Link eligible for use in Eurosystem credit operations | Yes | Yes | Yes | ||
Moment of entry of instructions | T2S: Whereas a transfer order for T2S settlement has been passed on to the T2S System, is deemed “entered” into at the moment at which it has been declared compliant with the technical rules of T2S by the T2S platform. |
Irrevocability of instructions | T2S: When a transfer order has been given the status matched on the T2S platform, the transfer order cannot unilaterally be cancelled or revoked. |
Finality of instructions |
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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 | 04 November 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 ownership rights. No 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. |
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, 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 | n/a |
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. |