Market Link Guide – Estonia, Latvia and Lithuania (Nasdaq CSD)

23.07.2025

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 Nasdaq CSD.

For CBL clients

Direct linkb to Clearstream Banking AG, Frankfurt for holding Nasdaq CSD/T2S eligible securities.

For LuxCSD clients

Direct linkb to Clearstream Banking AG, Frankfurt for holding Nasdaq CSD/T2S eligible securities.

a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Interoperable link for T2S-related aspects.

CSD
(as CBF’s depository in Estonia)

CSD
(as CBF’s depository in Latvia)

CSD
(as CBF’s depository in Lithuania)

Custodian
(as CBL’s depository)

Custodian
(as LuxCSD’s depository)

Name

Nasdaq CSD SE (Estonian branch)

Nasdaq CSD
SE (Latvia branch)

Nasdaq CSD
SE (Lithuania branch)

Clearstream Banking AG,
Frankfurt

Clearstream Banking AG,
Frankfurt

FATCA GIIN

Not available

Not available

Not available

N1V1GJ.000
02.ME.276

N1V1GJ.000
02.ME.276

LEI

485100001P
LJJ09NZT59

485100001PLJ
J09NZT59

485100001PLJJ
09NZT59

5493004PP5
8SUE3G8M27

5493004PP58
SUE3G8M27

Country of incorporation

Nasdaq CSD SE is incorporated in Latvia and operates the Estonian Settlement System through Estonian branch, which is governed by the Estonian law.

Latvia

Nasdaq CSD SE is incorporated in Latvia and operates the Lithuanian Settlement System through the Lithuanian branch, which is governed by Lithuanian Law.

Germany

Germany

Account Type

Omnibus account

Omnibus account

Omnibus account

Omnibus account

Omnibus account

Legal Account name/holder

Clearstream Banking AG,
Frankfurt

Clearstream Banking AG,
Frankfurt

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, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR.

Settlement in central bank money

Yes

Yes. Against payment takes place on the DCA of CBL

Yes

CeBM in EUR only.

Settlement penalty fees

Yes

Yes

Yes

If settlement date (SD) is delayed, a service fee is applied at Nasdaq Baltic exchange. The service fee for the postponement of the SD due to the default of the transaction consists of a fixed proceeding fee (EUR 70) and an added percentage (0.1%) of the transaction value for each trading (business) day with a maximum up to EUR 500. The proceeding fee is a one-off fee but the added percentage is applicable for each trading day by which the actual SD of the transaction differs from the initial SD (= Value Date) of the transaction. Any related service fees applied on any client late transactions will be debited to the impacted client as out of pocket fees.

Partial settlement

Yes

Yes

Yes

Yes

Recycling

Yes

Yes

Yes

Yes

Bilateral cancellation

Yes

Yes

Yes

Yes

Bridge settlement

No

No

No

 

Hold and Release

Yes

Yes

Yes

Partial release available for CBF and LuxCSD.

Allegements

Yes

Yes

Yes

 

Transaction linking

Yes

Yes

Yes

 

Registered securities

Yes

Yes

Yes

There is no register in Latvia. The proof of title of ownership is an entry in the securities account that the owner has opened with a custodian; except for nominee accounts. in such cases the ownership is registered by the nominee account holder.

Securities and ownership transfer is an integrated process, that could not be separated. Transfer entry means that the ownership is passed to the buyer.

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

Nasdaq CSD-eligible investment funds only

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

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 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 (Estonia)

Local legislation of the CSD (Latvia)

Local legislation of the CSD (Lithuania)

Date of legal opinion

31 March 2025

12 March 2025

14 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 nominee rights/legal ownership.

Rights on the securities are ownership rights.

Sub-accounts are not possible.

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.

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.).

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 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 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.).

No general restrictions on ability to recover lost assets or on indemnification under local law.

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


CSD does not hold cash.

Shortfall pro-rated among holders

Shortfall in the securities may be allocated pro rata, but counsel noted certain nuances.

Laws of the jurisdiction do not contain any provision for a shortfall in the Securities.

Shortfall in the securities may be allocated pro rata, but counsel noted certain nuances.

Settlement finality in case of insolvency

Transfer orders are irrevocable and finality of settlement is assured.

Transfer orders may be revoked in certain circumstances.