Market Link Guide – Germany

15.10.2025

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 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.

Note: For German clients, the services listed in this guide are not considered as a CSD link, but represent a description of the German domestic business for which CEU acts as the issuer CSD.

Key features

CSD link as defined under CSDRa

Yes

Type of link

For CEU clients

Clearstream Europe AG as issuer CSD

For CBL clients

Direct link to Clearstream Europe AG

For LuxCSD clients

Direct linkb to Clearstream Europe AG

a. CSD Regulation (EU) No 909/2014, Article 2(29).

b. Interoperable link for T2S-related aspects.

CSD (as CEU client depository)

CSD (as CBL’s depository)

CSD (as LuxCSD’s depository)

Name

Clearstream Europe AG

Clearstream Europe AG

Clearstream Europe AG

FATCA GIIN

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

LEI

549300298FD7AS4PPU70

549300298FD7AS4PPU70

549300298FD7AS4PPU70

Country of incorporation

Germany

Germany

Germany

Account type

 

Omnibus account

Omnibus account

Legal account name/holder

 

Clearstream Banking S.A.

LuxCSD

Operational arrangements

For CEU clients

For CBL clients

For LuxCSD clients

Yes/No

Yes/No

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 (CEU and CBL only): AUD, CAD, CHF, 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 account

Yes (EUR)

Yes (EUR)

Yes (EUR)

For CBL clients against payment settlement in EUR takes place on the DCA of CBL at the Central Bank of Luxembourg.

Partial settlement

Yes

Yes

Yes

 

Recycling

Yes

Yes

Yes

 

Bridge settlement

No

Yes

No

 

Settlement penalty fees

Yes

Yes

Yes

 

Hold and Release

Yes

Yes

Yes

Partial release available for CEU and LuxCSD

Allegements

Yes

Yes

Yes

 

Transaction linking

Yes

Yes

Yes

 

Bilateral cancellation

Yes

Yes

Yes

 

Registered securities

Yes

Yes

Yes

In CASCADE RS, shareholder's positions are transferred from unregistered positions into allocated positions. After the data has been entered in the issuer's share register, positions are transferred into registered positions.
If the issuer rejects registration, the positions are transferred back into unregistered positions.

Transaction management

Yes

Yes

Yes

 

Multi Market Securities

No

Limited

No

Limited to transfers to and from T2S Out CSDs if the home market is in T2S.

Lending and borrowing

Yes

Yes

No

 

Proxy voting

Yes

Yes

Yes

 

Investment Funds

Yes

Yes

Yes

 

Liquidity Hub Connect

No

No

No

 

Sale and purchase of rights

No

No

No

 

Repo services

Yes

Yes

Yes

 

Market restrictions

Yes

Yes

Yes

Corporations that have issued registered shares may, in the Articles of Association, insist that company approval - from the board of managing directors or the supervisory board - or shareholder approval (at AGMs or EGMs) is required before shares can be transferred.

FTT

No

No

No

 

Daily reconciliation

Yes

Yes

Yes

 

Link eligible for use in Eurosystem credit operations

 

Yes

Yes

 
Moment of entry of instructions

A transfer order for payment and delivery transactions, issued to CEU for settlement in T2S is considered as entered into the CEU system, as soon as T2S discovers that the T2S validation rules have been met. With this binding booking the transfer order will then be processed in T2S.

Irrevocability of instructions

The transfer order is irrevocable, as soon as it is indicated as “matched” by T2S.

Settlement finality of instructions

Settlement in T2S is simultaneous, final and irrevocable.

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

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 rights in rem.

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 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.

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

Cash would be recoverable

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 may be revoked in certain circumstances.