Market Link Guide – Germany
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. |
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. |