Market Link Guide – Ireland – Securities eligible in Euroclear Bank

14.07.2025

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 CBL clients

Direct link to Euroclear Bank

 

For CBF clients

Direct link to Clearstream Banking S.A., Luxembourg, for holding Irish T2S-eligible securities

 

For LuxCSD clients

Direct link to Clearstream Banking AG, Frankfurt, for holding Irish T2S-eligible securities

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

CSD 

(as CBL's depository)

Custodian 

(as CBF's depository)

Custodian

(as LuxCSD's depository)

Name

Euroclear Bank (EB)

Clearstream Banking S.A., Luxembourg

Clearstream Banking AG, 
Frankfurt

FATCA GIIN

1X6QDZ.00000.LE.056

N1V1GJ.00000.LE.442

N1V1GJ.00002.ME.276

LEI

549300OZ46BRLZ8Y6F65

549300OL514RA0SXJJ44

549300298FD7AS4PPU70

Country of incorporation

Belgium

Luxembourg

Germany

Account type

Omnibus account

Omnibus account

Omnibus account

Legal account name/holder

Clearstream Banking S.A.

Clearstream Banking AG

LuxCSD S.A.

Operational arrangements

For CBL clients

For CBF clients

For LuxCSD clients

Remarks

Yes/No

Yes/No

Yes/No

Settlement in T2S

No

Yes

Yes

For CBF and LuxCSD clients, the cross-CSD settlement with Euroclear is not possible.

Settlement free of payment

Yes 

Yes

Yes

 

Settlement against payment

Yes 

Yes

No

Eligible settlement currencies: British Pounds (GBP), Euro (EUR) and U.S. Dollars (USD).

Settlement against payment in central bank money

No

Yes

Yes

For CBF and LuxCSD clients, the cross-CSD settlement with Euroclear is not possible.

Bridge settlement

Yes

Yes

Yes

Irish equities are not Bridge eligible.

Hold and release

Yes

Yes

Yes

 

Partial settlement

Yes

Yes

Yes

Limited only to receipt instructions.

Recycling

Yes

Yes

Yes

 

Bilateral cancellation

Yes

Yes

Yes

 

Settlement penalty fees

Yes

No

No

 

Pre-matching

Yes

Yes

Yes

Immediate release flag.

Transaction linking

Yes

No

No

 

Allegements

Yes

No

No

 

Registered securities

Yes

Yes

Yes

Legal title to Irish securities held in Euroclear Bank is recorded by the registrars in the name of Euroclear Bank’s Nominee.

Multi-market securities

No

No

No

 

Lending and borrowing

Yes

No

No

Debt securities only. Internal securities lending and borrowing services (refer to Clearstream website).

Proxy voting

Yes

Yes

Yes

 

Investment funds

No

No

No

 

Liquidity Hub Connect

No

No

No

 

Sale and purchase of rights

No

No

No

 

Repo services

Yes

No

No

Internal Repo service for Bonds and Equities.

Market restrictions

Yes

Yes

Yes

Please refer to Investment regulation – Ireland.

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

An instruction shall be deemed to be entered into the Euroclear System when it is deemed to be received by Euroclear Bank.

Irrevocability of instructions

Unmatched Instructions become irrevocable at the input deadline provided that no cancellation instruction has been received by Euroclear Bank.

Instructions subject to matching become irrevocable once they are matched or (if not yet matched) at the input deadline, whichever is the earliest. Matched instructions require bilateral cancellation.

Finality of instructions

Overnight Securities Settlement Process - upon completion of the processing as a result of which the Instruction is successfully executed

Real-time processing – at the moment of successful execution and the simultaneous credit/debit of accounts

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 March 2024

Nature of rights on securities

Substantive law of the jurisdiction will not 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.).

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.

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.