Market Link Guide - Italy

24.06.2025

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. Clearstream refers to CBF, CBL and LuxCSD unless otherwise stated.

Key features

CSD link as defined under CSDRa

Yes

Type of link

For CBF clients

Direct linkb to Monte Titoli.

For CBL clients

Direct link to Clearstream Banking AG, Frankfurt for holding Monte Titoli T2S-eligible securities.

Direct operated link via Intesa Sanpaolo for holding Monte Titoli non T2S-eligible securities.

For LuxCSD clients

Direct linkb to Clearstream Banking AG, Frankfurt for holding Monte Titoli T2S eligible securities.

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

b. Interoperable link for T2S-related aspects

CSD (as CBF’s and CBL’s depository)

Custodian (as CBL’s depository)

Custodian (as LuxCSD’s depository)

Asset Service Provider for CBF, CBL and LuxCSD

Account operator for CBL

Name

Monte Titoli, Milan

Clearstream Banking AG, Frankfurt

Clearstream Banking AG, Frankfurt

Intesa Sanpaolo, Milan

FATCA GIIN

4FK4AX.00008.ME.380

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

D9I1IN.00000.LE.380

LEI

8156009CEEE1B8C7C646

549300298FD7AS4PPU70

549300298FD7AS4PPU70

2W8N8UU78PMDQKZENC08

Country of incorporation

Italy

Germany

Germany

Italy

Account type

Omnibus account

Omnibus account

Omnibus account

Mirror omnibus account

Legal Account name/holder

Clearstream Banking AG

Clearstream Banking S.A.

Clearstream Banking S.A.

LuxCSD

Mirror omnibus account

Operational arrangements

For CBF clients


For CBL clients

(link to CBF)


For CBL clients

(link to Monte Titoli)

For LuxCSD clients

(link to CBF)

Yes/No

Yes/No

Yes/No

Yes/No

Remarks

Settlement in T2S

Yes

Yes

Yes

Yes

 

Settlement free of payment

Yes

Yes

Yes

Yes

 

Settlement against payment

Yes

Yes

Yes (EUR only)

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 against payment in central bank money

Yes

Yes

No.

The account operator settles on its DCA and uses the DCA to collect cash proceeds from asset servicing.

Yes

CeBM in EUR only



Settlement penalty fees

Yes

Yes

Yes

Yes

 

Partial settlement

Yes

Yes

Yes

Yes

 

Recycling

Yes

Yes

Yes

Yes

 

Bilateral cancellation

Yes

Yes

Yes

Yes

 

Bridge settlement

No

Yes

Yes

No

 

Hold and Release

Yes

Yes

Yes

Yes

Partial release available for CBF and LuxCSD

Allegements

Yes

Yes

Yes

Yes

 

Transaction Linking

Yes

Yes

Yes

Yes

 

Registered securities

Yes

Yes

Yes

Yes

 

Transaction Management

Yes

Yes

Yes

Yes

 

Multi Market Securities

No

Limited

Limited

No

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

Lending and borrowing

No

No

No

No

 

Proxy voting

Yes

Yes

Yes

Yes

 

Investment Funds

No

No

No

No

 

Liquidity Hub Connect

No

No

No

No

 

Sale and purchase of rights

No

No

No

No

 

Repo services

No

No

No

No

 

Market restrictions

No

No

No

No

 

FTT

Yes

Yes

Yes

Yes

CBF, CBL and LuxCSD assume no role in the collection of FTT in Italy.

Miscellaneous

No

No

No

No

 

Daily reconciliation

Yes

Yes

Yes

Yes

 

Link eligible for use in Eurosystem credit operations

Yes

Yes

No

Yes

 
Bilateral Cancellation

Yes

Yes

Yes

Yes

 
Moment of entry of instructions

The moment of the entry into the system of settlement instructions occurs with the validation performed on the T2S platform, according to the T2S rules.

Irrevocability of instructions

The moment of the irrevocability of settlement instructions introduced in the system and properly validated occurs with the matching performed in T2S.

Settlement finality

The time of settlement finality occurs with the settlement processed in T2S.

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 

Local legislation of the intermediary 

Date of legal opinion 

30 September 2024 

30 September 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 Customers 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 rights in rem. 

No differences in conclusions in case of sub-accounts for Customers within the Direct CSD Account. 

Recognition of nominee concept 

Nominee concept not expressly recognized under local law, but possible to hold assets in name of another entity. 

Nominee concept not expressly recognized 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 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, subject to specific potential exceptions. 

Securities would not be subject to Attachment, subject to specific potential exceptions. 

No right of use without prior consent 

Laws of the jurisdiction restrict CSD from using Securities without Clearstream’s 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. 

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. 

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. 

Securities would be recoverable. 

Ability to recover client assets in the event of insolvency of Agent 

Securities would be recoverable in the event of insolvency of the Agent.  

Securities would be recoverable in the event of insolvency of the Agent.  

Shortfall pro-rated among holders 

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

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

Settlement finality in case of insolvency 

Transfer orders may be revoked in certain circumstances. 

Transfer orders may be revoked in certain circumstances.