Market Link Guide - Italy
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. |