Market Link Guide – Malta (MSE)

22.07.2025

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 CBF clients

Direct linkb to the Malta Stock Exchange plc (MSE).

For CBL clients

Direct linkb to Clearstream Banking AG, Frankfurt for holding MSE/T2S eligible securities.

For LuxCSD clients

Direct linkb to Clearstream Banking AG, Frankfurt for holding MSE/T2S eligible securities.

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

b. Interoperable link for T2S-related aspects.

CSD
(as CBF’s depository)

Custodian
(as CBL’s depository)

Custodian
(as LuxCSD’s depository)

Name

Malta Stock Exchange plc operating Maltaclear

Clearstream Banking AG,
Frankfurt

Clearstream Banking AG,
Frankfurt

FATCA GIIN

MRJBCF.99999.SL.470

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

LEI

5299009CKES2S5E3YG94

5493004PP58SUE3G8M27

5493004PP58SUE3G8M27

Country of incorporation

Malta

Germany

Germany

Account Type

Omnibus account

Omnibus account

Omnibus account

Legal Account name/holder

Clearstream Banking AG, Frankfurt

Clearstream Banking S.A.

LuxCSD S.A.

Operational arrangements

For CBF clients

Yes/No

For CBL clients

Yes/No

For LuxCSD clients

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 (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 in central bank money

Yes

Yes. Against payment takes place on the DCA of CBL.

Yes

CeBM in EUR only.

Settlement penalty fees

Yes

Yes

Yes

 

Partial settlement

Yes

Yes

Yes

 

Recycling

Yes

Yes

Yes

 

Bilateral cancellation

Yes

Yes

Yes

 

Bridge settlement

No

No

No

 

Hold and Release

Yes

Yes

Yes

Partial release available for CBF and LuxCSD

Allegements

Yes

Yes

Yes

 

Transaction Linking

Yes

Yes

Yes

 

Registered securities

Yes

Yes

Yes

All securities are registered and there are no bearer shares in the Maltese market.

Transaction Management

Yes

Yes

Yes

 

Multi Market Securities

No

No

No

 

Lending and borrowing

Yes

Yes

Yes

 

Proxy voting

Yes

Yes

Yes

 

Investment Funds

No

No

No

 

Liquidity Hub Connect

No

No

No

 

Sale and purchase of rights

No

No

No

 

Market restrictions

No

No

No

 

FTT

No

No

No

 

Daily reconciliation

Yes

Yes

Yes

 

Link eligible for use in Eurosystem credit operations

Yes

Yes

Yes

 

Moment of entry

The moment of entry of MaltaClear securities or cash transfer orders shall occur upon validation, which shall comply with T2S validation criteria where such an order is entered for T2S settlement. Upon entry into MaltaClear, all orders shall benefit from protection under the Central Bank of Malta Directive No. 2 and they will be acknowledged as valid transfer orders.

Irrevocability

Transfer orders become irrevocable upon matching.

Settlement finality

Settlement in T2S is simultaneous, final and irrevocable.

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

Date of legal opinion

31 March 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 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 as direct.

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.