Market Link Guide - Spain
The OneClearstream service level provides customers 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 customers, unless otherwise highlighted in the documentation.
Key features
CSD link as defined under CSDRa | Yes | |
Type of link | For CBF customers | Direct linkb to Iberclear |
For CBL customers | Direct linkb to Clearstream Banking AG, Frankfurt for holding Iberclear/T2S eligible securities Indirect link via BBVA to Iberclear (All non T2S-eligible assets and multi-listed securities) | |
For LuxCSD customers | Direct linkb to Clearstream Banking AG, Frankfurt for holding Iberclear/T2S eligible securities | |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Interoperable link for T2S-related aspects
CSD | Custodian | Custodian | Asset Service Provider for CBF, CBL and LuxCSD Custodian in CBL | |
Name | Iberclear | Clearstream Banking AG, | Clearstream Banking AG, | Banco Bilbao Vizcaza Argentaria (BBVA) |
FATCA GIIN | Not available | N1V1GJ.00002.ME.276 | N1V1GJ.00002.ME.276 | 8DGQ38.00000.LE.724 |
LEI | 959800DN0D5DXFUBNB37 | 5493004PP58SUE3G8M27 | 5493004PP58SUE3G8M27 | K8MS7FD7N5Z2WQ51AZ71 |
Country of incorporation | Spain | Germany | Germany | Spain |
Account Type | Omnibus account | Omnibus account | Omnibus account | Mirror omnibus account |
Legal Account name / holder | Clearstream Banking AG, | Clearstream Banking Luxemburg S.A. | LuxCSD S.A. | Clearstream Banking Luxemburg S.A. (non-T2S securities) and Clearstream Banking AG, |
Operational arrangements
For CBF customers Yes/No | For CBL customers Yes/No | For LuxCSD customers 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 mon | 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, but limited to receipt instructions | Yes | |
Recycling | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | |
Bridge settlement | No | Yes | No | |
Hold and Release | Yes | Yes | Yes | Partial release available for CBF and LuxCSD |
Allegements | Yes | Yes | Yes | |
Transaction Linking | Yes | Yes | Yes | |
Transaction Management | Yes | Yes | Yes | |
Multi Market Securities | No | Limited | No | |
Lending and borrowing | Yes | Yes | Yes | |
Proxy voting | Yes | Yes | Yes | |
Investment Funds | Yes | Yes | Yes | |
Sale and purchase of rights | No | No | No | |
Repo services | Yes | Yes | Yes | |
Market restrictions | Yes | Yes | Yes | Customers are not allowed to hold Spanish stripped securities or zero-coupon bonds with Clearstream Banking on behalf of Spanish resident individual income tax payers. |
FTT | Yes | Yes | Yes | |
Daily reconciliation | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | |
Moment of entry | Validation performed on the T2S platform, according to the T2S rules. | |||
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.
Legal arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 24 September 2021. 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.
For CBF customers (link to Iberclear) | For CBL customers (link to CBF) | For LuxCSD customers (link to CBF) | |
Date of legal opinion | 10 November 2021 | 24 September 2021 | 3 May 2020 |
No insolvency proceedings against the CSD | Confirmed | Confirmed | Confirmed |
Liability for negligence | Confirmed | Confirmed | Confirmed |
Book-entry regime with in rem rights | Confirmed | Confirmed | Confirmed |
No entitlement of the CSD | Confirmed | Confirmed | Confirmed |
Recognition as direct CSD account-holder | Confirmed | Confirmed | Confirmed |
Recognition of nominee concept | Confirmed | Confirmed | Confirmed |
No right of retention for the CSD | Confirmed | Confirmed | Confirmed |
Segregation of assets at the CSD | Confirmed | Confirmed | Confirmed |
No right of use | Confirmed | Confirmed | Confirmed |
No upper-tier attachments | An upper-tier attachment may be sought, but should be lifted if the relevant account is designated as client account. | An upper-tier attachment may be sought, but should be lifted if the relevant account is designated as client account. | An upper-tier attachment may be sought, but should be lifted if the relevant account is designated as client account. |
Insolvency of CSD with no impact on rights | Confirmed | Confirmed | Confirmed |
Shortfall pro-rated among holders | Confirmed in respect of securities with an equal ISIN code held by the custodian in an omnibus account with the Spanish CSD. | Confirmed in respect of securities with an equal ISIN code held by the custodian in an omnibus account with the Spanish CSD. | Confirmed in respect of securities with an equal ISIN code held by the custodian in an omnibus account with the Spanish CSD. |
Record keeping of at least ten years | Confirmed | Confirmed | Confirmed |
Settlement finality in case of insolvency | Confirmed | Confirmed | Confirmed |