Market Link Guide - International (LuxCSD)
Key features
CSD link as defined under CSDRa | Yes | |
Type of link | For LuxCSD customers | Direct linka to Clearstream Banking AG, Frankfurt for holding eligible Eurobonds. |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | |
Name | Clearstream |
FATCA GIIN | N1V1GJ.00002.ME.276 |
LEI | 549300298FD7AS4PPU70 |
Country of incorporation | Germany |
Account type | Omnibus account |
Legal Account name / holder | LuxCSD S.A. |
Operational arrangements
Key services offered | LuxCSD customers receiving from/delivering to counterparties in CBL | LuxCSD customers receiving from/delivering to counterparties in EB | Remarks |
Settlement free of payment | Yes | Yes | Settlement free of payment between a T2S customer and an OUT-CSD customer must be with matching |
Settlement against payment in Non-EUR ccya | No | No | |
Settlement against payment in EUR | No | No | |
Bridge settlement | No | No | |
Shaping facility | No | No | |
Partial settlement | No | No | |
| Recycling | Yes | Yes | |
Settlement penalty fees | Yes | Yes | |
Hold and Release | Yes | Yes | |
Pre-matching | Yes | Yes | |
Allegements | Yes | Yes | |
Transaction linking | Yes | Yes | |
Automatic compensation | No | No | |
Registered securities | No | No | |
Multi Market Securities | No | No | |
Transaction management | Yes | Yes | Please refer to transaction management rules |
Lending and borrowing | No | No | |
Proxy voting | Yes | Yes | Basic service |
Investment Funds | Yes | Yes | |
Liquidity Hub Connect | No | No | |
Sale and purchase of rights | No | No | |
Repo services | No | No | |
Market restrictions | No | No | |
Bilateral Cancellation | Yes | Yes | |
Daily reconciliation | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes |
Moment of entry of instructions | Counterparties in CBL and in EB: Instructions are deemed to be introduced into the LuxCSD securities settlement system when they are successfully validated in view of the matching and the settlement processes. |
Irrevocability of instructions | Counterparties in CBL and in EB: Instructions become irrevocable under the LuxCSD securities settlement system rules as soon as they are matched. Matched internal instructions can only be bilaterally cancelled. |
Settlement finality of instructions | Counterparties in CBL and in EB: Instructions that have settled in the LuxCSD settlement system are final. |
Legal arrangements
The below section is based on the legal opinion obtained by LuxCSD that was issued on 13 December 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.
Link LuxCSD to CBF
No insolvency proceedings against the CSD | Confirmed |
Liability for negligence | Confirmed |
Book-entry regime with in rem rights | Confirmed |
Recognition as direct CSD account-holder | Confirmed |
Recognition of nominee concept | Confirmed |
No right of retention to the CSD | Confirmed |
Segregation of assets at the CSD | Confirmed |
No right of use | Confirmed |
No upper-tier attachments | Confirmed |
Insolvency of CSD with no impact on CBF's rights | Confirmed |
Shortfall pro-rated among holders | Confirmed |
Record keeping period of at least 10 years | Confirmed |
Settlement finality in case of insolvency | Confirmed |