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Market Link Guide - Spain (Iberclear)

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Market Link Guide - Spain (Iberclear) Market Link Guide - Spain (Iberclear) 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 Yes CSDRa For CBF Direct linkb to Iberclear customers Direct linkb to Clearstream Banking AG, Frankfurt for holding Iberclear/T2S eligible securities For CBL Type of link customers Indirect link via BBVA to Iberclear (All non T2S- eligible assets and multi-listed securities) For LuxCSD Direct linkb to Clearstream Banking AG, Frankfurt for customers holding Iberclear/T2S eligible securities a. CSD Regulation (EU) No 909/2014 art. 2 (29) b. Interoperable link for T2S-related aspects 1 Asset Service Provider for CSD Custodian Custodian CBF, CBL (as CBF’s (as CBL’s (as LuxCSD’s and depository) depository) depository) LuxCSD Custodian in CBL Banco Bilbao Clearstream Clearstream Vizcaza Name Iberclear Banking AG, Banking AG, Argentaria Frankfurt Frankfurt (BBVA) N1V1GJ.000 N1V1GJ.0000 8DGQ38.000 FATCA GIIN Not available 02.ME.276 2.ME.276 00.LE.724 959800DN0 5493004PP5 K8MS7FD7 5493004PP58 LEI D5DXFUBN 8SUE3G8M N5Z2WQ51 SUE3G8M27 B37 27 AZ71 Country of Spain Germany Germany Spain incorporation Mirror Account Omnibus Omnibus Omnibus omnibus Type account account account account Clearstream Banking Luxemburg Clearstream S.A. (non- Legal Clearstream Banking T2S Account Banking AG, LuxCSD S.A. Luxemburg securities) name / holder Frankfurt S.A. and Clearstream Banking AG, Frankfurt Operational arrangements 2 For For CBF For CBL LuxCSD customers customers customers Remarks Yes/No Yes/No Yes/No Settlement in Yes Yes Yes T2S Settlement free Yes Yes Yes of payment Eligible settlement currencies (between CBF and CBL counterparties Settlement only): AUD, CAD, Yes (EUR against Yes Yes CHFa, CNY, CZK, DKK, only) payment EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR. Yes. Against Settlement in payment takes central bank Yes Yes CeBM in EUR only place on the mon DCA of CBL Settlement No No No penalty fees Yes, but Partial limited to Yes Yes settlement receipt instructions Bridge No Yes No settlement Hold and Partial release available Yes Yes Yes Release for CBF and LuxCSD Allegements Yes Yes Yes 3 Transaction Yes Yes Yes Linking Transaction Yes Yes Yes Management Multi Market No Limited No Securities Lending and Yes Yes Yes borrowing Proxy voting Yes Yes Yes Investment Yes Yes Yes Funds Sale and purchase of No No No rights Repo services Yes Yes Yes Customers are not allowed to hold Spanish stripped securities or zero- coupon bonds with Clearstream Banking on behalf of Spanish resident Market Yes Yes Yes individual income tax restrictions payers. There are no holding restrictions for beneficiary owners that are Spanish resident corporate income tax payers. FTT No No No Daily Yes Yes Yes reconciliation 4 Link eligible for use in Eurosystem Yes Yes Yes credit operations Bilateral Yes Yes Yes cancellation Validation performed on the T2S platform, according to the T2S rules. Moment of entry 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 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. For CBF For CBL For LuxCSD customers (link customers (link customers (link to Iberclear) to CBF) to CBF) Date of legal 25 October 2019 9 April 2020 3 May 2020 opinion No insolvency proceedings Confirmed Confirmed Confirmed against the the CSD 5 Liability for Confirmed Confirmed Confirmed negligence Book-entry regime with in Confirmed Confirmed Confirmed rem rights No entitlement Confirmed Confirmed Confirmed of the CSD Recognition as direct CSD Confirmed Confirmed Confirmed account-holder Recognition of nominee Confirmed Confirmed Confirmed concept No right of retentionfor Confirmed Confirmed Confirmed the CSD Segregation of assets at the Confirmed Confirmed Confirmed CSD No right of use Confirmed Confirmed Confirmed An upper-tier att An upper-tier att An upper-tier att soughtachment soughtachment soughtachment may be, but may be, but may be, but No upper-tier should be lifted should be lifted should be lifted attachments if the relevant if the relevant if the relevant account is account is account is designated as designated as designated as client account. client account. client account. Insolvency of CSD with no Confirmed Confirmed Confirmed impact on rights 6 Confirmed in Confirmed in Confirmed in respect of respect of respect of securities with securities with securities with Shortfall pro- an equal ISIN an equal ISIN an equal ISIN rated among code held by the code held by the code held by the holders custodian in an custodian in an custodian in an omnibus account omnibus omnibus with the Spanish account with the account with the CSD. Spanish CSD. Spanish CSD. Record keeping of at Confirmed Confirmed Confirmed least ten years Settlement finality in case Confirmed Confirmed Confirmed of insolvency General information - Spain (Iberclear) CBF, CBL and LuxCSD-eligible security types • Public debt securities: • Government bonds (Bonos y Obligaciones del Estado including “Segredables”/strippable bonds); • Stripped securities/implicit return on public debt (Cupon Segregado (strip) and Principal Segregado (stripped bond)): Letras del Tesoro; Pagarés; • Implicit return on securities issued by Instituto Valenciao de Finanzas; • Treasury bills (Letras del Tesoro); • Regional Bonds; • Corporate Bonds (ES0282101007, ES0282102005, ES0282103003, ES0282104001, ES0213469580, ES0213469754, ES0015440011). • Listed equities including regional equities; 7 • Listed warrants; • Exchange Traded Funds. • Multi-listed securities (CBL only, Home CSD outside T2S) Depository Depository CSD/Local custodian/Agent All T2S eligible assets Iberclear Pedro Teixeira, 8 28020 Madrid Spain CBF Asset Servicing local agent: BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) BBVA-Institutional Custody Ciudad BBVA C/Sauceda, 28 Edificio Oceanía, Planta 1 28050 Madrid All T2S eligible assets CLEARSTREAM BANKING AG Mergenthalerallee 61 CBL D-65760 Eschborn Germany Asset Servicing local agent: 8 BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) BBVA-Institutional Custody Ciudad BBVA C/Sauceda, 28 Edificio Oceanía, Planta 1 28050 Madrid Custodian (non-T2S securities): BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) BBVA-Institutional Custody Ciudad BBVA C/Sauceda, 28 Edificio Oceanía, Planta 1 28050 Madrid All T2S eligible assets: CLEARSTREAM BANKING AG Mergenthalerallee 61 D-65760 Eschborn Germany LuxCSD Asset Servicing local agent: BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) BBVA-Institutional Custody Ciudad BBVA C/Sauceda, 28 Edificio Oceanía, Planta 1 28050 Madrid CBF Cash correspondent details Currency: Euro (EUR) via TARGET2 CCB name: Bundesbank CBF account: RTGS account of a direct TARGET2 participant CBL Cash correspondent details 9 Currency: Euro (EUR) via TARGET2 Euro (EUR) via CCB Banque centrale du CCB name: Erste Group Bank AG Luxembourg See TARGET2 payment CBL account: AT80 2010 0403 3163 7800 instructions SWIFT address: TRGTXEPMXXX GIBAATWGXXX LuxCSD Cash correspondent details Currency: Euro (EUR) via TARGET2 CCB name: Banque centrale du Luxembourg LuxCSD account: RTGS account of a direct TARGET2 participant Settlement times - Spain (Iberclear) The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL/CBF/LuxCSD and in the local market. Customers must also ensure that any necessary provision is available. If one or more of these criteria are not met, CBL/CBF/LuxCSD cannot guarantee timely settlement. Important Note: As part of CBL/CBF/LuxCSD’s internal compliance procedures, all incoming customer instructions will be automatically scanned before entering transaction processing. Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the Customer via their chosen media channel(s), until either being manually released for processing or rejected. In order to ensure that instructions being investigated do not miss the applicable deadlines, Customers are advised to input instructions at least 15 minutes before the associated deadline. Settlement times for all Iberclear T2S eligible securities d,e, 10 Provisioning Deadline Expected settlement results for receipt Instruction of valid start end from to value instruction AP=Against payment in EUR, FOP=Free of payment, SD=Settlement date 18:05a 17:55b 17:55 22:00c 18:00 FOP SD-1 SD SD SD-1 SD Receipts 18:05a 15:55b 15:55 22:00c 18:00 AP SD SD-1 SD SD SD-1 SD 18:05a
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