Market Link Guide – Singapore
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect via Standard Chartered Bank (Singapore) Ltd. to:
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a. CSD Regulation (EU) No 909/2014, Article 2 (29).
CSD | Custodian | |
Name | CDP (equities and corporate bonds) MAS (government bonds) | Standard Chartered Bank (Singapore) Ltd. |
FATCA GIIN | Not available | T04M9Y.00165.ME.702 |
LEI | CDP: 549300CMH3J8ASUM8N29 MAS: 54930035WQZLGC45RZ35 | 549300MDYVVHJ8D1DW28 |
Country of incorporation | Singapore | Singapore |
Account type | Omnibus account | Omnibus account |
Legal Account name / holder | CDP: in the name of Raffles Nominees (Pte) Ltd. MAS: in the name of Standard Chartered Bank (Singapore) Limited Standard Chartered Bank (Singapore) Limited as the participant in MAS does not hold an individually segregated account for CBL at MAS. | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | Eligible settlement currency: Singapore Dollar (SGD); |
| Settlement against payment in central bank money account of CBL/CBL clients | Yes | CBL holds a cash account at the depository. Against payment settlement in CDP takes place on the cash account of SCBSG at the settlement banks. Against payment settlement in SGD in MAS takes place on the SCBSG cash account in MEPS+ system of the MAS. |
| Bridge settlement | Yes | Except USD denominated Singapore corporate bonds |
| Shaping facility | No | |
| Partial settlement | Yes | |
| Settlement penalty fees | Yes | Refer to the Market Profile. |
| Pre-matching | Yes | |
| Back-to-back processing | Yes | |
| Allegements | Yes | |
| Automatic compensation | No | |
| Registered securities | Yes | Registration takes place automatically upon settlement. |
| Multi-market securities | Yes | Refer to the Multi-Market Securities Guide. |
| Lending and borrowing | Yes | Available only within Clearstream. Debt securities only. |
| Proxy voting | Yes | |
| Investment funds | Yes | Exchange Traded Funds. |
| Liquidity Hub Connect | Yes | |
| Sale and purchase of rights | No | |
| Repo services | Yes | Internal. Refer to the CmaX Product Guide. |
| Market restrictions | Yes | Holding restrictions apply. |
| FTT | No | |
| Daily reconciliation | Yes | |
Moment of entry | CDP: The moment of entry for transfer orders (instructions for the transfer of money and securities in settlement of trades) submitted by participants is when the transfer orders are received in the pre-settlement matching system for DVP Settlement. The settlement system will only act on the transfer orders when they are matched and validated. MAS: Payments, Singapore Government Securities and MAS Bills (SGSMB), transactions, and net cheque, Interbank GIRO (IBG) and Fast And Secure Transfers (FAST) obligations are deemed entered into the CSD system from the moment they are validated by the host system. | |
Irrevocability | CDP: Bilateral cancellation is mandatory and matched instructions are irrevocable. MAS: Unilateral cancellation is allowed prior to settlement. The transfer of funds into and out of an account of a participant, settlement of any payment obligations in CSD system or settlement and transfer of book-entry shall be final and irrevocable. |
Settlement finality | CDP: Finality takes place once securities are transferred. MAS: Finality is simultaneous and real time upon confirmation of securities and cash movement. |
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/Intermediary | |
Date of legal opinion | 31 May 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 nominee rights/legal ownership. Counsel noted 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 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. |
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, subject to certain exceptions noted by counsel (such as force majeure, no negligence by the CSD, liability caps, sovereign immunity, etc.). |
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 | Securities would be recoverable in the event of insolvency of the Subcustodian. |
Shortfall pro-rated among holders | Shortfall in the securities may be allocated pro rata, but counsel noted certain nuances. |
Settlement finality in case of insolvency | Transfer orders are irrevocable and finality of settlement is assured. |