Market Link Guide – Thailand
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
| CSD | Custodian | |
| Name | The Thailand Securities Depository (TSD) | Standard Chartered Bank (Thai) Public Company Limited |
| FATCA GIIN | 1FTWN9.00000.LE.764 | T04M9Y.00082.ME.764 |
| LEI | 254900IJQ6ZM0PD20H32 | 549300O1LQYCQ7G1IM57 |
| Country of incorporation | Thailand | Thailand |
| Account type | Omnibus | Omnibus |
| Legal account name / holder | TSD: Securities registered in name of “Thailand Securities Depository Company Limited for Depositors”. At book-closed date, the ownership of securities will be disclosed at the account holder level (that is, Clearstream Nominees Limited). In the books of the TSD, Standard Chartered Bank (Thai) Public Company Limited, as a TSD participant, maintains a segregated depository account in the name of Clearstream Nominees Limited. In the case of local shares, pending foreign share conversion, the ownership of such shares will be disclosed at the CSD level (that is, Thailand Securities Depository Company Limited for Depositors) at book-closed date. In the case of Non-Voting Depository Receipts (NVDRs), the ownership of such securities will be disclosed at the Thai NVDR company level (that is, Thai NVDR Company Limited) at book-closed date. | The securities are recorded in the name of Clearstream Nominees Limited in the books of Standard Chartered Bank (Thai) Public Company Limited. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | Eligible settlement currency: Thai Baht (THB). |
| Settlement against payment in central bank money account of CBL/CBL clients | No | CBL holds a cash account at the custodian. Settlement against payment is conducted on the account of custodian at the local central bank. |
| Bridge settlement | No | |
| Shaping facility | No | |
| Partial settlement | No | |
| Settlement penalty fees | Yes | Refer to the Market Profile. |
| Pre-matching | Yes | |
| Back-to-back processing | Yes | Book-entry securities only. |
| Allegements | Yes | |
| Automatic compensation | No | |
| Registered securities | No | |
| Multi Market Securities | No | |
| Lending and borrowing | No | |
| Proxy voting | Yes | |
| Investment Funds | Yes | ETFs. |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | Rights not tradeable. |
| Repo services | Yes | CBL internal settlement. |
| Market restrictions | Yes | Refer to Investment Regulation. |
| FTT | No | |
| Daily reconciliation | Yes |
Moment of entry | CSD rules do not define the moment of entry within the meaning of the Settlement Finality Directive. |
Irrevocability | Matched transactions are non-binding. Participants can de-match or cancel the transaction upon mutual agreement between both parties. After settlement day, matched transactions cannot be cancelled anymore as the settlement of securities becomes final and irrevocable. |
Settlement finality | Securities settlements are final when transferred in TSD’s system. |
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 | 30 October 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 not expressly recognised under local law, but possible to hold assets in name of another entity. |
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, 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. Claim to cash as a general creditor in case of insolvency of the Subcustodian. |
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 may be revoked in certain circumstances. |