Market Link Guide – Ireland – Equities – Euroclear UK & International
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect link to the CREST system of Euroclear UK and Internationala |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | Euroclear UK and International Ltd (EUI) | Citibank N.A., London Branch |
FATCA GIIN | IWVIDJ.99999.SL.826 | NXUTG8.00000.BR.826 |
LEI | 549300M5MYAD51WHJD55 | E57ODZWZ7FF32TWEFA76 |
Country of incorporation | United Kingdom | The U.S.A. |
Account type | Omnibus account | Omnibus account |
Legal Account name/holder | Citibank N.A, London Branch as EUI direct participant hold individually segregated participant IDs on behalf of CBL in the EUI Crest system. | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement in T2S | No | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | Eligible settlement currencies: British Pounds (GBP), Euro (EUR) and U.S. Dollars (USD). |
| Settlement against payment in central bank money account of CBL/CBL clients | No | CBL holds a cash account with the custodian that settles against payment transactions on behalf of CBL in Central Bank Money for GBP and EUR and in Commercial Bank Money for USD. |
| Bridge settlement | No | Irish equities are not Bridge eligible. |
| Shaping facility | No | |
| Partial settlement | Yes | See Settlement services. |
| Settlement penalty fees | Yes | See Settlement services. |
| Pre-matching | Yes | |
| Back-to-back processing | Yes | |
| Allegements | No | |
| Automatic compensation | Yes | Market claims are automatically created and settled by Euroclear UK and International for both cash and securities distributions (including transformations). For further details see Entitlement Compensation Rules - Ireland. |
| Registered securities | Yes | |
| Multi Market Securities | Yes | |
| Lending and borrowing | No | |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | |
| Market restrictions | No | |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
| Moment of entry | Settlement instruction is received by the CREST system. |
| Irrevocability | Matched instructions are irrevocable and require bilateral cancellation. |
Settlement finality | Settlement in EUI’s CREST system is final and irrevocable. |
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 | 28 March 2025 |
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 ownership rights. No 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 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 | No conclusion provided by counsel on allocation of shortfall because there are no provisions/guidance on allocation of shortfall in the securities under local law. |
Settlement finality in case of insolvency | Transfer orders may be revoked in certain circumstances. |