Market Link Guide – Sweden
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 | Euroclear Sweden AB | Skandinaviska Enskilda Banken (SEB), Stockholm |
FATCA GIIN | 6XWELL.00000.LE.752 | 6BRL9A.00000.LE.752 |
LEI | 5493006WLDSUHWHCT321 | F3JS33DEI6XQ4ZBPTN86 |
Country of incorporation | Sweden | Sweden |
Account type | Fixed income (PM system): Equities (AM system): | Omnibus account |
Legal Account name / holder | Fixed income (PM system): Equities (AM 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 currency: Swedish Krona (SEK). Securities quoted and registered in EUR settle in EUR. |
| Settlement against payment in central bank money account of CBL/CBL clients | No | CBL holds a cash account at the custodian. Against payment settlement takes place on the cash account of SEB at the Swedish central bank for SEK and at Euroclear Sweden’s TARGET2 account with the Central Bank of Finland for EUR. |
Short selling of entitlement | No | Short selling of income or corporate actions proceeds is not authorised for settlement in CBL. Please refer to section 4.5 of the CBL Client Handbook. |
| Bridge settlement | Yes | |
| Shaping facility | No | |
Hold and Release | No | Please see details in Settlement services |
| Partial settlement | Yes | Please refer to Settlement process and Settlement services |
Recycling | Yes | Please see details in Settlement services |
Bilateral cancellation | Yes | Please see details in Settlement services |
| Settlement penalty fees | Yes | Please see details in Settlement services |
| Pre-matching | Yes | |
| Back-to-back processing | No | |
| Allegements | Yes | |
| Automatic compensation | Yes | |
| Registered securities | Yes | Book-entry securities owned by Clearstream (as foreign investor). In Euroclear Sweden, equities are registered in the name of Skandinaviska Enskilda Banken as nominee. Fixed income instruments are registered nominee account in the name of SEB for Clearstream. |
| Multi Market Securities | Yes | |
| Lending and borrowing | Yes | All Swedish debt securities eligible in CBL qualify for CBL's securities lending and borrowing programme. Equities and warrants are not eligible for CBL's securities lending and borrowing programme. |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | Yes | |
| Repo services | Yes | |
| Market restrictions | Yes | Refer to Other services - Sweden. |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
Bilateral cancellation | Matched over-the-counter (OTC) equity instructions can be cancelled unilaterally if the cancellation instruction is received by 16:00 CET SD-1. After this deadline cancellations must be bilateral and can only be cancelled when the instruction’s status is pending settlement. Fixed income and equity instructions matched in the CSD’s settlement system must be bilaterally cancelled at all times. |
Settlement finality | Settlement in Euroclear Sweden is simultaneous, 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 | Local legislation of the intermediary | |
Date of legal opinion | 31 March 2025 | 31 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 nominee rights/legal ownership. No differences in conclusions in case of sub-accounts for Clients within the Direct CSD Account. | Substantive law of the jurisdiction will govern the nature of the rights on the Securities. Rights on the Securities are nominee rights/legal ownership. No differences in conclusions in case of sub-accounts for Clients within the Direct CSD Account. |
Recognition of nominee concept | Nominee concept recognized under local law. | Nominee concept recognized 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. | 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. | 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. | 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. | 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.). | 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. | 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. | 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. | 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. | Transfer orders may be revoked in certain circumstances. |