Market Link Guide – UK debt securities
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Direct |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | |
Name | Euroclear UK and International Ltd (EUI) |
FATCA GIIN | IWVIDJ.99999.SL.826 |
LEI | 549300M5MYAD51WHJD55 |
Country of incorporation | UK |
Account type | Omnibus account |
Legal account name/holder | 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: British Pound (GBP) and Euro (EUR). |
| Settlement against payment in central bank money account of CBL/CBL client | No | Against payment settlement in GBP and EUR takes place on the cash account of Barclays Bank at the Bank of England. |
| Bridge settlement | Yes | |
| Shaping facility | No | |
| Partial settlement | Yes | See Settlement services. |
| Settlement penalty fees | Yes | See Settlement services. |
| Pre-matching | Yes | Delivery instructions only. |
| Back-to-back processing | No | |
| Allegements | No | |
| Automatic compensation | Yes | |
| Registered securities | Yes | |
| Multi Market Securities | No | |
| Lending and borrowing | Yes | Only UK gilts (except partly paid gilts). |
| Proxy voting | No | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | |
| Market restrictions | No | |
| FTT | No | |
| Miscellaneous | Yes | Gilts physical deposits possible; Decimals possible. |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
Moment of entry of instructions | The moment a transfer order enters CREST is when the CREST settlement instruction is received by the CREST system |
Irrevocability of instructions | The moment when the transfer order becomes irrevocable is the point at which the CREST transaction is no longer capable of being amended or deleted by a single party to the transaction (once the CREST transaction is matched). |
Finality of instructions | A transfer of securities takes place when the transferor's account is debited and the transferee's account is credited with securities (this transfer might be without payment or against a payment that occurs in the relevant CREST cash accounts of each party). At the same time transferee's account has been credited, legal title passes and can be said to be final. |
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 | |
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 | CSD does not hold cash |
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. |