Market Link Guide – Israel
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Direct Operated |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Account Operator | |
Name | TASE-CH - Tel Aviv Stock Exchange Clearing House Ltd | Citibank N.A., Israel Branch |
FATCA GIIN | Not available | NXUTG8.00000.BR.376 |
LEI | 213800WG3A9RJ78EGT48 | E57ODZWZ7FF32TWEFA76 |
Country of incorporation | Israel | U.S.A. |
Account type | Omnibus account | Mirror omnibus account |
Legal Account name/holder | Account holder: Citibank NA Israel Branch Citibank NA Israel Branch as the participant in TASE-CH holds an individually segregated account for CBL. Securities listed on TASE are recorded in the name of Clearstream Banking S.A. for clients and registered in the name of one of three “nominee companies” belonging to local banks (Bank Hapoalim Ltd; Mizrahi-Tefahot Bank Ltd) or Tel Aviv Stock Exchange, selected by the issuing company: Bank Hapoalim Ltd – Mizrahi-Tefahot Bank Ltd – Mizrahi Tefahot Nominees Company Ltd Tel Aviv Stock Exchange – The Tel Aviv Stock Exchange Nominee Company Government bonds, Makams and Treasury bills are also listed on the TASE. Government bonds with a maturity of more than 13 months are registered in the name of the Ministry of Finance (MoF), in the capacity of a nominee. Makams and Treasury bills, both being government debt instruments with maturity of up to 13 months, are registered in the name of the Bank of Israel (BoI), in the capacity as a nominee. | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | Eligible settlement currency: Israeli Shekel (ILS). |
| Settlement against payment in central bank money | No | CBL holds a cash account at the Account Operator. Against payment settlement takes place on the cash account of Citibank NA Israel Branch at the Bank of Israel. Only CSD-member banks can have an account at the local central bank. |
| Bridge settlement | No | Israeli domestic securities are not Bridge-eligible. |
| Shaping facility | No | |
| Partial settlement | No | |
| Settlement penalty fees | Yes | Refer to the Market Profile. |
| Pre-matching | Yes | Immediate release flag. |
| Back-to-back processing | No | |
| Allegements | No | |
| Automatic compensation | No | Refer to Entitlement Compensation Rules. |
| Registered securities | No | |
| Multi Market Securities | Yes | Refer to the Multi-Market Securities Guide. |
| Lending and borrowing | No | |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | CBL Internal. |
| Market restrictions | Yes | Refer to Investment Regulation. |
| FTT | No | |
| Daily reconciliation | Yes |
Moment of entry | The CSD rules do not define the moment of entry within the meaning of the Settlement Finality Directive. Trades are entered via the Rezef trading platform (on-exchange) or Extranet matching platform (OTC). |
Irrevocability | On-exchange trades: when the trade is confirmed. Matched instructions require bilateral cancellation. |
Settlement finality | Settlement finality at the TASE-CH is achieved real-time upon (cash) settlement. |
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 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 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 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 agent. Claim to Cash as a general creditor in case of insolvency of the agent. |
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. |