Menu

Links between SSSs

A link between securities settlement systems (SSSs) consists of a set of technical and legal arrangements between the SSSs for the cross-system transfer of securities. Links can be direct or relayed.

Types of Links

Direct links (unilateral, bilateral)

Use of eligible assets via links

Use of eligible assets via direct links

A direct link is an account opened by an (I)CSD, referred to as the “investor SSS”, in the books of another (I)CSD, referred to as the “issuer SSS”, in order to facilitate the transfer of securities from participants in the issuer SSS to participants in the investor SSS.

The link between two SSSs is unilateral when it is used only for the transfer of securities registered in one system to another and not vice versa. A bilateral link between two SSSs means that a single agreement regulates the transfers of securities from any of the systems.

A direct link implies that no intermediary exists between the two SSSs, and the operation of the omnibus account opened by the investor SSS is managed either by the investor SSS or the issuer SSS. In some cases, a direct link is ‘operated’, which means that a third party, typically a custodian bank, operates the account in the issuer SSS on behalf of the (I)CSD of the investor SSS.

Relayed links

Use of eligible assets via links

Use of eligible assets via relayed links

Relayed links are contractual and technical arrangements for the transfer of securities involving at least three SSSs: the “investor” SSS, the “issuer” SSS and the “intermediary” SSS. In order to be eligible for assessment, a relayed link must be composed of SSSs and direct links that have already been positively assessed under the UAF. With the exception of links in T2S (see Eurosystem User Assessment Framework – Link to UAF), the length of a relayed link is limited to two direct links.

The methodology for assessing relayed links is based on the methodology used for assessing direct links and deals only with the specific conditions associated with relayed links.

The Governing Council of the ECB periodically assesses links against the Eurosystem user assessment framework.

Eligible direct links

Eligible direct links (as of 21 November 2016)

Country Eligible links (Investor SSS to Issuer SSS)
Belgium Euroclear Bank to NBB-SSS (Belgium)
  Euroclear Bank to VP Securities A/S (Denmark)
  Euroclear Bank to Clearstream Banking AG-CASCADE (Germany)
  Euroclear Bank to BOGS (Greece), operated by Citibank International, Athens
  Euroclear Bank to Euroclear France (France)
  Euroclear Bank to Monte Titoli (Italy), operated by Société Générale Securities Services (SGSS) S.p.A., Milan
  Euroclear Bank to Clearstream Banking S.A. (Luxembourg)
  Euroclear Bank to Euroclear Nederland (the Netherlands)
  Euroclear Bank to OeKB CSD GmbH (Austria)
  Euroclear Bank to KDD (Slovenia), operated by UniCredit Banka Slovenja d.d.
  Euroclear Bank to CDCP (Slovakia), operated by Citibank Europe plc, pobočka zahraničnej banky, Bratislava
  Euroclear Bank to Euroclear Finland (Finland)
Germany Clearstream Banking AG-CREATION to Clearstream Banking S.A. (Luxembourg)
  Clearstream Banking AG-CASCADE to VP Securities A/S (Denmark)
  Clearstream Banking AG-CASCADE to Iberclear-CADE (Spain)
  Clearstream Banking AG-CASCADE to Euroclear France (France)
  Clearstream Banking AG-CASCADE to Monte Titoli (Italy)
  Clearstream Banking AG-CASCADE to Euroclear Nederland (the Netherlands)
  Clearstream Banking AG-CASCADE to OeKB CSD GmbH (Austria)
  Clearstream Banking AG-CASCADE to MaltaClear (Malta)
  Clearstream Banking AG-CASCADE to Clearstream Banking S.A. (Luxembourg)
Greece BOGS to Clearstream Banking AG-CASCADE (Germany)
Spain Iberclear-CADE to Clearstream Banking AG-CASCADE (Germany)
  Iberclear-CADE to Euroclear France (France)
  Iberclear-CADE to Monte Titoli (Italy)
  Iberclear-CADE to Euroclear Nederland (the Netherlands)
  Iberclear-CADE to OeKB CSD GmbH (Austria)
France Euroclear France to Euroclear Bank (Belgium)
  Euroclear France to NBB-SSS (Belgium)
  Euroclear France to Iberclear-CADE (Spain)
Italy Monte Titoli to Euroclear Bank (Belgium)
  Monte Titoli to Clearstream Banking AG-CASCADE (Germany)
  Monte Titoli to Iberclear-CADE (Spain)
  Monte Titoli to Euroclear France (France)
  Monte Titoli to Clearstream Banking S.A. (Luxembourg)
  Monte Titoli to OeKB CSD GmbH (Austria)
  Monte Titoli to BOGS (Greece)
  Monte Titoli to NBB-SSS (Belgium)
  Monte Titoli to VP Lux (Luxembourg)
  Monte Titoli to Euroclear Nederland (the Netherlands)
Lithuania CSDL to Clearstream Banking S.A. (Luxembourg)
Luxembourg Clearstream Banking S.A. to Euroclear Bank (Belgium)
  Clearstream Banking S.A. to NBB-SSS (Belgium), operated by KBC Securities, Brussels
  Clearstream Banking S.A. to VP Securities A/S (Denmark)
  Clearstream Banking S.A. to Clearstream Banking AG- CASCADE (Germany)
  Clearstream Banking S.A. to BOGS (Greece), operated by Citibank International, Athens
  Clearstream Banking S.A. to Euroclear France (France), operated by BNP Paribas Securities Services (BP2S)
  Clearstream Banking S.A. to Monte Titoli (Italy), operated by Intesa San Paolo, Milan
  Clearstream Banking S.A. to LuxCSD (Luxembourg)1
  Clearstream Banking S.A. to VP Lux (Luxembourg)
  Clearstream Banking S.A. to Euroclear Nederland (the Netherlands), operated by BNP Paribas Securities Services (BP2S)
  Clearstream Banking S.A. to OeKB CSD GmbH (Austria), operated by Erste Bank der oesterreichischen Sparkassen AG
  Clearstream Banking S.A. to KDD (Slovenia), operated by Nova Ljubljanska banka d.d.
  Clearstream Banking S.A. to CDCP (Slovakia), operated by Ceskoslovenska Obchodna Banka, a.s.
  Clearstream Banking S.A. to Euroclear Finland (Finland), operated by Nordea Bank Finland Plc.
  LuxCSD to Clearstream Banking S.A. (Luxembourg)
Malta MaltaClear to Clearstream Banking AG-CASCADE (Germany)
Netherlands Euroclear Nederland to Euroclear Bank (Belgium)
Austria OeKB CSD GmbH to Clearstream Banking AG-CASCADE (Germany)
  OeKB CSD GmbH to Euroclear France (France)
  OeKB CSD GmbH to Monte Titoli (Italy)
  OeKB CSD GmbH to Euroclear Nederland (the Netherlands)

1. The eligible direct link from Clearstream Banking S.A. to LuxCSD is temporarily unavailable for use in Eurosystem credit operations. Please contact Banque centrale du Luxembourg for instructions regarding the mobilisation of LuxCSD issued securities held in Clearstream Banking S.A. The direct link continues to be compliant with Eurosystem requirements.

Eligible relayed links

Eligible relayed links (as of 12 September 2016)

Country Eligible relayed links (Investor SSS via Intermediary SSS to Issuer SSS)
Belgium Euroclear Bank via VP Securities A/S (Denmark) to VP Lux (Luxembourg)
Germany Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to NBB-SSS (Belgium)
  Clearstream Banking AG-CREATION via Clearstream Banking S.A. to VP Securities A/S (Denmark)
  Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to Clearstream Banking AG-CASCADE (Germany)
  Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to BOGS (Greece)
  Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to Euroclear France (France)
  Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to Monte Titoli (Italy)
  Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to VP Lux (Luxembourg)
  Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to Euroclear Nederland (the Netherlands)
  Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to OeKB CSD GmbH (Austria)
  Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to CDCP (Slovakia)
  Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to KDD (Slovenia)
  Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to Euroclear Finland (Finland)
  Clearstream Banking AG-CASCADE via Clearstream Banking S.A. (Luxembourg) to Euroclear Finland (Finland)
France Euroclear France via Euroclear Bank (Belgium) to NBB-SSS (Belgium)
  Euroclear France via Euroclear Bank (Belgium) to Clearstream Banking AG-CASCADE (Germany)
  Euroclear France via Euroclear Bank (Belgium) to BOGS (Greece)
  Euroclear France via Euroclear Bank (Belgium) to Monte Titoli (Italy)
  Euroclear France via Euroclear Bank (Belgium) to OeKB CSD GmbH (Austria)
Luxembourg Clearstream Banking S.A. via Clearstream Banking AG-CASCADE (Germany) to MaltaClear (Malta)
  LuxCSD via Clearstream Banking S.A. (Luxembourg) to NBB-SSS (Belgium)
  LuxCSD via Clearstream Banking S.A. (Luxembourg) to Clearstream Banking AG-CASCADE (Germany)
  LuxCSD via Clearstream Banking S.A. (Luxembourg) to BOGS (Greece)
  LuxCSD via Clearstream Banking S.A. (Luxembourg) to Euroclear France (France)
  LuxCSD via Clearstream Banking S.A. (Luxembourg) to Monte Titoli (Italy)
  LuxCSD via Clearstream Banking S.A. (Luxembourg) to Euroclear Nederland (Netherlands)
  LuxCSD via Clearstream Banking S.A. (Luxembourg) to OeKB CSD GmbH (Austria)
  LuxCSD via Clearstream Banking S.A. (Luxembourg) to KDD (Slovenia)