List of eligible links

Direct and relayed links are eligible for use in Eurosystem credit operations if they comply with the eligibility criteria.

What are direct and relayed 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 User Assessment Framework. A relayed link may be composed of up to two SSSs outside T2S and up to seven SSSs participating in T2S.

Last updated: 10 December 2018
Links from Investor SSS (via Intermediary SSSs) to Issuer SSS

Belgium - Euroclear Bank
  • Euroclear Bank to NBB-SSS (Belgium)
  • Euroclear Bank to VP Securities A/S (Denmark)
  • Euroclear Bank to CBF-system (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 CBL (Luxembourg)
  • Euroclear Bank to LuxCSD (Luxembourg)
  • Euroclear Bank to Euroclear Nederland (the Netherlands)
  • Euroclear Bank to OeKB CSD GmbH (Austria)
  • Euroclear Bank to CDCP (Slovakia), operated by Citibank Europe plc, pobočka zahraničnej banky, Bratislava
  • Euroclear Bank to KDD (Slovenia), operated by UniCredit Banka Slovenja d.d.
  • Euroclear Bank to Euroclear Finland (Finland)
Germany - Clearstream Banking AG (CBF): CBF-CREATION, CBF-system
  • CBF-CREATION via CBL (Luxembourg) via CBF-system (Germany) to NBB-SSS (Belgium)
  • CBF-CREATION via CBL to VP Securities A/S (Denmark)
  • CBF-CREATION via CBL (Luxembourg) to CBF-system (Germany)
  • CBF-CREATION via CBL (Luxembourg) to BOGS (Greece)
  • CBF-CREATION via CBL (Luxembourg) via CBF-system (Germany) to Euroclear France (France)
  • CBF-CREATION via CBL (Luxembourg) via CBF-system (Germany) to Monte Titoli (Italy)
  • CBF-CREATION to CBL (Luxembourg)
  • CBF-CREATION via CBL (Luxembourg) to LuxCSD (Luxembourg)
  • CBF-CREATION via CBL (Luxembourg) via CBF-system (Germany) to Euroclear Nederland (the Netherlands)
  • CBF-CREATION via CBL (Luxembourg) via CBF-system (Germany) to OeKB CSD GmbH (Austria)
  • CBF-CREATION via CBL (Luxembourg) to CDCP (Slovakia)
  • CBF-CREATION via CBL (Luxembourg) to KDD (Slovenia)
  • CBF-CREATION via CBL (Luxembourg) to Euroclear Finland (Finland)
  • CBF-system (Germany) to NBB-SSS (Belgium)
  • CBF-system to VP Securities A/S (Denmark)
  • CBF-system to Iberclear-ARCO (Spain)
  • CBF-system to Euroclear France (France)
  • CBF-system to Monte Titoli (Italy)
  • CBF-system to CBL (Luxembourg)
  • CBF-system to LuxCSD (Luxembourg)
  • CBF-system to MaltaClear (Malta)
  • CBF-system to Euroclear Nederland (the Netherlands)
  • CBF-system to OeKB CSD GmbH (Austria)
  • CBF-system via CBL (Luxembourg) to Euroclear Finland (Finland)
Greece - BOGS
  • BOGS to CBF-system (Germany)
Spain - Iberclear-ARCO
  • Iberclear-ARCO to CBF-system (Germany)
  • Iberclear-ARCO to Euroclear France (France)
  • Iberclear-ARCO to Monte Titoli (Italy)
  • Iberclear-ARCO to Euroclear Nederland (the Netherlands)
  • Iberclear-ARCO to OeKB CSD GmbH (Austria)
France - Euroclear France
  • Euroclear France to Euroclear Bank (Belgium)
  • Euroclear France to NBB-SSS (Belgium)
  • Euroclear France to CBF-system (Germany)
  • Euroclear France via Euroclear Bank (Belgium) to BOGS (Greece)
  • Euroclear France to Iberclear-ARCO (Spain)
  • Euroclear France to Monte Titoli (Italy)
  • Euroclear France via Euroclear Bank (Belgium) to OeKB CSD GmbH (Austria)
Italy - Monte Titoli
  • Monte Titoli to Euroclear Bank (Belgium)
  • Monte Titoli to NBB-SSS (Belgium)
  • Monte Titoli to CBF-system (Germany)
  • Monte Titoli to BOGS (Greece)
  • Monte Titoli to Iberclear-ARCO (Spain)
  • Monte Titoli to Euroclear France (France)
  • Monte Titoli to CBL (Luxembourg)
  • Monte Titoli to Euroclear Nederland (the Netherlands)
  • Monte Titoli to OeKB CSD GmbH (Austria)
Luxembourg - Clearstream Banking S.A (CBL), LuxCSD
  • CBL to Euroclear Bank (Belgium)
  • CBL via CBF-system (Germany) to NBB-SSS (Belgium)
  • CBL to VP Securities A/S (Denmark)
  • CBL to CBF-system (Germany)
  • CBL to BOGS (Greece), operated by Citibank International, Athens
  • CBL via CBF-system (Germany) to Euroclear France (France)
  • CBL via CBF-system (Germany) to Monte Titoli (Italy)
  • CBL to LuxCSD (Luxembourg)
  • CBL via CBF-system (Germany) to MaltaClear (Malta)
  • CBL via CBF-system (Germany) to Euroclear Nederland (the Netherlands)
  • CBL via CBF-system (Germany) to OeKB CSD GmbH (Austria)
  • CBL to KDD (Slovenia), operated by Nova Ljubljanska banka d.d.
  • CBL to CDCP (Slovakia), operated by Ceskoslovenska Obchodna Banka, a.s.
  • CBL to Euroclear Finland (Finland), operated by Nordea Bank Finland Plc.
  • LuxCSD via CBF-system (Germany) to NBB-SSS (Belgium)
  • LuxCSD to CBF-system (Germany)
  • LuxCSD via CBF-system (Germany) to Euroclear France (France)
  • LuxCSD via CBF-system (Germany) to Euroclear Nederland (the Netherlands)
  • LuxCSD via CBF-system (Germany) to Monte Titoli (Italy)
  • LuxCSD via CBF-system (Germany) to OeKB CSD GmbH (Austria)
Malta - MaltaClear
  • MaltaClear to CBF-system (Germany)
Netherlands - Euroclear Nederland
  • Euroclear Nederland to Euroclear Bank (Belgium)
Austria - OeKB CSD GmBH
  • OeKB CSD GmBH to CBF-system (Germany)
  • OeKB CSD GmBH to Euroclear France (France)
  • OeKB CSD GmBH to Monte Titoli (Italy)
  • OeKB CSD GmBH to Euroclear Nederland (the Netherlands)
Portugal - Interbolsa
  • Interbolsa to Euroclear France (France)
  • Interbolsa to Euroclear Nederland (the Netherlands)