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