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CSD Links

Objectives of Links

  • Allow Participants to hold in their securities accounts, securities issued in a foreign Central Securities Depository (CSD);
  • Allow the concentration of the custody of domestic and foreign securities in a single securities account opened at Euronext Securities Porto.

 

How they work

The operation of the links is based on functionalities existing in the TARGET2-Securities (T2S) platform that, through a securities account of Euronext Securities Porto (called omnibus account) opened in the foreign CSD, and a mirror account created at Euronext Securities Porto, allow the control of the securities in circulation in Portugal.

The corporate actions of the securities issued in other CSDs are processed by the respective CSD. Euronext Securities Porto ensures the redistribution to its Participants of the cash and/or securities resulting from the corporate actions.

What do these links allow?

Settlement of cross-CSD transactions

Settlement of domestic operations (intra-CSD)

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Corporate actions (Corporate Actions on Stock and on Flow)

Euronext Securities Porto has established the following links with other CSDs:

 

Euronext Securities Porto as INVESTOR CSD
 

Link with Clearstream Banking AG

Euronext Securities Porto allows its Participants to hold in their securities accounts debt instruments primarily registered in Clearstream Banking AG systems (since November 2, 2020)
 

Relayed Link with NBB-SSS

Euronext Securities Porto allows its Participants to hold in their securities accounts debt instruments primarily registered in NBB-SSS systems, through the link with Euroclear France (since August 6, 2018).
 

Link with Euroclear France and Euroclear Nederland

Euronext Securities Porto allows its Participants to hold in their securities accounts debt instruments primarily registered in Euroclear France and Euroclear Nederland systems (since February 19, 2018).

 

 

Euronext Securities Porto as ISSUER CSD
 

Link with Clearstream Banking AG (CBF)

Euronext Securities Porto allows Clearstream Banking AG (CBF) to hold, through this CSD direct link, securities primarily registered in Euronext Securities Porto’s systems (since December 14, 2020).
The relayed link with LUXCSD, through Clearstream Banking AG (CBF), allows LUXCSD to hold securities primarily registered in Euronext Securities Porto systems (since December 14, 2020).
 

Link with IBERCLEAR

Euronext Securities Porto allows IBERCLEAR to hold, through this CSD link, securities primarily registered in Euronext Securities Porto’s systems (since March 25, 2019).


 

Support Documentation

  • PDF

INTERBOLSA CSDs Link Manual

English Version

English INTERBOLSA CSDs Link Manual /sites/default/files/2023-08/Mar%C3%A7o2023_-Interbolsa-CSDs-Links-Manual.pdf