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Nasdaq CSD Service Description
Nasdaq CSD Rulebook
Nasdaq CSD CPMI IOSCO Self Assessment
Description of different levels of segregation offered by Nasdaq CSD in its Estonian, Iceland, Latvian and Lithuanian Settlement Systems:
Estonian SSS different levels of segregation
Technical documentation, some of which is available to participants through password protected access area.
Nasdaq CSD does not warrant use of its services to be fully free of IT, operational, legal or other types or sources of risk. In particular, Nasdaq CSD does not guarantee that its services are completely uninterrupted.
Provision of Nasdaq CSD services by Nasdaq CSD relies heavily on IT infrastructure, including critical components such as Nasdaq CSD’s system, T2S platform as well as associated network solutions and services. Temporary interruption or unavailability of services due to circumstances beyond reasonable control of Nasdaq CSD cannot be ruled out regardless of IT security and risk reduction measures implemented by Nasdaq CSD.
Regional reach of Nasdaq CSD activities means that EU law (in particular level I and II of CSDR) as well as national laws of multiple Member States (in particular Estonia, Iceland, Latvia or Lithuania) can apply to its services and stakeholders’ rights, including rights of participants and investors. While the operational model and rules of Nasdaq CSD have been designed to minimize any legal risks, including risk of conflict of laws, no guarantee can be provided against situations where the law is ambiguous or where its consequences or implications are unclear. When assessing legal risks due consideration should be given to the fact that CSDR-adaptations of national laws are very recent.
Limitations of liability provided in section 2.11 of Chapter I of Rules of Nasdaq CSD should be carefully considered when contemplating the use or using any of Nasdaq CSD services provided by Nasdaq CSD.
Under protection of SFD transposition of Estonian, Icelandic, Latvian and Lithuanian law, Rules of Nasdaq CSD clearly define the moments of settlement finality (known as SF I, SF II and SF III).
Settlement finality aspects of Transfer Orders settled in T2S (T2S Transfer Orders) follow among others collective agreement concluded between the Eurosystem and contracting CSDs of T2S FWA.
Risk profile of T2S Transfer Orders and related settlement operations is further determined by T2S procedures and features (DvP settlement in CeBM through DCAs in case of DvP, technical netting with optimization) that are applied or made available in accordance with T2S Rules and Rules of Nasdaq CSD.
Nasdaq CSD participants that use or contemplate using USD settlement service provided through Latvian Settlement System are invited to consider below aspects.
Following features and measures are designed to reduce or control the risks stemming from USD settlement service:
Above features and measures reduce the risk exposure of Nasdaq CSD to operational risks (e.g. error in releasing settlement of securities leg).
Occurrence of this scenario would mean that Nasdaq CSD is unable to complete the settlement of cash leg as it cannot transfer the cash from its USD account (with Nasdaq CSD’s USD cash account provider) to the cash receiving Participant’s Cash Agent. Note that Nasdaq CSD would not assume liability for funds delivered to this account (see section 2.11.5* of Chapter I of the Rules).
Participants are invited to consider and monitor suitability of the risk profile of Nasdaq CSD’s USD cash account provider at their own risk. Participants are invited to stop the use of the service should credit rating or other circumstance relating to Nasdaq CSD’s USD cash account provider fall below their risk appetite.
Occurrence of this scenario would mean that Cash receiving Participant is unable to collect cash proceeds from the transaction regardless of the completion of the settlement by Nasdaq CSD (including final step, which is cash sweep from Nasdaq CSD’s USD cash account).
Nasdaq CSD considers this risk to be under full responsibility of the participant as it is free to choose and reconsider its Cash Agent by applying its own risk control framework towards its Cash Agent as well as any other credit institution belonging to participant’s payment collection chain.
Participants that use or contemplate using international settlement services (links) provided by Nasdaq CSD as investor CSD are invited to consider that holding securities via Nasdaq CSD in issuer CSD is subject to link agreement between Nasdaq CSD and issuer CSD, and Rules of Nasdaq CSD, including limitation of liability provided in section 2.11.4 of Chapter I of the Rules.
