List of eligible links
Direct and relayed links are eligible for use in Eurosystem credit operations if they comply with the eligibility criteria laid down in Annex I of the Collateral Management Guideline.
Direct and relayed links
Direct links
Mobilisation of marketable assets via direct links
1. The Counterparty (or its custodian) sends a Mobilisation Instruction to the HCB and a Settlement Instruction to the CSD.
2. The HCB checks the validity of the request and sends a matching Settlement Instruction to the CSD.
3. The CSD adjusts the asset position held in the account in the SSS and sends a Settlement Confirmation to the Counterparty and the HCB.
4. The HCB adjusts the asset position in its internal accounts and sends a Mobilisation Confirmation to the Counterparty.
A direct link is an account opened by a CSD, referred to as the "investor SSS", in the books of another 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 by either 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 CSD of the investor SSS.
Relayed links
Mobilisation of marketable assets via relayed links
Note: the investor SSS, intermediary SSS(s) and issuer SSS may be located in different countries.
1. The Counterparty (or its custodian) sends a Mobilisation Instruction to the HCB and a Settlement Instruction to the CSD.
2. The HCB checks the validity of the request and sends a matching Settlement Instruction to the CSD.
3. The CSD adjusts the asset position held in the account in the SSS and sends a Settlement Confirmation to the Counterparty and the HCB.
4. The HCB adjusts the collateral position in its internal accounts and sends a Mobilisation Confirmation to the Counterparty.
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. A relayed link may be composed of up to two SSSs outside T2S and up to seven SSSs operated by CSDs participating in T2S.
Last updated: 16 June 2025
Links from Investor SSS (via Intermediary SSSs) to Issuer SSS
Belgium - Euroclear Bank
- Euroclear Bank to NBB-SSS (Belgium)
- Euroclear Bank to Euronext Securities Copenhagen (Denmark)
- Euroclear Bank to CBF-CASCADE (Germany)
- Euroclear Bank to BOGS (Greece), operated by Citibank International, Athens
- Euroclear Bank to Euroclear France (France)
- Euroclear Bank to Euronext Securities Milan (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)
- Euroclear Bank to CSD Prague (Czech Republic)
Germany - Clearstream Banking AG (CBF): CBF-CASCADE
- CBF-CASCADE to NBB-SSS (Belgium)
- CBF-CASCADE to Euronext Securities Copenhagen (Denmark)
- CBF-CASCADE to Iberclear-ARCO (Spain)
- CBF-CASCADE to Euroclear France (France)
- CBF-CASCADE to BOGS (Greece)
- CBF-CASCADE to Euronext Securities Milan (Italy)
- CBF-CASCADE to CBL (Luxembourg)
- CBF-CASCADE to CDCP (Slovakia)
- CBF-CASCADE to LuxCSD (Luxembourg)
- CBF-CASCADE to MaltaClear (Malta)
- CBF-CASCADE to Euroclear Nederland (the Netherlands)
- CBF-CASCADE to OeKB CSD GmbH (Austria)
- CBF-CASCADE to Euronext Securities Porto (Portugal)
- CBF-CASCADE via CBL (Luxembourg) to Euroclear Finland (Finland)
- CBF-CASCADE to NASDAQ CSD SE Estonian Securities Settlement System
- CBF-CASCADE to NASDAQ CSD SE Latvian Securities Settlement System
- CBF-CASCADE to NASDAQ CSD SE Lithuanian Securities Settlement System
CBF-CASCADE to KDD (Slovenia)
CBF-CASCADE via CBL (Luxembourg) to SKDD (Croatia)
CBF-CASCADE via CBL (Luxembourg) to Euroclear Bank (Belgium)
CBF-CASCADE via CBL (Luxembourg) to CDCR (Cyprus)
Greece - BOGS
- BOGS to CBF-CASCADE (Germany)
Spain - Iberclear-ARCO
- Iberclear-ARCO to NBB-SSS (Belgium)
- Iberclear-ARCO to CBF-CASCADE (Germany)
- Iberclear-ARCO to Euroclear France (France)
- Iberclear-ARCO to Euronext Securities Milan (Italy)
- Iberclear-ARCO to Euroclear Nederland (the Netherlands)
- Iberclear-ARCO to OeKB CSD GmbH (Austria)
- Iberclear-ARCO to Euronext Securities Porto (Portugal)
France - Euroclear France
- Euroclear France to Euroclear Bank (Belgium)
- Euroclear France to NBB-SSS (Belgium)
- Euroclear France to CBF-CASCADE (Germany)
- Euroclear France to Iberclear-ARCO (Spain)
- Euroclear France to Euronext Securities Milan (Italy)
- Euroclear France via Euroclear Bank (Belgium) to OeKB CSD GmbH (Austria)
Italy - Euronext Securities Milan
- Euronext Securities Milan to Euroclear Bank (Belgium)
- Euronext Securities Milan to NBB-SSS (Belgium)
- Euronext Securities Milan to CBF-CASCADE (Germany)
- Euronext Securities Milan to BOGS (Greece)
- Euronext Securities Milan to Iberclear-ARCO (Spain)
- Euronext Securities Milan to Euroclear France (France)
- Euronext Securities Milan to CBL (Luxembourg)
- Euronext Securities Milan to Euroclear Nederland (the Netherlands)
- Euronext Securities Milan to OeKB CSD GmbH (Austria)
Luxembourg - LuxCSD
LuxCSD via CBF-CASCADE (Germany) to NBB-SSS (Belgium)
- LuxCSD to CBF-CASCADE (Germany)
- LuxCSD via CBF-CASCADE (Germany) via CBL to Euroclear Bank (Belgium)
- LuxCSD via CBF-CASCADE (Germany) to Euronext Securities Copenhagen (Denmark)
- LuxCSD via CBF-CASCADE (Germany) to Iberclear-ARCO (Spain)
- LuxCSD via CBF-CASCADE (Germany) to Euroclear France (France)
- LuxCSD via CBF-CASCADE (Germany) to BOGS (Greece)
- LuxCSD via CBF-CASCADE (Germany) to MaltaClear (Malta)
- LuxCSD via CBF-CASCADE (Germany) to Euroclear Nederland (the Netherlands)
- LuxCSD via CBF-CASCADE (Germany) to Euronext Securities Milan (Italy)
- LuxCSD via CBF-CASCADE (Germany) to OeKB CSD GmbH (Austria)
- LuxCSD via CBF-CASCADE (Germany) to CBL (Luxembourg)
- LuxCSD via CBF-CASCADE (Germany) to CDCP (Slovakia)
- LuxCSD via CBF-CASCADE (Germany) to Euronext Securities Porto (Portugal)
LuxCSD via CBF-CASCADE (Germany) to KDD (Slovenia)
LuxCSD via CBF-CASCADE (Germany) to NASDAQ CSD SE Estonian Securities Settlement System
LuxCSD via CBF-CASCADE (Germany) to NASDAQ CSD SE Latvian Securities Settlement System
LuxCSD via CBF-CASCADE (Germany) to NASDAQ CSD SE Lithuanian Securities Settlement System
LuxCSD via CBF-CASCADE (Germany) via CBL (Luxembourg) to Euroclear Finland (Finland)
LuxCSD via CBF-CASCADE (Germany) via CBL (Luxembourg) to SKDD (Croatia)
LuxCSD via CBF-CASCADE (Germany) via CBL (Luxembourg) to CDCR (Cyprus)
Malta - MaltaClear
- MaltaClear to CBF-CASCADE (Germany)
Netherlands - Euroclear Nederland
- Euroclear Nederland to Euroclear Bank (Belgium)
Austria - OeKB CSD GmBH
- OeKB CSD GmBH to CBF-CASCADE (Germany)
- OeKB CSD GmBH to Euroclear Nederland (the Netherlands)
- OeKB CSD GmBH to NBB-SSS (Belgium)
Portugal - Euronext Securities Porto
- Euronext Securities Porto to Euroclear France (France)
- Euronext Securities Porto to CBF-CASCADE (Germany)
- Euronext Securities Porto to Euroclear Nederland (the Netherlands)
- Euronext Securities Porto via Euroclear France to NBB-SSS (Belgium)