No. Link Up Markets ensures the efficient processing between the CSDs by validating and converting the different formats used by message type and enriching the data according to market requirements. The routing of instructions is just one element in this process.

Link Up Markets enables CSDs to offer following cross-border services:

• Settlement in central bank money and management of the instruction lifecycle
• Processing of mandatory and voluntary corporate actions including the respective cash and stock distributions
• Income payments
• Tax relief at source and tax reclaim services*
• Notification of general meetings and proxy voting*
• Cash forecasts

* execution and responsibility via Issuer CSD according to domestic market practice

In addition, Link Up Markets will provide centralized reference data, corporate actions calendars and basic information for general meetings.