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ARTICLE · 16 JUNE 2017

Settlement Of Irish Securities Post Brexit

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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The settlement of Irish equity, ETF and bond securities through CREST, the system operated by Euroclear UK & Ireland, will no longer satisfy EU rules under the EU's CSDR post Brexit.

IrelandFinance and Banking
Tara O'Callaghan
Tara O'Callaghan
Brian Kelliher
Brian Kelliher
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Settlement through CREST will no longer satisfy European requirements under CSDR

The settlement of Irish equity, ETF and bond securities through CREST, the system operated by Euroclear UK & Ireland, will no longer satisfy EU rules under the EU's Central Securities Depositories Regulation ("CSDR") post Brexit.

Currently, Ireland does not currently have its own Central Securities Depository ("CSD"), and, together with the UK, uses the London based CREST system. CSDR requires that trades be settled by CSDs authorised by an EU Member State Regulator as part of the Capital Markets Union plans to bring a single, pan-European rulebook to the post-trade sector.

The Irish Stock Exchange ("ISE"), industry participants and authorities in Ireland are examining three possible options for settlement requirements post Brexit:

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