IRELAND: Irish Stock Exchange`s GEM market approved by ECB for Eurosystem monetary policy

Wednesday February 6 2013

The Irish Stock Exchange’s Global Exchange Market (GEM) has been approved by the

European Central Bank (ECB) as an acceptable non-regulated market for the Eurosystem’s monetary policy.

As a result, securities listed on GEM can now be assessed under the eligibility criteria of marketable assets set down by the ECB credit assessment framework. Eligible marketable assets approved by the ECB can be pledged as collateral by counterparties and credit institutions in order to gain access to the Eurosystem’s liquidity-providing monetary policy operations and intraday credit.

GEM has been approved under the Eurosystem’s assessment of non-regulated markets which is based on three principles – safety, transparency and accessibility. GEM joins a small number of non-regulated markets in Europe which meet the ECB’s “acceptable market” criteria. The Main Securities Market of the ISE, an EU regulated market, already meets the ECB standard.

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