Wednesday September 19 2018

News Source: Global Exchanges

Focus: Other

Type: General

Country: Ireland

Link: https://bit.ly/2QLVViL




Euroclear recently published a consultation paper to provide further information to, and seek the views of, stakeholders in relation to Euroclear UK & Ireland’s ability to offer settlement of Irish securities and settlement of euros after Brexit.

Euroclear had previously intended to establish a new CSD in Ireland, Euroclear Ireland  (the EIR Project). However, following discussions with the Bank of England (BoE) and Central Bank of Ireland (CBoI) all work on the EIR Project ceased in March 2018.

It is EUI’s current intention to continue to provide Irish Securities Settlement and Euro Settlement for as long as it is permitted to do so. However, this remains subject to dependencies, some of which are outside of EUI’s control.

Given the uncertainty surrounding many of the issues discussed in this Consultation Paper, EUI intends to issue further updates on this topic.

Stakeholder have been asked to respond to the following questions:

  1. What actions are you considering as a result of the potential impact of Brexit upon Irish Securities Settlement?
  2. Does such action require the support of EUI (or another member of the Euroclear Group)?
  3. If Irish Securities Settlement ceased to be available after Brexit what would be the impacts for you?
  4. Is there any other information which could be relevant to an assessment by EUI of the viability of continued provision of Irish Securities Settlement?
  5. What actions are you considering as a result the potential impact of Brexit upon Euro Settlement?
  6. Does such action require the support of EUI (or another member of the Euroclear Group)? Please provide details.
  7. If Euro Settlement ceased to be available after Brexit what would be the impacts for you?
  8. Is there any other information which could be relevant to an assessment by EUI of the viability of continued provision of Euro Settlement?

The consultation will close on 27 September 2018. Responses should be sent by email to consultationfeedback@euroclear.com quoting “EUI Potential Brexit Impacts”.

For further information please click here.