Ireland: Opening of a direct link to Euroclear Bank and OneClearstream service activation - Update
Note: This announcement, originally published on 6 August 2024 and updated on 29 August 2024, has been further updated to postpone the Ireland migration to 25 November 2024 following the ECB's decision to postpone ECMS. Changes have been highlighted.
LuxCSD1 informs clients that effective
25 November 2024
activation of a new Clearstream Banking S.A. (CBL) direct link to Euroclear Bank (EB), the issuer CSD of the Irish securities, will take place. LuxCSD will access the Irish market via Clearstream Banking AG (CBF) accessing via CBL.
With the new direct link, the OneClearstream service will be activated for Irish securities issued by Euroclear Bank and therefore make those securities eligible for free of payment settlement in LuxCSD and T2S.
Important note: There are some Irish securities that are issued in the CREST system of Euroclear UK and International, that did not migrate to Euroclear Bank. Those ISINs are not part of this activation and cannot be held in LuxCSD. The list of the impacted ISINs will be published in due time.
For the avoidance of doubt, direct settlement with domestic counterparties in Euroclear Bank will not be possible for LuxCSD. Clients will need to transfer the securities from LuxCSD to CBL and vice versa. The Irish Realignment Guide will be available in due time.
Clients are reminded that the description of the future OneClearstream Investor-CSD service can be found on the OneClearstream page published on the website.
Scope of securities eligible for the OneClearstream service
Impacted ISINs
Irish ISINs issued by Euroclear Bank will be migrated to OneClearstream. A list of the impacted ISINs is attached below. Clients should note that the list is subject to potential changes. In the event of any amendments, the definitive list of ISINs will be published on Wednesday, 20 November 2024.
Impact on clients
Information about specific client migration impact will be made available in due time via follow-up announcements.
Further information
For further information, clients may contact LuxCSD Client Services or their Relationship Officer.
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1. LuxCSD refers to LuxCSD S.A., registered office at 42, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-154.449.