Settlement of ISE trades can be undertaken on one of the settlement systems approved by the ISE for the settlement of trades on its markets:

• CREST for the settlement of trades in equities and ETF securities;

• Euroclear Bank for the settlement of Irish Government Bonds; and

• Clearstream Banking Luxembourg, Euroclear Bank Brussels and DTCC for the settlement ofGEM securities transactions.

All systems operate rolling settlement on the underlying principle of guaranteed ‘Delivery versus Payment’(DVP).

All order book securities have a standard settlement of T+3 with the exception of trading in entitlements torights on order book securities (other than GEM securities) which have a standard settlement of T+1.

Off order book trades in order book securities allow firms to vary this settlement period up to a maximum of T+25 without referral to the ISE subject to agreement of both parties to the trade.

Member firms of the ISE must establish relationships with one or more of the above settlement systems prior to trading on the ISE. Member firms wishing to settle trades on the ISE (other than securities on the GEM) also require access to the Target (Trans-European Automated Real-time Gross settlement Express Transfer) system, which is an EU-wide system for euro payments. 

Further information in relation to:

• the CREST settlement system can be found on the Euroclear website at www.euroclear.com

• the Euroclear settlement system can be found on the Euroclear website at www.euroclear.com

• the Clearstream settlement system can be found on the Clearsteam website atwww.clearstream.com

• the DTCC settlement system can be found on the DTC website at www.dtcc.com

• Target can be found in the Target section of the European Central Bank website at www.ecb.int.

The ISE's rules in relation to settlement are detailed in Chapter 8 of the Rulebook.