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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

  • the Euroclear settlement system can be found on the Euroclear website at

  • the Clearstream settlement system can be found on the Clearsteam website

  • the DTCC settlement system can be found on the DTC website at

  • Target can be found in the Target section of the European Central Bank website at

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

T+2 Settlement

The Central Securities Depositories Regulation (CSDR), due to come into effect from 2015, will create a common regulatory framework for securities settlement across the European Union (EU). The most recent version of the CSDR is here. Central Securities Depositories (CSDs) are systemically important institutions for the financial markets and the CDSR aims to harmonise both the timing and conduct of securities settlement in Europe as well as the rules governing Central Securities Depositories (CSDs) which operate settlement infrastructures.

Standard settlement in the Irish, UK and most other European markets, is currently on a three business days after trade date (“T+3”) basis. The CSDR mandates a shorter, harmonised, “T+2” (two business days after trade date) settlement cycle for transactions in all transferable securities (as defined by MiFID (Directive 2004/39/EC)).

Euroclear UK & Ireland, which operates the CREST settlement system for Irish and UK securities, is coordinating the transition to T+2 for securities which settle in both markets on 6th October, 2014.  Further information on the move to T+2, including details of the UK and Ireland T+2 Working Group, on which the ISE participates, can be found on the EUI website and on this T+2 Linkedin page. Many other European markets will be moving to T+2 on the same date.

Orderbook trades executed on or after 6th October, 2014 on the ISE’s markets in securities which settle in CREST, will be settled on a T+2 basis. In accordance with the provisions of the most recent CSDR text, the current position in relation to the settlement of ISE off order book trades in order book securities (up to T+25), will remain unchanged.

Transitional Arrangements

The transition period for trades executed from Thursday, 2nd October 2014 to Tuesday, 7th October 2014, will be as follows:

Trade DateSettlement PeriodSettlement Date
Thursday, 2nd October 2014T+3Tuesday, 7th October 2014
Friday, 3rd October 2014T+3Wednesday, 8th October 2014
Monday, 6th October 2014T+2Wednesday, 8th October 2014
Tuesday, 7th October 2014T+2Thursday, 9th October 2014

If you have any questions or comments in relation to the implementation of T+2 for the Irish market please contact us at

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