Post-Trade - Clearing and Settlement

Irish market migrates to T+2 settlement

Our post-trade partners

We have partnered with leading post-trade providers to provide for the clearing and settlement of trades executed on our markets. Eurex Clearing AG is the CCP for the ISE which enhances market efficiency. Our clearing members benefit from Eurex's clearing technologies and innovative risk management tools.

CREST, operated by Euroclear UK & Ireland, is the settlement system for Irish equities. It is one of the world’s largest and most technically advanced settlement systems. 

Become a clearing or settlement member

Trading members can opt to clear and/or settle their own trades. Alternatively, they can appoint an ISE clearing or settlement member to carry out one or both of these activities on their behalf.

Call us to discuss your requirements.

Current member list

Clearing members

ABN Amro Clearing Bank N.V.Pershing Securities Limited
BNP Paribas Securities Services S.A.Societe Generale S.A.
Kas Bank N.V.UBS AG
Nomura International plc

Settlement members

Pershing Securities International Limited

Rules

Chapter 8 of the Rules outlines the requirements on clearing and settlement members, with certain other sections also applying (as described in section 2.2).

Additionally, clearing members are subject to the Clearing Conditions for Eurex Clearing AG.

Member Firm Rules - Release 17 (370 KB)

Clearing Conditions (6 MB)

Buy-in

To support timely settlement, we have a buy-in process operated by Eurex Clearing AG. If settlement is not completed by the Intended Settlement Date (ISD) the buy-in process will commence and operate as follows:

  1. If settlement is still outstanding, a buy-in auction will take place on ISD+4
  2. If this auction is unsuccessful and settlement is still outstanding on ISD+8, a cash settlement will be performed

Members interested in becoming buy-in participants should contact us to discuss their options.

Relevant Documentation

Buy-in Guide (84 KB)

This guide details the buy-in process.

Supplementary Information to the Buy-in Guide (39 KB)

Additional information on the calculation of the buy-in and cash settlement prices.

T+2 settlement

On Monday, 6 October 2014 we successfully implemented T+2 settlement on the Irish market for equities and Irish Government bonds.  The migration has enhanced overall market efficiency and reduced risk in the ISE’s post-trade environment though the reduction of the standard settlement cycle by one day.  The reduction also meets a requirement for T+2 settlement under the Central Securities Depositories Regulation (CSDR), which aims to harmonise EU securities settlement cycles.

As part of the implementation project, the ISE proactively engaged with a cross-market T+2 Working Group, coordinated by Euroclear UK & Ireland, which ensured a seamless move to T+2 for the Irish and UK equity markets on the same day.  In addition, we engaged extensively with our trading and clearing partners as well as member firms to ensure Irish equity market readiness.

The ISE also worked closely with the National Treasury Management Agency (NTMA) and coordinated with primary dealers to ensure a smooth implementation for the Irish Government bond market.

Additional information on the implementation of T+2 settlement from Euroclear UK & Ireland

Optional clearing services for trading members

We offer the following optional clearing services. These allow trading members to enhance the resilience of their emergency arrangements.

  1. Individual Clearing Model - ensures that positions and collateral are segregated for each NCM from the CM's proprietary positions
  2. Dual General Clearing Member - enables an NCM to set-up a second and alternative GCM relationship for clearing ISE CCP trades

Please contact us if you are considering availing of one of these options.

OTHER MEMBERSHIP

CONTACT US

Niall Gibney, Head of Traded Market Development at the Irish Stock Exchange, Dublin

Niall Gibney

+353 1 6174272

niall.gibney@ise.ie

 

Sonja MacCumhaill, Traded Markets Infrastructure Manager at the Irish Stock Exchange, Dublin

Sonja MacCumhaill

+353 1 6174264

sonja.maccumhaill@ise.ie