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From the Chairman

Welcome to the 12th edition of your shareholder newsletter. In this edition, we update you on the group’s performance, touch on a major operational milestone in Europe and inform you of our revised timing for deciding on a share buy-back.


Your company’s financial performance remains satisfactory

Despite financial market conditions remaining challenging and uncertain, Euroclear’s trading performance continues to be satisfactory. Operating profit for the first nine months of 2016 is broadly stable when compared to last  year. Stringent control of costs has offset slightly lower operating income, which was adversely impacted by foreign exchange rates, in particular the translation of Euroclear UK & Ireland’s results since the post-Brexit referendum devaluation of sterling.      

Your company remains a strong and reliable partner for the financial markets, as underscored by the most recent credit agency rating report on  Euroclear Bank, which was confirmed recently by Fitch at AA+ with a stable outlook. 


Euroclear successfully joins Target2-Securities

In September, the group brought the European Central Bank’s Target2-Securities (T2S) project to fruition, with settlement activity for Euroclear’s ESES CSDs in Belgium, France and the Netherlands migrating successfully to the T2S platform.  This was a challenging project and the high standard of our migration has been recognised by many stakeholders. We appreciate the tremendous effort of all those involved across both Euroclear and the relevant markets, together we have ensured a safe transition of a material proportion of Europe’s financial markets to this important European project.


A single decision on annual distributions to shareholders

The Board has decided to postpone until February its decision regarding a share buy-back. The Board considers that, going forward, it should address together the decisions regarding an annual dividend and any possible share buy-back, with the benefit of the annual results and capital plan. We will communicate to shareholders at that time our decision on whether to launch a share buy-back.

As always we welcome your views and feedback and hope you find this newsletter informative.


Marc Antoine Autheman 

Your contacts

Koenraad Geebels
Executive Secretary, Euroclear plc
+41 41 768 0700

Investor Relations
Euroclear plc
CH-6340 Baar Switzerland

Christine Vanormelingen
Global head of Communications, Investor Relations and CSR
+41 41 768 0707

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© 2015 Euroclear plc, The information, statements and opinions contained in this document (the “Content”) do not constitute and shall not be deemed to constitute: (i) any offer, invitation or inducement to engage in investment, financial or other activity; or (ii) any recommendation or advice in relation to any investment, financial or other decision. Persons considering making any investment or financial decision should contact their qualified financial adviser. To the maximum extent permitted by law, neither Euroclear plc nor any of its subsidiary companies or any of its or their directors, employees or agents (together “Euroclear”) makes any warranty or representation (express or implied) in relation to the Content. Without prejudice to the foregoing generality, no warranty or representation is given as to the accuracy or completeness of the Content. The Content may include forward looking statements. Such statements contain inherent risks and uncertainties and actual outcomes may differ materially from those expressed or implied by forward looking statements. Euroclear makes no commitment to update Content and expressly disclaims, to the extent lawful, liability for any errors or omissions in it. The distribution of the Content may be restricted by law in certain jurisdictions. The Content is not directed at, or intended for distribution to, or use by any person or entity where such distribution or use is restricted by law or regulation. Persons into whose possession the Content comes should inform themselves about and observe any such restrictions. Past performance, historic financial information and/or historic distributions should not be taken as an indication of current or future performance, results or distributions. Financial information included or referred to in the Content may not have been audited, may not have been prepared to a standard expected of year end financial information and may not be comparable to the financial statements of other companies or jurisdictions.
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