Euroclear UK & Ireland’s project to develop alternative arrangements for Euro settlement is drawing to close, and we will be launching the new model of Euro settlement for 29 March 2021.
These new arrangements will allow Euroclear UK & Ireland to provide Euro settlement in central bank money alongside our existing central bank money settlement arrangements for GBP and USD.
CREST participants are not impacted by the changes, which only affects how the CREST settlement banks provide their Euro liquidity to Euroclear UK & Ireland.
We have been working closely with the settlement banks who are now fully prepared for the changes in how they supply their Euro liquidity to support their clients settlement.
Central bank money settlement in all our 3 currencies, provides the optimum form of cash settlement of client transactions and is a cornerstone of our support to Issuers, allowing the execution of corporate actions and payment of dividends in CREST in currencies that best suits the needs of the issuers and their investors.