Further to our previous announcement on 02 December, Euroclear UK & Ireland is pleased to announce that our work in developing alternative arrangements for Euro settlement has been successful, and we are planning to continue to offer Euro settlement on and from 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 encourage CREST participants to speak to their settlement banks (who are fully aware of these changes) to consider what (if any) impact the new arrangements may have on their Euro settlement activity with them.
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.