Euroclear to continue operating in Ireland under no-deal Brexit
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Euroclear to continue operating in Ireland under no-deal Brexit 04 March 2019Dublin Reporter: Jenna Lomax
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The European Securities and Markets Authority (ESMA) is to recognise Euroclear UK & Ireland as a third country central securities depository (CSD) in case of a no-deal Brexit, in accordance with Article 25 of the EU CSD Regulation.
This means Euroclear UK & Ireland will be able to continue its Irish securities settlement services after March 2019 in a no-deal Brexit scenario.
Euroclear UK & Ireland's recognition will apply from 30 March 2019 to 30 March 2021, by which time it is expected that the Irish securities market will have migrated to Euroclear Bank.
Euroclear UK & Ireland is working with the European Central Bank and the Central Bank of Ireland regarding continued euro settlement services in a no-deal Brexit scenario.
Euroclear said it will update its clients in due course.
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