Market Best Practices for Europe: Euroclear and Clearstream Banking

This topic provides best practices for populating and interpreting settlement instructions for Europe when using the ALERT country code EUROPE - EU.

Most countries have one depository per security type, which is at the national level. Euroclear and Clearstream are international depositories, which allow settlement of securities from many different countries. For that reason, ALERT allows you to use EUROPE as a country.

When setting up instructionswith EURO_CLEAR or CEDEL as the method, use EUROPE as the country instead of the individual underlying countries.

Use the CASH-CASH method for the Euro currency. Using the EURO_CLEAR method with COB - Corporate Fixed Income relates to securities settling in Euroclear. It does not relate to a specific set of currencies/countries, as many security types from various countries around the world settle in Euroclear and Cedel. It is an international depository and supports any country that is eligible to settle in Euroclear and Cedel.

Investment Managers

Use the Market Best Practices for Investment Managers to view the latest applicable country/security/method (CSM) combinations and best practices.