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NTMA to adopt T+2 Settlement regime

Thursday, May 15 14:02:47

The National Treasury Management Agency (NTMA) today said that Ireland will introduce T+2 as the standard settlement period in over-the-counter (OTC) secondary markets for Irish government bonds.

This means that the new settlement date will be the transaction date plus two days.

The new terms will take effect from 6 October 2014.

The text of the regulation on Securities Settlement and Central Securities Depositories (CSDR), adopted by the European Parliament on 15 April, includes inter alia the harmonisation of the settlement period for transferable securities executed on trading venues across Europe at two business days after the trading took place (T+2).

In line with the CSDR and the decision of the trading venues, Ireland along with the debt managers of the other 27 EU Member States have agreed to support a harmonised implementation of T+2 as standard settlement period for OTC secondary market transactions in government bonds.

As is currently the case, on a bilateral basis, it will still remain possible to agree another settlement date other than the standard T+2 for OTC transactions, the NTMA said.

As far as primary markets are concerned, Ireland aims to further harmonise the standard settlement period for government bond auctions in line with a settlement cycle of no more than T+2. An announcement to this effect will be made in due course, it added.