International Settlement

Issuers on Bats Europe have the option of listing their Exchange Traded Funds (ETFs) funds under an international issuance structure, in which their fund is issued and settled in Euroclear Bank (an International Clearing and Settlement Depositary ICSD) rather than the domestic CSD of the listing venue.

Bats already settles in Euroclear Bank all trades in its International Depositary Receipts (DRs). In order to ensure Participants can trade and settle such internationally issued securities with minimal impact, whether listed on Bats' Regulated Market (RM) or admitted to trading on Bats' MTF, Bats has expanded the use of these existing Euroclear Bank arrangements under a newly branded International Settlement environment.

Further information can be found in this Euroclear Bank newsletter and from the Euroclear Bank website.

Qualifications

  • Participants that already have Euroclear Bank settlement arrangement in place via EuroCCP NV need to obtain no further clearing permissions e.g. Participants that currently clear their Bats DR trades through EuroCCP NV
  • Participants that do not have Euroclear Bank settlement arrangements in place with EuroCCP NV will need to contact EuroCCP NV or their Clearing Member to set these up as all ETFs traded on Bats are cleared through EuroCCP NV
  • To identify the settlement location for internationally issued securities listed on Bats' RM, the BIC code of the ICSD will be published in the CSD column of Bats' symbol reference data file