Avenir Technology plays key role in Irish CSD migration

Switch from CREST to Euroclear for over 20 issuances to be powered by Avenir

Dublin, September 30th, 2020 – Avenir Technology (www.avenir-technology.com), a global developer of Financial Market Infrastructure solutions, has today announced it will be playing a key role in assisting a number of Irish issuers with their post-Brexit migration of listings away from CREST, the London Central Securities Depository (CSD), in the coming months.

One consequence of Brexit, the UK’s decision to exit the European Union, is that those Irish businesses who had previously maintained securities registers through CREST will no longer be permitted to do so. EU law mandates that all securities issued within the European Union must be held by securities depositories in the same jurisdiction. 

Stuart Turner, co-founder of Avenir Technology, commented:

“Our sister company Avenir Registrars has been representing a number of Irish issuers for some years and all corporate registrars will need to play a key role in ensuring that the CSD migrations take place in a seamless fashion. We have been working with them to re-engineer their underlying registry management systems, ensuring they will have the necessary interoperability with the Euroclear CSD, as well as providing an easy transit for securities between the two depositories.” 

The migration is scheduled to take place in March 2021, although requires each issuer to convene an AGM or EGM to pass the necessary corporate resolutions. The entire Irish securities market, including the UCITS funds, ETFs, bonds and equities which are currently settled through CREST, will be impacted by this move. 

Failure to meet these deadlines will result in securities no longer being eligible for electronic settlement or trading on a regulated exchange within the EU.

Companies migrating will obtain direct access to Euroclear Bank’s global CSD infrastructure, offering the highest levels of security combined with a truly global reach. At present, every six days, Euroclear settles transactions with a value equivalent to the EU’s total GDP.

Media contact : Tony Cross, Monk Communications, 

Tel +44 (0) 7973 284749, e-mail tony@monkcommunications.com