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Market Passport for Banks and Brokers

Ireland

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Market information

Supporting you

Key market information

  • Local currency

    Euro
    (EUR)

  • 2017 GDP

    USD
    334bn

  • Time zone

    GMT

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    ISEQ

Key market figures

Market capitalisation USD 120bn
Number of listed companies 52
2017 value of share trading USD 55bn
Number of ETFs listed 244
2017 value of bonds trading 103
Number of bonds listed 31,384
Number of futures contracts traded in 2017 n/a
Number of options contracts traded in 2017 n/a

Local market infrastructures

Equities and ETFs Bonds
Main trading venues Irish Stock Exchange (ISE), London Stock Exchange (LSE) ISE Xetra
Main clearing venues Eurex Clearing, moving to EuroCCP as of from 12th November), LCH.Clearnet Ltd LCH.Clearnet Ltd
Settlement Settlement: Euroclear UK + Ireland (EUR, USD, GBP); Custody: EUI EUI, Euroclear Bank
Custody EUI EUI, Euroclear Bank
Cash leg CREST payment banks CREST payment banks

Local market authorities and regulators

  • The Irish Ministry of Finance has overall responsibility for the securities industry, but has delegated its authority to the Central Bank of Ireland. It regulates financial market participants including banks, exchanges, brokers and depositories

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+2
Cash T+0
Cut-off times
Equities T+2 2.55pm
Bonds T+1 2.55pm
Cash 4.20pm
Omnibus account/securities Yes
Omnibus account/cash Yes
Pre-matching No
Irrevocable pre-matching No
Short selling Yes
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits Yes
Tolerance limits
  • GBP 10
  • EUR 15
  • USD 15
Examples of market penalties

Matching: A firm must match 100% of their transactions by 8.00pm UK time in the CREST system on T+1. Non-compliance with this target means the last party to input or amend an instruction will incur a fine of £2 for each day the transaction remains unmatched, payable to EUI.

Settlement: The CREST Settlement Discipline rules require that all CREST participants settle transactions according to specified target rate bands, relating to ISD and subsequent business days, e.g. band 0 representing the close of ISD; band 1 representing the close of the business day after ISD, etc.

CREST retrospectively determines the extent of non-compliance with these target rates for all bands up to ISD+20 for which it was the seller that did not settle on due date, and charges an ad valorem and a per transaction fine.

Buy-in practice on LCH.Clearnet Ltd

Buy-in process and fees for OEX transactions.

In the event of a settlement fail at end-of-day on ISD+4, the Clearing House will automatically commence the buy-in process and notify Clearing Members accordingly. The buy-in execution date (“Buy-in Day”) will be ISD+5 except where the failed settlement is covered by for the market maker scheme in which case it will be ISD+11.

In the event that buying-in settlement cannot be achieved after ISD+20, then the Clearing House may cash settle any outstanding transactions at 120% of the last available closing price.

Something interesting to know before you visit us in Ireland

Ireland is the only country in the world where windmills turn in a clockwise direction.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you in Ireland

Supporting you

BNP Paribas Securities Services in Ireland

The Irish and UK markets share many systems and infrastructures. BNP Paribas Securities Services capitalises on its status as the largest eurozone custodian and its strong presence in the UK to deliver efficient and industry-leading securities services solutions in Ireland.

Our main services

Core

We offer local custody to domestic and foreign institutions. Our core services include settlement, safekeeping, corporate actions, proxy services, cash and collateral management.

Market-specific

  • Issuance and paying agency services on CREST, the Irish CSD system
  • Broker-Dealer Outsourcing under a Model A clearing arrangement
  • CREST sponsorship for CCPs
  • A fully-automated solution for term Delivery by Value (DBV)
  • Full STP support of Repoclear flows via LCH Clearnet Ltd
  • A full fund dealing platform
  • Global custody access point

What makes us different

  • 22% market share of total CREST settlement transactions (at end 2017)
  • Market advocacy and close links with market infrastructures and associations

Selected market recognition

  • Global Custodian Agent Bank in Major Markets Survey (2011-2017): ‘Top rated’ and ‘Outperformer’
  • Global Custodian Leaders in Custody Awards (2017): Best Corporate Actions – UK – Ireland

A sound partner

BNP Paribas has been active in Ireland since 1973. Our Irish securities services business is primarily supported from the UK where we have been present for over 150 years. We offer local clearing and custody services to over 90 UK and Irish clients.

Contact

For more information, please contact your relationship manager or
Philip Parmley, Head of Financial Intermediaries IE Sales
philip.parmley@uk.bnpparibas.com

Something interesting to know before you visit us in Ireland

Ireland is the only country in the world where windmills turn in a clockwise direction.
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