Clearing and settlement of securities—settlement
Produced in partnership with Michael Thomas of Hogan Lovells International LLP
Clearing and settlement of securities—settlement

The following Banking & Finance practice note Produced in partnership with Michael Thomas of Hogan Lovells International LLP provides comprehensive and up to date legal information covering:

  • Clearing and settlement of securities—settlement
  • Introduction
  • Background to clearing and settlement
  • Settlement
  • Settlement at a CSD or ICSD
  • Regulation of CSDs
  • Settlement process
  • Settlement of trades cleared by a CCP
  • Settlement of trades not cleared by a CCP
  • Settlement failures
  • More...

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement. This has an impact on this Practice Note. For guidance, see Practice Note: Brexit—impact on finance transactions—Brexit planning and impact—key issues for debt capital markets transactions and Brexit—impact on finance transactions—Derivatives and debt capital markets transactions—key SIs.

Introduction

This Practice Note is one of two which provide an overview of processes, law and regulation governing the clearing and settlement of securities in the UK. This Practice Note focuses on the settlement element of the process. For more information about the clearing element of the process, see Practice Note: Clearing and settlement of securities—clearing.

Background to clearing and settlement

‘Clearing and settlement’ is the terminology commonly

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